Of those polled, more than 70% anticipate working in their retirement, either through a phased or semi-retired approach. With nearly half of Canadians expressing worry about outliving their retirement savings, retirees are looking for ways to save more for retirement, but also during their retirement by cutting back on planned travel or leisure activities, reassessing investment strategies to account for economic changes, and adjusting their retirement budget to spend less.

“Many Canadians worry about the cost of living today, but those close to retirement worry about how higher costs will affect their finances tomorrow, knowing they will be on a more fixed income,” said Carissa Lucreziano, Vice-President, Financial Planning and Advice at CIBC. “Working with a financial advisor now can help you reach your ambitions in retirement, and poll findings show that there is an increase in demand for financial advice, with three quarters considering or currently using financial advisors.”

Findings from recent Retirement Planning and Investing Polls highlight a growing reliance on diversifying funding sources, including TFSAs, RRSPs, mutual funds, individual stocks and HISAs. The findings also show a trend towards seeking financial advice from multiple channels, including digital platforms – 66% are using online investment management tools, and 53% shared that they have engaged with social media groups or blogs dedicated to financial/retirement planning. Findings indicate a growing interest in exploring digital options for financial advice, with newcomers showing the greatest interest in digital financial planning tools.

As CIBC continues to support Canadians in their financial journeys, these polls demonstrate the need for tailored financial solutions that address each individual’s unique challenges. By enhancing access to financial advice and digital tools, CIBC aims to empower Canadians to navigate their financial futures with confidence and make their ambitions a reality.

For more information about the polls and CIBC’s commitment to supporting Canadians, please visit CIBC’s website.

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The milestone report – the only research study encompassing the country’s 4,750+ food banks and community organizations – shows the devastating impact of rapid inflation and inadequate social supports on poverty, food insecurity and hunger in Canada.

HungerCount 2023 Findings

People in every community across the country are at the breaking point. 

• Food bank use rose to the highest levels in Canadian history in 2023.
• Food bank use among people who are employed continued to increase to record levels. In 2023, 17 per cent of food bank clients reported employment as their main source of income, compared to 12 per cent in 2019.
• The top reasons people accessed a food bank this year were food costs, housing costs, low wages or not enough hours of work.
• One third of food bank clients are children (representing over 600,000 food bank visits in March 2023).
• To create a Canada where no one is left behind, and no one goes hungry, all levels of government must adopt a dual approach to address the root causes of food bank use by addressing low incomes and poverty and the skyrocketing costs of living.

Food Banks Canada Policy Recommendations: Building a Better Road Ahead Demands Dual Focus

“The sad reality is that nothing will change until governments in Canada hear the alarm bells that have been ringing for far too long. Governments at all levels must respond. By focusing on urgent affordability issues and fixing our broken social safety net, a better path forward is possible – a Canada where no one goes hungry,” says Beardsley.

Food Banks Canada Policy Recommendations: It’s time to hear the alarms.

Despite years of sounding alarms and recommending much-needed solutions to address the struggles of low-income Canadians, food bank visits continue to rise. The runway for implementing solutions is running shorter and urgent government action is needed to prevent worsening conditions for millions of people in Canada.

The time to rebuild our outdated and broken social safety net is long overdue – action on an income floor is needed today.

• Canadians have watched as government-provided social supports have eroded over the last several decades. What’s left is an income floor with massive holes and inadequate foundations. It’s time for governments to take bold action toward introducing new supports, in particular for working-age singles and people with disabilities.

Governments must react appropriately to the severity of the housing crisis.

• Despite years of warning signs from experts, governments continue to build homes at a fraction of the pace needed to reach 2030 goals, and affordable housing options are diminishing every month. Serious action must be taken to increase the construction of affordable units while short-term solutions, like a rental assistance program, should be introduced to help those struggling today.

As low-income workers flood food banks, Canada needs new policies that guarantee those who work will always have enough money to put food on the table.

• This means that the long-awaited EI reforms need to be introduced swiftly. Additional living wage reforms and changes to the Canada Workers Benefit will also be necessary to ensure that Canadian workers with low incomes can make ends meet.

Food insecurity and poverty must get special attention in northern and remote parts of Canada.

