Just 35 per cent of Canadians aged 50 and older report they’re in a position to financially afford to retire, while a slightly larger percentage (37 per cent) say they aren’t and 25 per cent say it’s unclear, according to a new survey by the National Institute on Ageing and the Environics Institute for Survey Research. […]
The autumn is typically a busy one for the industry, but this year was especially eventful over at Benefits Canada. After a brief hiatus, the long-standing Healthy Outcomes Conference returned in October. This year, it was an in-person event designed for employers to exchange ideas and best practices for achieving improved employee health outcomes. Nearly […]
As employers increasingly see four generations represented in their workforces and a diverse range of employee needs, customization and flexibility in benefits and wellness plans are becoming key to creating healthy outcomes for all employees. The result of these offerings was “peace of mind for employees and their families and a sense of belonging in […]
Financial education and well-being initiatives are in the spotlight as employees face the stress of multiple financial headwinds — from inflation reaching a 40-year high to the strong likelihood of an impending recession — and search for advice and clarity. “There’s a very strong correlation between financial wellness and mental wellness,” said Dr. Jim Chung […]
Capital accumulation plan sponsors need to focus on providing lifetime retirement income for plan members amid the growth of decumulation solutions such as advanced life deferred annuities and variable payment lifetime annuities, according to a new report by the C.D. Howe Institute. It noted DC plan members currently have three main options to draw down […]
As Canadians face continued economic uncertainty, a recent university graduate and a long-time teacher share their views on balancing different financial priorities. Sul Mahmood, age 24, a product specialist at OpenPhone Technologies Inc. Canadians should be saving for a combination of retirement and other financial priorities. If there’s anything I know (and from all the […]
Nearly three-quarters (71 per cent) of Canadians say saving for retirement is a challenge amid rising inflation, an increase of six percentage points over 2021, according to a new survey by BDO Canada. The survey, which polled more than 2,000 Canadian adults, found 43 per cent said they’ve also cut their savings for retirement. As a […]
Amid rising inflation, airport hospitality services provider OTG Management is supporting employees’ financial wellness through an earned-wage access card. Nearly a third (30 per cent) of the organization’s Canadian employees have accessed the benefit, which allows employees to access their pay and manage their finances whenever and however they prefer, says Alan House, OTG’s executive […]
The majority (84 per cent) of employees who say they’re feeling stressed are saving less than five per cent of their pay, according to a new survey by the National Payroll Institute and the Financial Wellness Lab of Canada. The survey, which polled more than 3,000 Canadian employees, also found workers are saving less than […]
The financial well-being of working Canadians has fallen sharply and is at its lowest point since January 2021, according to LifeWorks Inc.’s latest financial well-being index. It found the number of Canadians reporting a worsening financial situation increased five per cent compared to the previous period and those reporting an increase in financial concerns climbed […]