Testing life coaches; Banking has a racism problem: CBC’s Marketplace cheat sheet | CBC News

Worried about rising food prices and confused about inflation? Read this

If you’re wondering why your bills seem to keep growing and growing, you’ll want to check out this explainer.

Recent Statistics Canada data shows inflation hovering around five per cent, well above the two per cent target rate that experts think is the sweet spot.  

That’s worrying news. But what does that mean in practical terms? 

To help make sense of it all, here’s a brief explanation of how inflation works and what can be done to rein in the rising cost of living. Read more

Banking has a racism problem. Will a summit of Black business owners and bankers find solutions?

Many business owners in the Black community have experienced difficulties accessing funding from banks due to barriers caused by systemic racism. The problem has gained more attention in recent years, but progress isn’t happening fast enough, say entrepreneurs.

That’s the reason for a virtual conference that aims to address systemic racism in banking and help Black Canadian entrepreneurs get access to financing to start and expand their businesses.

One of the biggest impediments for Black businesses in Canada is difficulty accessing business financing and a lack of family collateral needed to apply for necessary funding, say the organizers of the Black Business Summit.

Organizers want to bring Black entrepreneurs and banking industry professionals together to discuss how to fill out a loan application, what services are all available and much broader topics, such as rethinking how banks decide who to finance. Read more

Cryptocurrency scam costs Calgary man thousands

Be very wary of where you buy your cryptocurrency. 

That’s a lesson Joel Woodhouse learned the hard way and one he wants to share with others.

He says he’s out approximately $16,000 in bitcoin after investing with an online crypto brokerage, WinBitX, which he saw advertised on Facebook. 

It seemed like it was all above board initially, with the company’s representatives showing him statistics and other data to convince him they would earn a profit on his investment. 

But when he went to make his first withdrawal, nobody answered his calls or emails.

He soon realized he’d been scammed.

University of Calgary professor Tom Keenan, the author of Technocreep, says there are some ways to avoid making the same mistakes.

“If somebody calls you on the phone, that’s almost a certain sign that you don’t want to deal with them. If it’s something you found Googling on the internet or they sent you an unsolicited email, that’s a bad sign,” said Keenan.

If you don’t recognize a company’s name, Keenan added, that’s usually a good reason to steer clear. Read more

What else is going on?

Walmart ships fraudulent order to hacker’s address then leaves customer to recoup cost
After hearing from Go Public, Walmart Canada refunded the cost of the Apple TV.

Indigenous man a longtime Giant Tiger customer — until he says he was falsely accused of stealing
Hector King Jr. says he’s a victim of racial profiling and still hasn’t received an apology.

Brut Classic Aerosol Spray Deodorant recalled due to potential presence of benzene
Immediately stop using and appropriately discard the recalled aerosol spray product.

These wooden teether rings are being recalled due to a choking hazard
Consumers should immediately stop using the Bébé au Lait teether rings.

This week on Marketplace

Testing life coaches: Undercover investigation

Exposing “dangerous” advice about mental illness, and aggressive sales tactics used to lure potentially vulnerable clients. 22:31

We’re back this week with an in-depth look into the growing world of life coaching.

Many coaches help clients work on things like mindfulness, goal setting, boosting confidence and offer career and love advice.

But they’re not therapists. Nor should they be treating people with mental illnesses, say experts.

Plus, get this: there’s nobody regulating the industry.

Anyone can call themselves a life coach, regardless of if they’ve received any training.

That’s why three Marketplace producers, myself included, created cover stories with the help of several experts and met with a number of life coaches in Canada and the United States. 

We wanted to know if they’d cross the line and offer unqualified advice about mental illness or if they’d stay within the parameters of their profession. 

Some are even using life coaching to promote dangerous and discredited practices such as conversion therapy. 

In my case, my cover story hit closer to home, as I prepared to meet with a life coach who promised he could help me manage my “same-sex attractions.”

As a proud gay man, it wasn’t easy talking to this coach. Here was a man who saw my sexuality as a problem to be solved instead of one to be celebrated.

Talking to him was triggering. I was returning to a mindset I once felt myself — shame over my sexuality and a willingness to do anything to change it — and being validated by a man preaching a scientifically discredited practice. 

But despite this discomfort, meeting with him still felt worth it.

Though I’ve never gone through conversion therapy, I understand all too well how rampant homophobia and pressure from families, friends, and religious groups could lead someone to such extremes.

When I finally came out, almost a decade ago, I felt enormous relief.

I’m now in a loving relationship, have supportive friends and family, and am well attuned to all the ways in which being gay has improved my life for the better. But I wish I knew earlier what I now know to be true — that coming out of the closet isn’t just necessary, it’s transformative.

And if our investigation can steer even one person away from conversion therapy, I’ll consider it a wild success. 

That’s just one segment of our show this week and I hope you’ll tune in to see the rest.

Watch above and catch up on past episodes anytime on CBC Gem.

You don’t want to miss it.

-Andrew Sampson and the Marketplace team

Marketplace needs your help

Do you have a story you think we should investigate? We want to hear from you. Email us at [email protected].