• These regions suffer from much higher rates of poverty and food insecurity than the rest of the country. Solutions must shift from inconsistent and unreliable government funding to long-term, locally driven approaches to develop Northern economies.

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The findings of this new data reveal how women’s financial habits have shifted considerably in the past year as the cost of living has skyrocketed, and how current economic conditions are affecting mental health. In fact, women who needed mental health care but didn’t access it are twice more likely to report financial barriers as the reason when compared to men.

“From relying on savings or credit to pay for essential living costs to borrowing money from friends and family, these new findings paint the picture that women are disproportionately impacted by our current economic conditions. Layer in the unique experiences of women from racialized and marginalized communities, it’s no surprise that these everyday stressors continue to affect their mental health,” said Harriet Ekperigin, Vice President of Mental Health at GreenShield. “The trends from the Women’s Mental Health Report reiterates the importance of GreenShield Cares’ Women’s Mental Health program, which arms Canadian women with free mental health services so they can access the support they need.”

A glimpse into the state of women’s mental health in 2023
The GreenShield Cares Women’s Mental Health Report goes beyond standard studies to reveal the truths Canadian women are facing right now. The study shows three key narratives that depict what women are facing:

• Women report higher levels of anxiety and depression. Though for all Canadians, levels of anxiety and depression remain higher than before the pandemic, 16 per cent of women consistently report more severe symptoms of anxiety and 17 per cent report symptoms of depression – it’s even higher for racialized women and women identifying as 2SLGBTQIA+.
• Women are more likely to access mental health services, yet racialized and marginalized groups are less satisfied with the care. Overall, 13 per cent of women report accessing mental health or substance abuse services in the past year.  Racialized and 2SLGBTQIA+ Canadians are less satisfied with the care they receive.
• Women are disproportionately affected by current economic conditions. In fact, 42 per cent of women who needed care, but didn’t access it, reported financial barriers as their reason compared to 21 per cent of men.

“Partnering with a company like GreenShield,  with a social mission at its core allows us to dig deep and shine a light on the realities of what Canadian women of all walks of life are grappling with,” said Akela People, CEO, Mental Health Research Canada (MHRC). “We are honoured to help tell the stories of these women, and we hope these insights can help pave the way to alleviate the current burden on women’s health.”

Taking action to support women’s mental health
GreenShield Cares’ Women’s Mental Health program is the only one of its kind, offering free national, culturally safe therapy and mental health services to Canadians 18+ who identify as women.  The program includes two free hours of talk therapy with a licensed mental health professional, a one-year subscription to online cognitive behavioural therapy (iCBT) guided by a coach, and access to an online wellness hub, ensuring women can find the support that’s right for them.  In just over a year, the company helped nearly 60,000 women access free mental health services.

Intersectionality is at the forefront of the matching process, and the diversity of Canadians is reflected in the diversity of the program’s certified practitioners, with hundreds of the program’s certified practitioners having identified as a person of colour, Indigenous, or Black.  Further, the program’s personalized counselling matching tool includes over 50 matching options, including culture, race, language and religion, to ensure women can find a certified mental health professional who can relate to their identity and lived experiences.

“With the rising costs of living, offering free mental health resources is just one way we can break down barriers to give women from coast-to-coast the support they need,” said Ekperigin. “Women from racialized and marginalized groups can struggle to connect with services that don’t consider cultural and religious nuances. We owe the diverse range of women in Canada more than a one-size-fits-all approach. It’s one of the differentiators that makes the GreenShield Cares Women’s Mental Health program truly unique. “

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The poll compared responses of post-secondary students in 2023 and 2013 and found that almost half (47%) indicated they will be living with their parents this school year, compared to 36% 10 years ago.

In addition, poll findings underlined the greatly increased dependence of today’s post-secondary students on their parents’ money, with 43% assuming their parents will take care of their financial needs, compared to only 29% in 2013.

“It’s important to note, though, that these students aren’t just looking to their parents for financial support. They’re relying on their parents for help in developing their financial goals too,” explained Jason Storsley, who leads the Youth and Young Adult team at RBC as senior vice president, Everyday Banking & Client Acquisition. “Family conversations about money are invaluable. And in our social media age, it’s great to see this family connection remains as strong as ever.”

