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Hard Saving Now

The failure of Canadians to save for retirement may not be because they are lazy and irresponsible, says Jill Taylor-Smith, of Eckler Ltd. She told its ‘Reality Check: Coming to Grips with the Future of Capital Accumulation Plans in Canada’ seminar that it may be because saving is more complicated today. She cited the example of credit. It used to be hard to get a credit card, it was a privilege, she said. Now, they come unsolicited. Gone too are the days when you could take your money, put it in GIC, and just sit back and wait. Now, Canadians need to decide where to invest. The decline in pension coverage in the workplace also makes it more difficult to save. When they do have a pension plan, it is likely a defined contribution plan where the member is bearing more of the risk. This is a challenge given the lack of financial literacy in most Canadians.

 Courtesy of Benefits and Pensions Monitor website News Alerts

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