Finance
For travel-loving Canadians, other financial goals take a back seat to vacation spending
Liza Akhvledziani Carew and her husband David Carew visited Kenya’s Masai Mara National Reserve on their honeymoon. The couple strategically use credit card points to help pay for their travel.Supplied
Driving through rolling savannah plains in Kenya’s Maasai Mara National Reserve on her honeymoon, Liza Akhvledziani Carew saw elephants, lions and giraffes. She was reminded of the sheer vastness of the world and felt her “own little life” put into context.
For Ms. Akhvledziani Carew, the chief executive officer of a startup that helps Canadians earn more credit card points, travel is a non-negotiable budget item.
“It’s a big part of our lifestyle. That’s probably what I would spend most of my money on,” she said, adding that the couple pays for part of their travel with a “sophisticated [credit card reward] points strategy.”
The cost of travelling has soared in recent years, driven by the postpandemic travel boom, inflation and new taxes imposed by destinations affected by overtourism.
But for many Canadians, travel remains a high-priority spending area, regardless of rising costs. And it’s clashing with other financial goals.
On board a Ritz-Carlton yacht, I learned how the other half cruises
Kathleen Daunt, a financial adviser with the New School of Finance in Toronto, works with clients who are saving for a major financial milestone, most commonly to buy a home.
When she sits down with her clients and calculates the amount they’d need to save each month to reach that goal – which usually means not spending on travel – they balk at the trade-off.
“People expect to have all the items on their list of priorities. If anything, it means you have to understand your priorities and have flexibility,” she said.
She also said roughly two in five new clients will cite annual travel as one of their top financial goals.
Ms. Daunt said she sees the desire for travel as a mix of social media-induced fear of missing out, widespread burnout and a societal view of vacations as a right – all of which can make it easier to justify overspending.
“You have that same old expectation [of being able to take vacations] but everything just feels more pricey,” she said. “It’s so much money for a family of four or more to do an on-a-plane vacation.”
Canadians’ overseas trips were up 32 per cent in the July-to-September period last year from the same period a year earlier, and up 6.5 per cent from 2019, according to Statistics Canada’s most recent national travel survey. The amount they spent abroad also jumped, rising 20 per cent in 2024 from a year earlier and nearly 40 per cent from 2019.
Tourism operators anticipate a strong summer as more Canadians avoid U.S. travel
Even the trade war with the United States and growing possibility of a recession have not dimmed Canadians’ vacation ambitions. While travel south of the border by plane and car is down, Transat A.T. Inc. chief executive officer Annick Guerard said on a conference call with analysts in March that Canadians’ spending on transatlantic flights has not been affected.
According to estimates by Barry Choi, a personal finance and travel expert at moneywehave.com and regular Globe and Mail contributor, a two-week European vacation costs about US$5,050 ($7,000), though he noted the estimate was for a solo traveller, so couples or families should expect to pay notably more. Timing can significantly affect costs, with June to August the most expensive months.
In contrast, according to the Canada Mortgage and Housing Corp., Canadians’ average monthly mortgage payment at the end of 2024 was $2,042 (and much higher in Toronto, at $3,006, and Vancouver, at $3,053).
Rachel Dodds, a professor at Toronto Metropolitan University’s Ted Rogers School of Hospitality and Tourism Management who studies overtourism and consumer motivations for travel, said social media plays a huge role in stoking travel interest. According to data from TikTok, as of mid-2024 the app had seen a 410-per-cent increase in travel content views since 2021.
“Everyone has a phone, everyone consumes [travel content] – if you see a reel on Instagram you’re like, ‘Oh, I wanna go there,’” Prof. Dodds said. That goes both ways: While on vacation, people are much more likely to post photos for the “instant gratification” of likes and comments. “There’s an emotional and sharing aspect of it that didn’t exist before 15 years ago.”
Relative to previous decades, travelling is now more affordable and is seen as a right rather than a privilege in Western countries, Prof. Dodds said. And that increase in affordability has come at a time when many people, particularly millennials and Gen Zers, have more disposable income but feel other large financial goals are out of reach.
Why Seoul is the perfect city for a girls’ getaway
“Travel has become a substitute for those kinds of things,” she said.
Prof. Dodds said we are an increasingly lonely society, and many people are travelling to connect with others to have meaningful, authentic experiences of other cultures. That’s given rise to sustainable travel, and nature-based trips and community experiences, rather than the traditional resort-based vacations.
While Ms. Daunt said none of her clients have ultimately chosen travelling over other financial goals, some have opted to delay major purchases. She said she usually sees people negotiating within their new budgets to downgrade from a trip every year to once every two or three years, or from pricier international trips to smaller ones close to home.