Poll respondents were also thinking through how they could help themselves financially during their time in post-secondary education, including:

• Working part-time while going to school (49%)
• Reducing non-essential expenses (47%)
• Preparing a budget and sticking to it (45%)
• Regularly monitoring where money is spent (45%)
• Carefully avoiding debt (40%)
• Looking for student discounts everywhere they shop (40%)
• Paying with cash or debit wherever possible (25%)

Post-secondary students are looking at how to keep expenses down after they graduate too, by pushing out some of their post-graduation major life goals. As just two examples:

• While more of these students indicated they plan to buy a home after they graduate (83% in 2023 versus 74% in 2013), more now will be delaying that purchase for five years or longer (43% versus 25%).
• Two in three (66%) plan to marry (versus 52% in 2013), but the percentage who are pushing that timeframe out to five years or longer has doubled (40% versus 20%).

Regardless of their cost-cutting efforts, 45% expect to graduate with up to $20,000 in debt – a big increase from 30% who expected to have the same amount of debt in 2013. However, more of this year’s student body expects to pay that debt off within up to three years (59% versus 39%), and fewer expect to have debt greater than $40,000 (9% versus 15%).

A key challenge in managing costs while at school and paying off debts post-graduation: The vast majority (96%) of poll respondents admitted they were not good at handling money, with 88% commenting they still had a lot to learn about managing finances and 54% stating they were much better at spending than saving.

“Here’s where we can provide support,” added Storsley. “We have tips and free resources that anyone can readily access online. And in all our branches, we have advisors ready to help students get on track with their finances while they’re in school and stay on track with them after they graduate.”

To help de-stress the start of the school year, RBC has also put together its biggest ‘back to school’ bonus package ever. The 2023 RBC Student Banking Bundle offers post-secondary students up to $275 in value – including $100 for simply opening a no monthly fee RBC Advantage Banking account for students – and the RBC International Student Banking Bundle includes a special offer for international students.

For more information – including tips, advice and resources – please visit the RBC Student Hub.

RBC 2023 POST-SECONDARY STUDENTS & FINANCIAL READINESS POLL
FAST FACTS
Selected Findings – 10-Year Comparison (2023 versus 2013)

RBC 2023 POST-SECONDARY STUDENTS & FINANCIAL READINESS POLL
FAST FACTS
Selected Findings – 2023 National and Regional

In addition to starting early, it’s also helpful to leverage the right tools at the right life stage. RBC offers a variety of tools and resources that parents should use when considering helping with their children’s finances:

• Kickstart the conversation – With post-secondary students sharing that their parents would be their primary source for help in developing their financial goals, it’s never too early to start having these conversations. Including an RBC advisor in these discussions can provide students with valuable tips and resources and help them learn more about managing their money, ways to use credit effectively and the value of saving and investing.
• Teaching real life money management skills from a young age – RBCx Ventures’ Mydoh is a youth money management app and Smart Cash Card (a digital and physical Visa Prepaid Card) that makes it easy for kids and teens to make smart money choices that fuel their passions, while giving parents transparency and oversight. And with the Mydoh app, there are two different experiences customized for both: while kids and teens gain real life money skills for the cashless and digital economy, their parents can instantly transfer money, coach and guide, or just keep an eye on things. With Mydoh by Me, kids and teens can even design a custom Smart Cash Card, allowing them to express their unique personality.
• Thinking critically about finances – As post-secondary students are surrounded by so many sources of information, having the know-how to sift through what is accurate and what is misleading is crucial to learning how to spend, save and invest wisely. That’s why RBC has collaborated with McGill and The Globe and Mail to offer a free Personal Finance Essentials course to help Canadians enhance their financial knowledge and skills.
• Learning to invest – Increasingly, post-secondary students are investing for both short- and long-term goals, but as investing comes with risks, it’s important to learn how to do so in an informed way. RBC Direct Investing offers a Practice Account, available at no cost to RBC Online Banking and RBC Direct Investing clients, as a risk-free way to test out investment strategies and place buy and sell orders – using $100,000 practice dollars. In addition, the Inspired Investor Trade magazine posts timely information and insights, including helpful guides on a variety of topics in the Investing Academy.
• Preparing for the future – RBC Future Launch provides access to programming, tools and resources designed to help young Canadians gain new skills, grow their network, get work experience, and enhance their mental wellbeing.

