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Posts from the ‘Featured Articles’ Category

14
Jun

Balancing work and family

We need to learn how to simplify our lives and ask for help

It’s not uncommon to feel completely overwhelmed by things, and to wish that life were simpler and less stressful. Do you feel like you never get around to all the things you’d like to do?

Dealing with life’s countless demands is a constant challenge for many people who can’t find the time or the means to balance their work obligations with their family and social activities. A lot of the time, it’s certain beliefs that prevent them from finding the desired balance. The most common belief is that the situation is only temporary, and that “as soon as this project is finished, I’ll have more time for my family and friends.” This belief may be sincere, but most of the time, it’s not realistic. Read more »

14
May

Workers unprepared for financial impact of disabilities

Most Canadian workers would suffer severe financial hardship if they were forced out of work with a disability.

In fact, 76% believe that should they become disabled and unable to work for three months, there would be serious financial implications for their family, such as significant debt or an impact on retirement plans, finds an RBC Insurance survey.

Despite the concern, only 27% have discussed how a disability would financially impact their family. This number does not increase substantially among workers who’ve indicated that they’ve taken time off in the past because of a disability (33%).

Read more

 

Used with permission from Benefits Canada Magazine
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13
Apr

Supporting adult children takes its toll on boomers’ retirement plans: survey

As baby boomers approach retirement while their children look for financial help, many are feeling the financial strain.

A new TD survey found 62 per cent of boomers can’t save enough for retirement because they’re supporting adult children or grandchildren. Those kids, however, aren’t taking that money obliviously: 44 per cent of millennials who rely on their parents’ or grandparents’ support said they know that help means fewer retirement savings, and 43 per cent said they’d cut costs rather than asking for financial help.

Read: Canadians postpone retirement to support children

“As a parent or grandparent it’s natural to want to help our kids and grandkids who may be facing financial challenges such as finding full-time employment or paying their day-to-day expenses,” Rowena Chan, senior vice-president at TD Wealth Financial Planning, said in a news release. “It’s important that this desire to help is balanced with the goals you have when it comes to retirement.” Read more »

13
Mar

Replace bad financial habits

By, Carla Hindman, Director of Financial Education, Visa Canada

Most people have at least one bad financial habit. Whether it’s impulse shopping, forgetting to pay bills on time or putting off building that emergency fund balancing what you want to do and what you “should” do is never easy.

You might recognize a few of these common bad financial habits in your life:

  • Paying bills after the due date
  • Paying only the minimum required on bills
  • Ignoring bills and letting them go to collections
  • Putting off saving for retirement or a rainy day
  • Impulse shopping or “retail therapy”
  • Not keeping track of how much debt you have
  • Taking on debt to pay for something you don’t currently need.

Read more »