A quarter of single seniors live below the poverty line in Canada and the problem is getting worse, with employer-sponsored pension plans not accessible to 40 per cent of low-income employees. It’s especially severe among personal support workers, 80 per cent of whom don’t have a workplace pension. The situation is beyond unconscionable, says Tyler […]
The ‘Great Resignation’ is ushering in a period of great transformation for employers, the workforce and the workplace of the future, said Charmaine Alexander, senior advisor of disability management at Desjardins Insurance, during a session at Benefits Canada’s 2022 Benefits and Pension Summit on June 1. With labour shortages continuing to plague the workforce, Alexander believes […]
While many employees say they’re open to using employer-provided financial wellness assistance, some are hesitant, citing lack of trust and a need for employers to be transparent, according to a new study by the U.S.-based Defined Contribution Institutional Investment Association. The DCIIA’s Retirement Research Center, which conducted focus groups that explored low- and moderate-income workers’ […]
Three-quarters (73 per cent) of U.S. employees said their employer needs to offer more resources to help them manage their personal finances, according to a new survey by personal finance platform Ramsey Solutions. The survey, which polled more than 3,000 full-time workers, found only 23 per cent had access to employer-provided financial wellness benefits. Among […]
Three-quarters (75 per cent) of defined contribution plan sponsors cite reviewing fees as the most important step they took to improve their fiduciary position in 2021, according to a new survey by U.S. investment consulting firm Callan. This was followed by examining the plan’s investment policy statement (63 per cent) and investment structure (61 per cent) […]
Higher investment fees in capital accumulation plans can potentially set an individual’s retirement date back by four years, according to Mercer’s latest retirement readiness barometer. The analysis found a person paying the median retail fee (1.9 per cent) would be retirement ready at age 70. On the other hand, someone paying the median fee available […]
Canadian Forest Products Ltd.’s new financial wellness program may have originated as the brainchild of its defined contribution pension plan committee, but it’s just as applicable to its defined benefit plan members — and the organization chose to roll it out for all employees. When you have broad financial wellness topics, it’s fine, but when […]
The vast majority (84 per cent) of Canadian employees consider an employer-sponsored retirement plan to be a critical benefit, according to a new survey by Manulife Investment Management Holdings (Canada) Inc. It found 60 per cent of employees would be unlikely to work for a company that doesn’t offer a retirement plan. In addition, employees […]
Despite the financial challenges experienced by Canadians over the course of the coronavirus pandemic, 40 per cent said they’ve continued to save for retirement, according to a new survey by life insurance provider PolicyMe Corp. More than half (54 per cent) of survey respondents said they’re adding to their emergency funds, while 48 per cent […]
Just over half (51 per cent) of U.S. employees — including 65 per cent of generation Z respondents — agreed employers have a responsibility to help workers improve and maintain financial wellness, according to a new survey by the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund. The survey, which polled more than […]