“It’s hard, because we have the push from feeling burnt out and I would argue expecting vacations. We live in a country where we feel like, ‘I deserve to be able to have vacations,’ and there’s this other push on the home-buying side where there’s so much FOMO when it comes to home purchasing despite a bonkers overpriced market,” she said. “We’re still putting those expectations on ourselves.”
A strategy of making small regular contributions to a dedicated travel savings account can be an effective way to save for vacations without compromising other travel goals, she said.
For Ms. Akhvledziani Carew’s part, when she and her husband bought their home a few years ago after years of rigorous monthly savings goals that mimicked what they expected to spend on mortgage payments.
They also tapped their investments, and her husband sold a condo he previously owned. She said they did slightly less-elaborate trips, but their points strategy meant they didn’t have to cut back much.
“It was a different position we were starting from,” she acknowledged, but added later “you build your lifestyle around the thing that’s most important to you.”
Finance
Weekly Numerology Horoscope, Oct 27 – Nov 2: Luck, love & finance decoded
Number 1: (People born on 1, 10, 19, and 28 of any month)
Ganesha says to stay organized and maintain good communication with colleagues and customers to gain cooperation. Remember, calculated risks can improve your professional life. It is most important to manage your financial situation this week. Evaluate your current financial situation and establish clear goals for the short and long term. Create a reasonable budget that allows you to meet your essential expenses while saving for the future. Consider seeking expert financial advice or exploring investment opportunities to improve your financial portfolio. Be disciplined with your spending habits and remember that small changes can gradually lead to substantial financial growth. In matters of the heart, this week offers an opportunity to strengthen existing relationships and foster new ones.
Number 2: (People born on 2, 11, 20, and 29 of any month)
Ganesha says whether you’re starting a new project or trying to get better at your job, this is the perfect time to set clear goals and make a plan. It may also be a good idea for you to work well with your colleagues and talk to them effectively. Don’t be afraid of new challenges, meet new people in your professional network, and show that you are good at what you do. This week can provide immense potential for career growth and recognition. It’s a good idea to be careful with your money this week. Take a close look at how you’re spending and make some changes if necessary to stay on the right financial track. Look for opportunities to save your money and invest it wisely so you can achieve financial security in the long run.
Number 3: (People born on 3, 12, 21, and 30 of any month)
Ganesha says to keep your focus on personal and professional development, as expanding your skills can lead to long-term success. Have confidence in your abilities, and believe that your efforts will yield positive results. From a financial point of view, there is a need to make careful decisions this week. Assess your current financial situation, establish a budget, and prioritize your needs over wants. It is essential to take a more proactive approach towards your financial goals. Look for opportunities to cut down on unnecessary expenses and save for future endeavors. Keeping an eye on your financial situation will pave the way for stability and security in the long run. In terms of love, this week is going to be full of harmony and growth. If you are in a committed relationship, open communication and mutual understanding will be important.
Number 4: (People born on 4, 13, 22, and 31 of any month)
Ganesha says to stand out from the crowd and utilize career opportunities, it is important to be proactive and show leadership qualities. Working well with others and communicating effectively will help you achieve your goals and create a good work environment. Your financial situation looks stable this week, so it is a good time to make finance-related decisions. This is the right time to think about how you are spending your money. You need to create a budget that is in line with your long-term goals. By being careful with your finances and planning wisely, you can work on improving your financial situation. It can also be a good idea to take advantage of investment opportunities after doing proper research and taking advice from experts to improve your financial future.
Number 5: (People born on 5, 14, and 23 of any month)
Ganesha says it’s also important to think about your finances during the week. Look at what you’re spending and figure out where you can make changes for the better. Consider creating a budget or reviewing one that you can use wisely during the week. This week is a good time for love and strengthening your relationships. Whether you’re single or in a committed relationship, it’s important to focus on your emotional connections with the people you care about. Try to improve your communication and show your affection to those close to you. By embracing the changing nature of life, you will be well on your way to a fulfilling and successful week ahead.
Number 6: (People born on 6, 15, and 24 of any month)
Ganesha says you can also be more productive by organizing your work area, focusing on your tasks, and managing your time better. In terms of finances, it is important to keep a good balance this week. Think about your current financial situation and make clear goals to improve it. Create a budget that matches your goals, such as saving for a large purchase, paying off debt, or investing for the future. Find ways to cut down on unnecessary spending and be more careful with your money. This might include looking for better deals, cooking at home, or reconsidering subscription services. Focus on your relationships and matters of the heart. Love and relationships require your time, care, and open communication.
