Financial education – Benefits Canada.com

Award finalists discuss mental health, enhanced communications amid pandemic

bwolfe — Mon, 01 Nov 2021 13:00:09 +0000

More than 19 months into the coronavirus pandemic, employers are focusing on enhanced mental-health offerings and streamlined communications for their benefits and pension plans. During a virtual roundtable on Oct. 14, the 2021 Workplace Benefits Awards finalists discussed the changes brought about by the pandemic and how they’ve adapted their benefits and pensions offerings, while looking […]

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Canfor wins award for educating employees on retirement savings

bwolfe — Mon, 25 Oct 2021 13:00:42 +0000

Canadian Forest Products Ltd.’s ongoing support for employees’ savings and retirement goals resulted in a win in the Financial wellness category at Benefits Canada’s 2021 Workplace Benefits Awards on Oct. 14. Launched in September 2020, Canfor’s three-year financial education program was initially offered to 1,100 salaried employees in Canfor’s defined benefit and defined contribution pension […]

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Helping employees understand the benefits of delaying CPP/QPP

bwolfe — Fri, 15 Oct 2021 12:54:56 +0000

The old adage “good things come to those who wait” is especially true of Canada and Quebec Pension Plan benefits. A $1,000 monthly CPP/QPP benefit in today’s dollars at age 60 increases to $1,112.50 if the individual delays until age 61 and to $2,218.75 if they wait until age 70, equivalent to more than $100,000 […]

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Pandemic changing ‘must have’ perks for U.S. millennial managers: survey

mdunne — Fri, 24 Sep 2021 19:00:36 +0000

The coronavirus pandemic is changing what perks millennial managers consider “must haves,” according to a new survey by MetLife Inc. It found millennial managers (ages 26 to 40) are significantly more likely to describe pet insurance (up 58 per cent), legal services (up 50 per cent) and financial planning tools (up 40 per cent) as “must […]

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How can pension plan sponsors help women hit their retirement readiness stride?

mdunne — Fri, 17 Sep 2021 12:54:45 +0000

Preparing financially for retirement is a marathon filled with many obstacles along the way to a constantly shifting finish line. Even in 2021, female employees tend to have more obstacles and subsequently lag well behind their male counterparts when it comes to retirement savings. Women retire 30 per cent less wealthy than men, according to […]

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Financial education offerings may help close pension gender gap

lbailey — Thu, 02 Sep 2021 13:00:13 +0000

With many women at risk of outliving their retirement savings, employers can help by educating female employees about their investment options, says Michelle Connell, a chartered financial analyst and owner of Portia Capital Management. Since women are often the primary caregivers, she says they tend to put less money into their retirement accounts than men […]

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2021 CAP Member Survey: How are CAP members faring during coronavirus?

Jennifer Paterson — Fri, 13 Aug 2021 12:55:00 +0000

For the past 15 years, Benefits Canada’s CAP Member Survey has taken the pulse of capital accumulation plan members’ retirement readiness, their knowledge, confidence and satisfaction in their employer-provided CAPs and how their financial wellness is affecting their physical and mental health. Tracking sentiments through the 2008/09 financial crisis, its subsequent recession and recovery and […]

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Market expansion a priority for DC pension consultants: survey

bwolfe — Wed, 11 Aug 2021 13:00:45 +0000

Market expansion in 2021 is a priority among Canada’s defined contribution pension consultants, according to a new survey by PIMCO Canada. The inaugural survey, conducted across 12 major DC consulting and advisory firms that serve roughly 2,500 Canadian plan sponsor clients, found up-market expansion and down-market expansion in 2021 were the top strategic priorities among […]

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U.S. employees lacking access to financial wellness programs: survey

bwolfe — Tue, 27 Jul 2021 19:00:19 +0000

A majority (63 per cent) of U.S. employees said their employer doesn’t offer a financial wellness program, according to a new survey by the Defined Contribution Institutional Investment Association. It found only 18 per cent of respondents have access to financial wellness resources through their employer and, of these respondents, just eight per cent have […]

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Canadians’ financial well-being on the decline: survey

mschmit — Thu, 11 Feb 2021 05:00:52 +0000

The financial well-being of Canadians has declined over the last year, according to a new survey by Morneau Shepell Ltd. It rated Canadians’ overall financial health as of January 2021 at -2.8, indicating a decline from the previous year. Women reported a lower score (-5.1) than men (-0.6), with male respondents reporting improvement in some […]

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