The post Almost Half Of Post Secondary Students Living With Their Parents This Year: RBC Poll appeared first on Muskoka411.

Rampant food inflation gives rise to a profound sense of unfairness
Food inflation is not only impacting consumers’ financial well-being but their mental well-being too. Three-quarters of shoppers (73%) say food inflation is causing them additional stress, highlighting the need for grocery stores and food manufacturers to address this concern.

Furthermore, the emotional hardship Canadians feel relates not only to themselves but also others. Almost all Canadian consumers (94%) agree the steep rise in food costs is particularly unfair to those with lower incomes. The extent of distress that rising costs are causing consumers is illustrated by the fact that most Canadians (76%) feel ‘trapped’ by the fact that no matter how much food prices rise, they have no choice but to absorb them.

Joel Gregoire, Director of Food and Drink, Mintel Reports Canada, said:
“In shoppers’ minds, retailers and food producers are leveraging the challenges they are facing to their benefit, giving rise to the term ‘greedflation’. Addressing food inflation extends beyond just rising prices but also connecting compassionately with consumers and understanding that many are facing financial hardships. While food inflation is unlikely to persist at these levels, grocers and food producers must recognize the damage it is doing to the industry’s standing. Brands that can convey how they are taking steps to be transparent and ‘be on the side of consumers’ when it comes to saving money can bolster the brand’s perception both in the short term and beyond.”

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With price instability and a tight labour market spilling over into 2023, the first edition of this year’s ‘The Real Economy Canada’ report examines what inflation will look like in 2023 as Canadian businesses and consumers continue to navigate a volatile economy.

The report also shines a light on how Canada’s middle market businesses are faring in their ongoing battle for employee retention amidst a white-hot labour market and how the downtown cores of Canada’s biggest cities are attempting to fill the void left by businesses that are pivoting to remote work.

Key findings in this quarter’s report include:

• Expect inflation to fall to 3 per cent by the end of 2023 and return to the 2 per cent target by the end of 2024.
• Interest-rate-sensitive parts of the economy, like housing and big-ticket consumer purchases, are starting to see the impact of the increased cost of credit, though the effects of higher rates will take more time to register.
• Waning consumer confidence and slowing retail sales, induced by persistent inflation, will translate into lower GDP growth in 2023 and 2024.

• GDP is projected to decline from about 3.25 per cent growth in 2022 to just under 1 per cent in 2023 before rising to 2 per cent in 2024.
• Oil prices have put a floor under the economy’s decline, though combined interest rate and inflation shocks have put a dent in housing, an increasingly important sector to the economy.
• Increased supply of labour will be a crucial component in achieving higher economic output, hence the federal government’s growing immigration targets.
• Commodity prices have coincided with real GDP growth in Canada for over a decade, which can be attributed to the value of the Canadian dollar becoming dependent on commodity pricing.

• Bank of Canada expected to continue raising interest rates to cool persistent inflation and surging demand, which has been spurred by a hot labour market.
• Bank of Canada will likely raise its policy rate to a peak of 4.75 per cent by the middle of 2023 before holding rates in place to keep financial conditions tight.
• Despite some positive signs, growing headwinds are hurting the Canadian economy to the point where the rising risk of a recession and a larger-than-expected housing contraction cannot be dismissed.

• RSM study of Canadian employees at medium-to-large sized organizations found that over 75 per cent are proud of where they work, though over 14 per cent are actively looking for new job opportunities.
• A flexible work environment remains a key draw for talent, with over 60 per cent of employees stating they would like more flexibility to set their own hours and schedule.
• Canadian employees stated that work-life balance, support from superiors- and the potential for advancement are the most critical elements for an ideal job.

“With inflation still elevated and demand surging in Canada, we expect the Bank of Canada to continue raising interest rates to cool an overheating economy,” says Joe Brusuelas, chief economist for RSM. “As a result, we can expect inflation to fall to around three per cent by the end of 2023 and return to the two per cent target by the end of 2024.”

Brusuelas continues: “We expect consumer confidence to wane and for retail sales to slow as long as inflation remains elevated. Because the consumer sector is behind much of the economy’s output, we expect that to translate into lower GDP growth for Canada in both 2023 and 2024.”