Number 7 (People born on 7, 16, and 25 of any month)
Ganesha says it is important to plan for various parameters of life in this combined week. This week will bring a variety of experiences that will impact your personal life, business, finance, and love life. Let’s take a closer look at each area and try to take away the main takeaways of the week. In this heavily raced world, it is important to make time for your personal life, which includes nurturing relationships and keeping your secrets. This week, set aside some time to stock up on good times and create lasting memories for your loved ones, be it family or friends. To strengthen your social integration, promote your universal well-being, and provide valuable support, especially during your cooperation time. This week has brought an opportunity for you to take a step forward in your professional journey. Focus on the goals of your venture, find a few, and make a plan, as well as create level steps to reach them. Be on the lookout for opportunities to collaborate with enterprises, starting with new skills training, mentorship, and making the most of growth opportunities within your organization.
Number 8: (People born on 8, 17, and 26 of any month)
Ganesha says at the beginning of the new week, you need to stock up and prepare. There may be changes in your personal life, business, finance, and love life during the week. So let us revive ourselves and get ready for the journey ahead. This week you may feel a sense of balance and peace in your personal life. You can focus more on yourself and your relationship. Take some time to think about your life and buy more things you like. Pay attention to your mental and physical health and deliver your presentation even if you don’t have everything you need. You work with people to lay the infrastructure and build a strong support system over time, which can bring you great joy. Your performance in professional life is likely to be good this week. If you are working on a project or looking for new opportunities, your hard work will bear fruit. Don’t be afraid of dissenting opinions and different thinking. Working well with documents and communicating effectively will help you reach your goals. This week is a chance to embrace your skills and knowledge, so be prepared for any opportunities that come your way.
Number 9: (People born on 9, 18, and 27 of any month)
Ganesha says this week will be full of stamina for you. Welcome all opportunities to feel balance and joy in your personal life, finances, finances, and balance. Devote your time and effort to each area, this way you can pave the way for an individual and successful week. Start each day with a clear plan and strong willpower. It is very important to focus on personal development to achieve complete success this week. This is a great time to meet new people, read, take online courses, or gain new skills. This week, maintaining achievable goals and keeping track of your progress will help keep you motivated and stable. If you’re willing to leave your comfort zone behind and embrace growth, you’ll learn more about yourself and change for the better during this period. Invest your time and efforts in your profession. Your hard work and sketch will bring you historically positive results. Also, focus on your growth as a person while making important decisions based on your principles.
– Ends
Finance
Shropshire Council asks for urgent government financial support
Shropshire Council has asked the government for urgent financial support to allow it to continue delivering services.
The authority said a detailed review of its budget is expected to reveal it could overspend by £50m if nothing is done and its savings of £34m would not be enough to meet the shortfall.
Unless more money can be found, the council said it would have to issue a Section 114 notice, making it effectively bankrupt.
The council declared a “financial emergency” last month and said it would be “making some difficult decisions over the next few weeks and months to save money and bring more in”.
The Liberal Democrat-run authority said the review, which is due to be published on 10 November, showed “the true scale of the financial challenge”.
If it has to issue a Section 114 notice, the government could then take action to reduce spending through the appointment of commissioners, as it has done in Birmingham.
The council said it had had several conversations with the government about the issue, which were initially focused on “longer-term funding the council needs over the next three years to enable it to invest in transformation, stabilise its budget and bring an end to its financial emergency”.
But the growing budget pressures have since forced the council to ask for emergency funding.
The authority was run by Conservatives until the Liberal Democrats took control in May.
Roger Evans, the councillor responsible for finance, said: “For a number of years now the council has been overspending its budget – a budget that was set by the previous administration.”
He said the council had been using reserves to meet the deficit and there was now “none left for us to use to help us meet this shortfall”.
Evans also said a shortage of government funding over the years had been “contributing hugely to our financial challenge”.
He thanked staff for their efforts to meet the budget shortfall and added: “Despite our challenges, I truly believe that together, we can make Shropshire Council sustainable.”
Finance
Finance Trailblazer Donna Gambrell Receives 2025 Ned Gramlich Lifetime Achievement Award for Responsible Finance
Opportunity Finance Network gives its highest honor to Gambrell for her career-long commitment to expanding economic opportunity in rural, urban, and Native communities through community development finance
WASHINGTON, Oct. 23, 2025 /PRNewswire/ — Last night, Opportunity Finance Network (OFN), the nation’s leading network and intermediary focused on community development investment, presented Donna Gambrell with the 2025 Ned Gramlich Lifetime Achievement Award for Responsible Finance during The Opportunity Honors: Award Ceremony and Reception. The Gramlich Award is the community development finance industry’s highest individual honor recognizing people of distinction and their impact on the community development financial institution (CDFI) industry.
Donna Gambrell receives the 2025 Ned Gramlich Lifetime Achievement Award for Responsible Finance during The Opportunity Honors in Washington, D.C.
