Tagged 'Canada'

Canadian Boomers feeling pressure as they consider their money’s future

Canadian banks

As Canadian Boomers age, concern is building over the approximately $1 trillion that will be left behind in the country’s largest wealth transference in history. We’re seeing anxieties rise over this wealth transference, as well as conflicting opinions on what Boomers should be doing with their money leading up to and into their retirement. The Bank of Montreal, one of Canada’s top financial institutions, recently released a wealth transference report, predicting that on average each Boomer will bequeath around $100,000. What happens to this money? According to BMO’s study, 79 percent of beneficiaries will use it to reduce debt. Undoubtedly, student debt could be part of that bucket.

Stacked next to Boomers’ wealth transference anxieties, many are wondering: Do I support my kids now and risk my financial future or wait till after I die? A June study by Scotiabank highlights this financial dilemma. “Not surprisingly, Baby Boomer remorse over retirement planning arises as obstacles begin to appear in the path toward the comfortable lifestyles that we all dream of,” says Lisa Ritchie, Scotiabank’s SVP of Customer Knowledge and Insights, in a press release.

With these Boomer concerns making headlines, banks like BMO and Scotiabank are getting ahead of the issue and pointing consumers to the financial counseling and planning they provide—something we’ll see more brands do as this subject gains traction among Boomers.

Photo Credits: Bank of Montreal; Scotiabank

Canadians become more informed diners

Informed Dining

Last fall, the City of Toronto Public Health championed the growing consumer angst around exactly what we put into our bodies with the Savvy Diner campaign to drum up support for the Informed Dining menu labeling initiative. Informed Dining will begin rolling out at the end of this month, addressing a concern that many have raised in recent years as an extension of more macro health and wellness trends surrounding obesity: that it’s next to impossible to tell the real sodium and caloric counts in some of our favourite menu items. The nutritional information may be on a menu, a website or a brochure.

To start, the program focuses on major chains rather than independent restaurants—The Keg, Montana’s and Milestones are among those voluntarily participating—but given the progression of nutritional labeling in recent years from packaging to QSR and now mid-tier dining, Mom-and-Pops everywhere should take note of a developing trend that consumers are going to be more informed about before they dine out and dig in.

Photo Credit: HealthyFamilies BC