For more information on ‘The Real Economy Canada’, or to download the report, please visit their webpage.

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Over one-third (38%) of holiday season shoppers went over budget by an average of $580, substantially higher than last year’s average of $414. More than half (57%) found it hard to cover the costs of holiday gifts, mostly due to the impact of inflation. And over one-third (36%) think it will take them until April or longer to get their finances back on track.

It was an especially expensive holiday season for Canadians with children, who overspent the most and expect to take the longest for their finances to recover. The majority responded they felt the impact of inflation on their holiday spending (80%) and found it tough to cover holiday expenses and gifts (70%). Over half (56%) spent more than they intended to, going over budget by $614 on average, significantly outspending the national average in key gift categories:

• $284 vs. $189 – gifts of experiences
• $203 vs. $68 – gifts for pets
• $161 vs. $77 – toys
• $146 vs. $79 – mobile devices/computer electronics/gaming consoles
• $140 vs. $127 – gift cards
• $133 vs. $61 – entertainment items (DVDs, games, books, iTunes)

When asked how long they thought it would take for them to get their finances back on track, half (49%) of these families estimated between April and June or longer.

“It was hard to contain the joy of being together again this past holiday season and our excitement spilled over into generosity. This collective spending has created a long payback period, with many carrying these debts into the spring,” said Rachel Megitt, Vice President, Term Investments & Savings and RBC InvestEase. “This can be really hard on family and individual budgets. And before we know it, the next holiday season will be here and this debt cycle begins all over again.”

Helping Canadians get their finances back on track
Megitt noted that Canadians who spent more than intended already have some actions in mind to get their finances back on track in 2023, including spending less on entertainment and other discretionary items, to use those savings to help pay off expenses.

“To complement those actions, we also have a no-stress digital savings solution that can help you save money,” explained Megitt. “NOMI Find & Save uses predictive technology to analyze your regular deposits and expenses, and automatically put aside money it thinks you won’t miss. These automatic savings may start out small, but they can build really quickly, without any effort on your part. Even better, between now and next holiday season, you could have set aside enough extra savings to make a real impact on your gift-giving expenses.”

Offered to clients at no cost within the RBC Mobile app, NOMI Find & Save also makes it easy for clients to view their balance, as well as pause and restart the automatic savings, 24/7. They can move money back into their regular bank account whenever they wish; they are in complete control. Over the last year alone, NOMI Find & Save has saved an average of $473 per month for clients who are actively using the account.

“We always ask Canadians what they would do if they found some extra money in the upcoming year. For 2023, the top choice was ‘pay down debt’,” added Megitt. “Imagine what impact saving up to $473 a month would have on helping to keep debt under control.”

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“The current economic climate continues to apply significant financial pressure on Canadians,” said Rob Wesseling, President and CEO at Co-operators. “With so many Canadians worrying about making ends meet and so few leveraging a financial plan to guide them, it’s clear that credible financial advice and education is needed now more than ever, to empower Canadians with the solutions and support they need to navigate today’s affordability challenges.”

The survey found that financial planning is a key ingredient in alleviating Canadians’ financial concerns. Among those who do not have a plan, one-third (33 per cent) say they would feel better about their financial situation if they had a one. Of those who work with a Financial Advisor, a majority agree that their advisor helps them feel confident about their financial decisions (58 per cent) and worry less about their financial situation (56 per cent).

The survey also found that, those who do work with a Financial Advisor, when compared to those who do not, are:

• Forty-two per cent more likely to say they can cover basic expenses and set money aside for savings.
• Twice as likely to feel their investment habits are setting them up for future financial success.
• Twice as likely to feel positive about their current financial situation in general.

“The survey results are crystal clear: financial advice is a critical tool that’s proven to help Canadians feel more confident about their financial futures,” said Jessica Baker, Vice President of Co-operators Advisor Network. “Many people feel they don’t know how to save or believe they can’t put money aside – a feeling that’s especially acute during tough economic times. The good news is, there are ways to cover basic expenses today while putting a little away for tomorrow.”