As Director of the U.S. Department of the Treasury’s CDFI Fund (2007–2013), Gambrell helped double funding through the flagship Financial Assistance Awards program and launched cornerstone initiatives—including the Capital Magnet Fund, Healthy Food Financing Initiative, and the CDFI Bond Guarantee Program—that expanded the reach of CDFIs nationwide. Following federal service, she joined OFN’s Board of Directors in 2017 and served as Chair from 2020–2024, guiding the network through the COVID-19 response and sector stabilization.
“Donna Gambrell has dedicated her career to expanding economic opportunity for communities long excluded from traditional finance,” said Harold Pettigrew, President and CEO of OFN. “As a trailblazer and fierce advocate, Donna has grown and expanded the organizations she led, helping community development finance to reach more people and underinvested communities. Donna is a titan of the community development finance industry, and the impact of her work can be felt in almost every community across our nation.”
Today, as President & CEO of Appalachian Community Capital (ACC), Gambrell leads a membership network with more than 40 members managing $4 billion in assets and supporting 20,000 regional businesses. Under her leadership, ACC has advanced initiatives such as Opportunity Appalachia—helping 80+ communities raise over $160 million for priority projects—and launched the Green Bank for Rural America to catalyze climate-smart investment in rural markets.
“Local communities know what they need to best support themselves, and CDFIs put the power back in their hands,” said Gambrell. “That’s what first drew me to community development finance; watching communities thrive and people build generational wealth because of CDFIs is what continues to inspire me many years later. It is an honor to receive the Gramlich Award, and I am grateful to my peers for this recognition of my career.”
Gambrell was also the first African American woman to lead the CDFI Fund—an important accomplishment that underscores a career defined by durable institutional achievements and industry-wide impact.
“Not only is Donna Gambrell a tireless champion for equitable community and business development, but she is a mentor and role model to so many in the industry,” said Darrin Williams, CEO of Southern Bancorp, Inc. “Donna brings people together to help advance community development finance and bolster connections to support communities across all areas of the country. I am proud to call her a colleague, friend, and inspiration.”
About the Ned Gramlich Lifetime Achievement Award for Responsible Finance
Established in 2007, the Ned Gramlich Lifetime Achievement Award for Responsible Finance is the community development finance industry’s highest individual honor. It is awarded annually at OFN’s Annual Conference to individuals whose careers exemplify leadership, integrity, and a deep commitment to expanding economic opportunity.
The spirit of the award is to celebrate people of distinction who have produced a body of work that sets them apart within the CDFI industry. These individuals have shaped the field through innovation, institution-building, and a relentless focus on impact—leaving a legacy that continues to influence the sector and the communities it serves.
The award is named for Ned Gramlich, a staunch, longtime advocate for responsible finance. As the former Board of Governors’ primary liaison to the Federal Reserve’s Consumer Advisory Council, Gramlich advised on community development and consumer finance policy matters. He was an outspoken voice against predatory lending and a strong defender of the Community Reinvestment Act. He served on the OFN Board of Directors from October 2006 until his death in 2007.
About Opportunity Finance Network
Opportunity Finance Network (OFN) is the nation’s leading network and intermediary focused on community development investment, managing more than $1 billion in total assets and a membership of more than 490 community development financial institutions (CDFIs), which includes community development loan funds, credit unions, green banks, banks, minority depository institutions, and venture capital funds. Our network of CDFIs works to ensure communities left behind by mainstream finance have access to affordable, responsible financial products and services, with a deep focus on serving rural, urban, and Native communities across the United States. OFN is a trusted investment partner to the public, private, and philanthropic sectors – foundations, corporations, banks, government agencies, and others – and, for more than 40 years, has helped partners invest in communities to catalyze change and create economic opportunities for all.
Since its founding in 1986, OFN members have originated $124 billion in cumulative financing, helping to create or maintain nearly 3.4 million jobs, start or expand more than 1 million businesses and microenterprises, and support the development or rehabilitation of more than 3 million housing units and more than 15,000 community facility projects.
SOURCE Opportunity Finance Network
-
New York3 days agoVideo: How Mamdani Has Evolved in the Mayoral Race
-
World6 days agoIsrael continues deadly Gaza truce breaches as US seeks to strengthen deal
-
News5 days agoVideo: Federal Agents Detain Man During New York City Raid
-
News5 days agoBooks about race and gender to be returned to school libraries on some military bases
-
Technology6 days agoAI girlfriend apps leak millions of private chats
-
News6 days agoTrump news at a glance: president can send national guard to Portland, for now
-
Politics6 days agoTrump admin on pace to shatter deportation record by end of first year: ‘Just the beginning’
-
Business6 days agoUnionized baristas want Olympics to drop Starbucks as its ‘official coffee partner’