financial stress – Benefits Canada.com https://www.benefitscanada.com Canada's most influential pension and benefits publication for decision-makers Mon, 29 Apr 2024 21:34:34 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.8 2023 CAP Suppliers Report: How are CAPs evolving to meet the financial needs of different generations? https://www.benefitscanada.com/archives_/benefits-canada-archive/2023-cap-suppliers-report-how-are-caps-evolving-to-meet-the-financial-needs-of-different-generations/ Fri, 15 Dec 2023 13:57:38 +0000 https://www.benefitscanada.com/?p=148466 With more than 40,000 employees across the country, Amazon Canada is a microcosm of the wider national workforce. Comprising five generations, the online retailer’s workers represent a wide spectrum of savings goals and related challenges. And to support these goals, it has developed a diverse array of options to meet staff at every stage of […]

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]]> Worker demand for DB pension plans could increase as financial concerns continue: CAAT https://www.benefitscanada.com/pensions/defined-benefit-pensions/worker-demand-for-db-pension-plans-could-increase-as-financial-concerns-continue-caat/ Thu, 14 Dec 2023 16:00:50 +0000 https://www.benefitscanada.com/?p=148823 A resurgence of defined benefit pension plans in Canada could be on the horizon, according to a report from the Colleges of Applied Arts and Technology pension plan. It found most Canadian workers are looking for retirement features that are most prominent in a DB plan, including monthly and predictable retirement income that’s guaranteed for […]

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]]> 2023 Healthy Outcomes Conference: Supporting employees’ financial well-being amid rising inflation, interest rates https://www.benefitscanada.com/events/conference-coverage/2023-healthy-outcomes-conference-supporting-employees-financial-well-being-amid-rising-inflation-interest-rates/ Mon, 20 Nov 2023 12:54:53 +0000 https://www.benefitscanada.com/?p=147133 As Canadians face the dual effects of the rapidly rising cost of living and interest rates, the resulting financial stress has major implications for plan sponsors, said Valérie Fernandez, senior advisor of workplace health best practices and strategic support for group insurance at Beneva, during Benefits Canada‘s 2023 Healthy Outcomes Conference in October. Indeed, employers […]

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]]> 84% of employers say they’re concerned about a retirement income crisis: survey https://www.benefitscanada.com/pensions/retirement/84-of-employers-say-theyre-concerned-about-a-retirement-income-crisis-survey/ Tue, 31 Oct 2023 13:00:07 +0000 https://www.benefitscanada.com/?p=146099 As a majority (84 per cent) of Canadian employers say they’re concerned about an emerging retirement income crisis, they also agree that, without access to employer-sponsored pension plans, workers will become a burden on the taxpayer (82 per cent) and the economy will suffer (79 per cent), according to a new survey by the Healthcare […]

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]]> Gen Z workers want to retire at 61, but 99% facing obstacles to saving for retirement: survey https://www.benefitscanada.com/pensions/retirement/gen-z-workers-want-to-retire-at-61-but-99-facing-obstacles-to-saving-for-retirement-survey/ Thu, 19 Oct 2023 13:00:01 +0000 https://www.benefitscanada.com/?p=145506 While U.S. generation Z workers want to retire at age 61, 99 per cent of these employees say they’re facing obstacles to saving for a comfortable retirement, a nine per cent increase from 2022, according to a new survey by Charles Schwab & Co. Inc. The survey, which polled 1,000 401(k) plan participants, found the […]

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]]> 71% of Canadian women say inflation is impacting their mental health: survey https://www.benefitscanada.com/news/71-of-canadian-women-say-inflation-is-impacting-their-mental-health-survey/ Mon, 16 Oct 2023 13:00:18 +0000 https://www.benefitscanada.com/?p=145345 Nearly three-quarters (71 per cent) of women say financial struggles due to inflation are impacting their mental health and finances are becoming more of a barrier to accessing mental-health support, according to a new survey by GreenShield and Mental Health Research Canada. The survey, which polled more than 12,000 Canadians, found women were 30 per […]

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]]> Employers play crucial role in supporting employees’ savings amid rising cost of living: expert https://www.benefitscanada.com/news/bencan/employers-play-crucial-role-in-supporting-employees-savings-amid-rising-cost-of-living-expert/ Wed, 04 Oct 2023 13:00:07 +0000 https://www.benefitscanada.com/?p=144495 As Canadians struggle to save amid the rising cost of living, employers play a crucial role in facilitating savings options for their employees, says Doug Crowe, vice-president of RBC Group Advantage, the Royal Bank of Canada’s group retirement division. “The first important step employers can make is deciding to sponsor a group savings plan for employees, which […]

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]]> 2023 BPS coverage: How Fluor Canada is prioritizing plan members’ financial wellness https://www.benefitscanada.com/events/conference-coverage/2023-bps-coverage-how-fluor-canada-is-prioritizing-plan-members-financial-wellness/ Wed, 05 Jul 2023 11:55:05 +0000 https://www.benefitscanada.com/?p=140374 Citing a variety of surveys, Terry-Lynn Levy (pictured left), manager of human resources, benefits, wellness and HR information systems at Fluor Canada, said more than a third of Canadians cite money as their biggest financial concern and people experiencing financial stress are twice as likely to report poor overall health. These individuals are also more prone […]

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]]> Survey finds 47% of Canadian workers worry about running out of money in retirement https://www.benefitscanada.com/pensions/retirement/survey-finds-47-of-canadian-workers-worry-about-running-out-of-money-in-retirement/ Mon, 26 Jun 2023 19:00:10 +0000 https://www.benefitscanada.com/?p=140348 Nearly half (47 per cent) of Canadian employees say they’re very worried about running out of money in retirement, according to a new survey by the Canadian Public Pension Leadership Council. The survey, which polled more than 2,000 employees, found women (53 per cent) were more likely to be concerned about running out of money […]

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]]> Younger 401(k) participants struggling with emergency savings, student debt: survey https://www.benefitscanada.com/pensions/governance-law/younger-401k-participants-struggling-with-emergency-savings-student-debt-survey/ Mon, 19 Jun 2023 19:00:28 +0000 https://www.benefitscanada.com/?p=139895 Generation Z (28 per cent), millennial (25 per cent) and generation X (21 per cent) 401(k) members rank a lack of emergency savings as one of the most common factors causing financial stress, according to Cerulli Associates’ latest survey. In light of the provisions related to emergency savings accounts and student debt under the U.S.’s […]

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