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He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
“It feels like the message is getting out to the general public,” says Mary Chan, principal, mutual fund marketing and managed account program, at Edward Jones. “Having the survey validate that it’s more than a gut feeling, that there’s actual motion taking place, that’s very encouraging.”
While the survey didn’t track what’s motivating today’s youth to save for the future, Chan chalks it up to more general awareness about the dangers of not planning ahead. “Personal experience has had a big hand in it, in terms of who they see and who they interact with,” she says. “Lots of folks are saying that they want to be in a very different boat than their parents.”
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
The survey found that 70% of adults between the ages of 25 and 34 have started saving for retirement, while nearly one-third of 18- to 24-year-olds are saving. Compare that to the 25% of people over 50 who said they started saving when they were in their mid-20s, and it looks as though today’s generation will be better off later in life.
“It feels like the message is getting out to the general public,” says Mary Chan, principal, mutual fund marketing and managed account program, at Edward Jones. “Having the survey validate that it’s more than a gut feeling, that there’s actual motion taking place, that’s very encouraging.”
While the survey didn’t track what’s motivating today’s youth to save for the future, Chan chalks it up to more general awareness about the dangers of not planning ahead. “Personal experience has had a big hand in it, in terms of who they see and who they interact with,” she says. “Lots of folks are saying that they want to be in a very different boat than their parents.”
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
 |
Adults nearing retirement age might be scrambling to save for their post-work life, but their kids are well on their way to a comfortable future, according to a recently released Edward Jones/Decima Research survey.
The survey found that 70% of adults between the ages of 25 and 34 have started saving for retirement, while nearly one-third of 18- to 24-year-olds are saving. Compare that to the 25% of people over 50 who said they started saving when they were in their mid-20s, and it looks as though today’s generation will be better off later in life.
“It feels like the message is getting out to the general public,” says Mary Chan, principal, mutual fund marketing and managed account program, at Edward Jones. “Having the survey validate that it’s more than a gut feeling, that there’s actual motion taking place, that’s very encouraging.”
While the survey didn’t track what’s motivating today’s youth to save for the future, Chan chalks it up to more general awareness about the dangers of not planning ahead. “Personal experience has had a big hand in it, in terms of who they see and who they interact with,” she says. “Lots of folks are saying that they want to be in a very different boat than their parents.”
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
|
|
Adults nearing retirement age might be scrambling to save for their post-work life, but their kids are well on their way to a comfortable future, according to a recently released Edward Jones/Decima Research survey.
The survey found that 70% of adults between the ages of 25 and 34 have started saving for retirement, while nearly one-third of 18- to 24-year-olds are saving. Compare that to the 25% of people over 50 who said they started saving when they were in their mid-20s, and it looks as though today’s generation will be better off later in life.
“It feels like the message is getting out to the general public,” says Mary Chan, principal, mutual fund marketing and managed account program, at Edward Jones. “Having the survey validate that it’s more than a gut feeling, that there’s actual motion taking place, that’s very encouraging.”
While the survey didn’t track what’s motivating today’s youth to save for the future, Chan chalks it up to more general awareness about the dangers of not planning ahead. “Personal experience has had a big hand in it, in terms of who they see and who they interact with,” she says. “Lots of folks are saying that they want to be in a very different boat than their parents.”
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
|
|
Adults nearing retirement age might be scrambling to save for their post-work life, but their kids are well on their way to a comfortable future, according to a recently released Edward Jones/Decima Research survey.
The survey found that 70% of adults between the ages of 25 and 34 have started saving for retirement, while nearly one-third of 18- to 24-year-olds are saving. Compare that to the 25% of people over 50 who said they started saving when they were in their mid-20s, and it looks as though today’s generation will be better off later in life.
“It feels like the message is getting out to the general public,” says Mary Chan, principal, mutual fund marketing and managed account program, at Edward Jones. “Having the survey validate that it’s more than a gut feeling, that there’s actual motion taking place, that’s very encouraging.”
While the survey didn’t track what’s motivating today’s youth to save for the future, Chan chalks it up to more general awareness about the dangers of not planning ahead. “Personal experience has had a big hand in it, in terms of who they see and who they interact with,” she says. “Lots of folks are saying that they want to be in a very different boat than their parents.”
But Bruce Taylor, a senior financial advisor at Assante Capital Management, says he’s not convinced today’s youth are already dreaming about retirement. “I don’t see today’s youth as being well off on their own,” he says. “They’re worried about job changes, they’re not secure in any relationships, and they’re not in the housing market.”
While people might be putting money aside at a younger age, “they’re not better off than their parents,” says Taylor. That’s because when today’s 50-year-olds were just starting out, many of them were married, had a mortgage and weren’t spending money on “lifestyle toys.”
They also had a job that would pay them a defined benefit pension, while today’s workforce is putting money into a defined contribution plan.
He also says putting money into an RRSP isn’t necessarily a sign that more people are saving for retirement, because it’s now easier to pull those dollars out when it’s time to make a big purchase — something Taylor thinks many young people will do. “They may be putting money into registered savings plans, but now [they’re] able to yank out $20,000 to buy a house or enhance education.”
Taylor argues that some people who say they’re saving money are still living at home and not paying rent. But even if they are doling out monthly rent cheques, they’re likely spending the leftover cash on their social life. “While their incomes are way higher than what their parents were at a similar stage, I would have to say that they have poor saving habits because they’re enjoying their lifestyle.”
Unfortunately, the Edward Jones survey didn’t take into account homeowners versus renters or whether foresighted savers are spending less on their lifestyle than their peers. Chan was also unable to say how these 20-somethings are actually saving — whether it’s in an RRSP or a plain old savings account.
She does admit that it’s tough to predict if saving now means there will be money later. “A lot can happen between now and then,” she says. “A lot of things can happen in an investor’s life, so we can’t necessarily conclude that they’d be ready for retirement.”
Still, the fact that they’re even thinking about saving says a lot. A recent Benefits Canada report says that of 500 30-year-olds, 69% think that saving for retirement is something they’ll be focusing on in the next 10 years. The survey also says 41% have already put aside money for the future.
To the 59% of 30-year-olds not saving — or the 30% in the Edward Jones study — Taylor says the best way to set aside cash is through registered plans because they get a tax break while putting money away. Buying a house isn’t a bad idea either. “A mortgage is a built-in forced saver,” he says.
In Chan’s opinion, the best way to get younger people thinking about saving is through education. It’s something she says even a kid can learn to do. “My children are nine and 11,” she says. “We give them an allowance. Part of it is for spending and part of it is for saving.”
Filed by Bryan Borzykowski, Advisor.ca, bryan.borzykowski@advisor.rogers.com
(07/23/07)
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