For those unsure where to start, Baker offers the following tips to Canadians:

1. Reach out to an advisor. Speaking to a licensed Financial Advisor is the first step to feeling better about your finances. A Financial Advisor can help you build a plan that considers your budget and needs.
2. Set your savings and investing goals. Saving and investing can start with any amount of money. Whether it’s your first home, an emergency fund, or a dream vacation, having tangible goals can help you create a financial plan that works for you.
3. Leverage an RRSP or TFSA. Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) do more than help Canadians save for retirement. No matter when you start, money contributed to an RRSP or TFSA can help you pay less income tax, enjoy tax-deferred investment growth, and benefit from compound interest.

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Key findings include:

• Inflation concerns: Nearly a third of 2022 holiday travellers (31%) are concerned about how much more it will cost for holiday travel this year due to inflation.
• Gifts vs. Travel: Twenty four per cent of holiday travellers plan to spend less on holiday gifts to save money for 2022 holiday travel expenses.
• How to pay: Nearly 2 in 5 Canadians (37%) plan to spend money on flights or hotel stays this upcoming holiday season; among them three quarters (75%) plan to put some or all of those travel expenses on a credit card.

Of the 2022 Canadian holiday travellers, 91% are taking action to save money on travel-related expenses this year. And some are willing to sacrifice comfort to cut costs. The most popular money-saving moves include choosing a flight based on price instead of convenience (40%), choosing a hotel/motel based on price instead of amenities (33%) and using credit card points/miles to cover expenses (33%.)

An overlooked, but great way Canadians can save is by saving in advance. Of those Canadians who’ve taken trips during the holidays, 1 in 4 (25%) do not save for holiday travel in advance at all. “Considering how costly holiday travel is expected to be this year, and how weak the loonie currently is, Canadian travellers would likely benefit from saving a little longer for their next trip,” says Clay Jarvis, personal finance expert at NerdWallet Canada.

To learn more about Canadian’s spending, saving and sentiments around holiday travel, you can check out the full holiday report here. As well you’ll find tips from NerdWallet Canada financial expert Shannon Terrell on how Canadians can cut costs, offset expenses, and reduce anxiety as they prepare for holiday travel.

The post Inflation Weighs On Canadians Looking To Travel This Holiday Season appeared first on Muskoka411.

Canadian employers report they are budgeting 3.4 per cent for merit increases and 3.9 per cent for their total budget increase for 2023. Total compensation budgets include other adjustments such as promotions and cost of living adjustments in addition to merit increases. Merit and total budget increases are up from 2.6 per cent and 2.8 per cent respectively in 2022. Across Canada, the highest increases in total budgets are in Montreal (4.5 per cent), Greater Edmonton (4.3 per cent), Saskatchewan (4.2 per cent) and Greater Calgary (4.1 per cent).

The survey includes data from more than 550 organizations of varying sizes across 15 industries. You can review more of the survey findings here.

While budgets are higher than recent years, planned increases will fall short of year over year inflation which hit a 40 year high of 8.1 per cent in June 2022, moderating to 7.6 per cent in July, and 7.0 per cent in August. Historically, organizations have relied on the labour market and competition for talent – not inflation – for shaping their compensation strategies. In this high inflation environment, the survey found that more than a third (34 per cent) of organizations are considering ad-hoc, off-cycle wage reviews or adjustments to combat turnover and recruiting challenges in key roles, up from 19 per cent in March of 2022.

“High inflation is raising compensation expectations and salary projections of Canadian employees facing significant increases in their cost of living,” said Elizabeth English, Principal, COE Industry Manager in Mercer Canada’s Career Products business. “With 2023 compensation budget increases falling well short of inflation, organizations need to focus on managing employee expectations with their internal communications, planning for multiple scenarios and adopting a broader total rewards perspective to attract and retain talent, which can include investing in their benefit programs.”

Many organizations are already enhancing their benefits programs to support their employee value proposition. This includes plan sponsors adding new coverages to support diversity, equity and inclusion strategies by providing gender affirmation and fertility coverage as well as providing allocations for adoption-related costs. Plan sponsors have also continued to invest in wellness, either by providing more mental health support and, or offering new digital well-being solutions. Additionally, personal spending accounts are gaining traction as they provide employees flexibility and  reimburse a wide-range of wellness-related expenses.

To learn more about the survey results and gain insights directly from Mercer’s business leaders, register for Mercer’s signature event webinar: Reshaping the future: hot inflation or cool compensation? happening on Thursday, September 29.

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