June 18

Canadians close to retirement not confident of financial positions

first_img Snowbirds win legal battle to reinstate out-of-province medical coverage Although four in 10 Canadians believe they’re in a better financial position compared with a decade ago, only 25% of those closest to retirement echoed this sentiment, according to the results of a new survey from Toronto-based Mackenzie Financial Corp. Related news Specifically, of Canadians aged 65 or older, 42% stated that their financial position has not changed drastically in the previous decade while approximately the same proportion stated their lifestyle has changed negatively over the past 10 years. In fact, only less than 35% of Canadians in the 55-64 and 65 and over age groups believe they are definitely on track to meet their retirement goals. Their pessimistic perception could be attributed to a lack of confidence in retirement planning and being able to sustain their lifestyle, the survey finds. For example, 37% of Canadians who are typically preparing for retirement — those aged 55-64 — don’t contribute toward an RRSP, which is higher than the 35% of Canadians, overall, who don’t. In addition, only 16% of Canadians, overall, feel confident in their contributions to an RRSP, and an overwhelming majority of Canadians, 72%, do not have a written financial plan in place. “People who worry about their financial future but don’t have a [financial] plan are like people who worry about getting lost but don’t use a map,” says Carol Bezaire, vice president of tax, estate and strategic philanthropy with Mackenzie, in a statement. “Both a plan and a map are easily available; both reduce a lot of stress; and both typically help you reach your desired destination.” This lack of financial planning among Canadians may be correlated with a deficiency in seeking out financial advice, as 58% of Canadians do not use the services of a financial advisor. And Canadians who don’t have an advisor or a financial plan are significantly less likely to contribute to an RRSP, the survey finds However, those who do use a financial advisor tend to be more knowledgeable about financial products as almost 70% of Canadians who have an advisor knew mutual funds could be held in an RRSP vs 35% of Canadians without an advisor. In addition, Canadians who have an advisor or a financial plan are significantly more likely to feel excitement and confidence about making an RRSP contribution. Still, saving for retirement may be confusing to many Canadians as 29% feel indifferent, 23% feel overwhelmed and 20% are confused when it comes to their investment options for retirement savings. Leger completed a survey of 1,564 Canadians online from Oct. 10–13 on behalf of Mackenzie. The data are compared with the results of a Decima Research survey of 1,000 Canadians aged 18 and over conducted Oct. 26-30, 2006 for Mackenzie. Photo copyright: stockbroker/123RF Share this article and your comments with peers on social media Survey finds Canadians aren’t sure how much they’ll need for retirement IE Staff Canadians worried about retirement costs Keywords Retirement Earnings surge for Great-West Lifeco in Q4 Facebook LinkedIn Twitterlast_img read more

May 18

Unilever Sustainable Living Young Entrepreneurs Awards

first_img Council of Europe World Forum for Democracy 2020: Call for Youth Delegates Deadline: 1 August 2014Open to:  individuals up to 30 years old, from any part of the worldPrize: totally €200,000 in financial support and individually tailored mentoringDescriptionUnilever is inviting young people to come up with practical and innovative solutions to some of the world’s biggest sustainability challenges and enter them in the Unilever Sustainable Living Young Entrepreneurs Awards. Unilever is looking for scalable and sustainable products, services or applications that reduce environmental impacts, improve health and well-being or enhance livelihoods through changes in practices or behaviours. Solutions must relate to one or more of the categories listed below:1. Improving Health & Well-Beingwater, sanitation and hygienenutrition2. Reducing Environmental Impactwater scarcitygreenhouse gaseswastesustainable agriculture3. Enhancing Livelihoodssmallholder farmersopportunities for womenmicro enterpriseEligibilityThe competition is open to individuals 30 years old or younger, from any part of the world.PrizeSix finalists will receive cash prizes of €10,000, along with support and mentorship (worth €10,000);One winner will receive €50,000 cash prize and will be awarded the HRH The Prince of Wales Young Sustainability Entrepreneur Prize at a prestigious dinner event in London in January 2015 and €25,000 worth of support and mentoring.All will benefit from exposure to a range of leading sustainability experts, entrepreneurs and investors during the process, along with recognition via Unilever’s global channels and the global networks of the University of Cambridge and Ashoka.ApplicationApplication deadline is 1 August 2014.Apply online HERE.Seven finalists will be announced during the week of 27 October 2014. All finalists will be required to join online sessions beginning in November 2014 to develop their ideas and build their networks. Attendance is also required at the Accelerator Workshop in Cambridge, UK, and the awards dinner that same month, during which the HRH The Prince of Wales Prize will be awarded.For further information visit the official website HERE. Internship at INTERPOL, France → Share 0 Similar Stories The Young Leaders’ Forum – Innovation, Environment, Future July 4, 2014 Published by tatjana Leave a Reply Cancel ReplyYou must be logged in to post a comment. LinkedIn 0center_img +1 Reddit ← Residence Support Program for Artists in Japan Tweet Unilever Sustainable Living Young Entrepreneurs Awards Environmental Photography Award 2021 Pocketlast_img read more