In helping employees save for their future, the Royal Bank of Canada recognizes the importance of meeting its staff where they are on their financial journeys. Over the past few years, the bank noticed employees weren’t saving enough into its pension plans. In particular, new hires and younger workers who were invited to join the […]
Currently in their 50s, 60s and 70s, baby boomers cover a wide age range — and their workplace pension plans are equally diverse. So determining what retirement looks like for this generation and helping them prepare is a significant challenge for employers. A good starting point is examining the pension world in which boomers currently […]
In the midst of financial literacy month, what does education look like in a defined benefit world where plan members don’t have to actively make investment choices? And how much do members need to understand about investments? While financial literacy is important, DB plans allow members to prepare for retirement without being financial experts themselves, says […]
The majority (84 per cent) of employees would be interested in obtaining financial education programming in the workplace, according to a survey by the Canadian Payroll Association. The survey, which polled more than 5,000 employees from across Canada, found that, among those respondents who want financial education in the workplace, 40 per cent cited planning and saving for the future as […]
Employer-provided financial wellness programs have a measurable affect on employees’ retirement readiness, according to a recent study by U.S.-based think-tank Financial Finesse Inc. When employees repeatedly engage with programs, their financial well-being moves from four to a six on a 10-point scale, which correlates with a 38 per cent increase in the amount they contribute to their retirement […]
Niagara Casinos’ multi-pronged approach and leveraging of company resources to promote financial literacy among employees contributed to its award for financial wellness at Benefits Canada’s 2018 Workplace Benefits Awards in Toronto on Oct. 11. The organization’s financial wellness program includes an employee intranet, which is available at work and from employee’s home computers. The network features graphics […]
Take the free money. This is my regular mantra for employees in employer-sponsored retirement plans. But many employees don’t enrol in company-sponsored plans or don’t take the maximum amount of free money available. When human resources professionals ask their employees why, their responses include: “I get a better return with my advisor, so I am contributing with her/him.” “The investment […]
Stress related to financial well-being has a major impact on the workforce, according to a new report by Arthur J. Gallagher and Co. With Canadians loaded down by major debt and with many lacking proper retirement savings, employees are more likely to be distracted at work and older workers are more likely to stay in the workplace for longer because […]
Nearly half (46 per cent) of Canadian employees said financial stress is impacting their workplace performance, according to a new survey by the Canadian Payroll Association. The survey also found that Canadian employees are more concerned with work-life balance (33 per cent) than they are with earning higher wages (26 per cent). This is especially true of […]
Cashiers will often ask Canadian consumers if they’d like to donate to a charity as they pay for items at retail stores. But what about applying the concept to retirement savings? A pilot project in Mexico is taking voluntary contributions at the checkout counter to a whole new level by nudging people who are buying […]