Keyword: Millennials

83 results found

Alongside Hydro One Ltd.’s initial public offering in November 2015, the company underwent an internal transformation by revamping its total rewards program. Previously, the utility organization’s program was very traditional with a fixed salary structure and not much external benchmarking, according to Sabrin Lila, Hydro One’s director of compensation and human resources analytics, noting the company was limited by existing […]

Even though millennials often get a bad rap for being frivolous, a new study from New Jersey-based fintech firm LendEDU found 58 per cent are saving for retirement — and with the time value of money on their side, they could be better prepared than some had previously thought. The survey found the average amount saved so […]

  • By: Staff
  • April 17, 2019 January 10, 2021
  • 16:30
Personalization key to younger DC plan member engagement

As millennials look to their employers to integrate their career, education and leisure, this creates challenges for the pension industry, said Erica Hall, assistant vice-president of client relations and group retirement solutions at Manulife, speaking at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. “We are very linear — they enrol, accumulate and […]

Plan sponsor panel: Customizing plan design, communication key for DC members

In determining which savings options to offer employees, a key component is understanding the workforce and its goals, as well as communicating the offering in a way they can understand, according to a panel on engaging workers in defined contribution pensions at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Thak Bhola, […]

Engaging millennials in retirement requires different solutions

With different generations in the workplace requiring personalized approaches, the pension industry is reimagining traditional savings plans, said Brady Aarssen, assistant vice-president of business development strategy at Great-West Life Assurance Co., speaking at Benefits Canada’s 2019 DC Plan Summit in Banff, Alta. in February. Millennials, for instance, are the largest segment of the workforce, they’re […]

RRSP holdings on the rise, driven by millennial savers: study

Despite market turmoil, Canadians are saving more in their registered retirement savings plans, led by strong growth among millennials, according to the Bank of Montreal’s annual RRSP study. Nationally, the average amount held in RRSPs is $101,155 — a 21 per cent increase from $83,635 in 2016. Millennials account for the greatest increase in amounts held, at 87 per cent […]

Shifting demographics key catalyst to changing pension plan design

Shifting demographics have always driven Canadian pension plan design, and the growth of the millennial generation as the largest portion of the workplace is no exception, according to Morneau Shepell Ltd.’s Joseph De Dominicis. “To me, shifting demographics are the key catalyst driving large global trends that in turn influence how we design pension programs, benefits […]

Generation gap exists in optimism about retirement: study

While Canadians aged 18 to 34 are the most likely age group to believe their standard of living will increase in retirement, they’re also the least likely to have started saving for it, according to a study by the Ontario Securities Commission. The study, which polled 2,259 Canadians aged 18 and older, found 39 per cent of all […]

  • By: Staff
  • November 29, 2018 September 13, 2019
  • 09:00
Editorial

In my formative school years, it was mandatory for all students to learn cooking, carpentry and typing, among other non-academic pursuits. While I’m certainly grateful to have those life skills, as I get older I wonder why we weren’t taught to invest in the stock market, save for retirement or do our taxes. Generationally, I […]

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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 […]