'Sandwich Generation' anxious of caregiving costs
Almost three-quarters of Canadians (71%) who are raising kids and caring for elderly parents firmly believe they would benefit from financial planning advice. Known as the "sandwich generation," these Canadians feel obligated to care for their younger and older relatives according to a survey by HomeEquity Bank and Ipsos. Additionally, nearly one-third of Canadians have made a promise to keep their aging parents out of long-term care. That promise may be difficult to keep. "We're committed to reshaping the conversation around ageing and raising awareness about the unique issues that retired or retiring Canadians face. That includes the often complex relationship between parents and adult children," wrote Vivianne Gauci, HomeEquity Bank’s senior vice-president of customer experience. "We knew the sandwich generation was under pressure but the research revealed just how worried they are,” explained Gauci. “They want to honour their parents' decisions, but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later." Aside from the financial concerns, those in the sandwich generation are worried about the time commitments, quality of care and more.
Almost three-quarters of Canadians (71%) who are raising kids and caring for elderly parents firmly believe they would benefit from financial planning advice. Known as the "sandwich generation," these Canadians feel obligated to care for their younger and older relatives according to a survey by HomeEquity Bank and Ipsos. Additionally, nearly one-third of Canadians have made a promise to keep their aging parents out of long-term care. That promise may be difficult to keep. "We're committed to reshaping the conversation around ageing and raising awareness about the unique issues that retired or retiring Canadians face. That includes the often complex relationship between parents and adult children," wrote Vivianne Gauci, HomeEquity Bank’s senior vice-president of customer experience. "We knew the sandwich generation was under pressure but the research revealed just how worried they are,” explained Gauci. “They want to honour their parents' decisions, but that can come with both stress and financial strain, underscoring the importance of planning and communicating now for the support and resources that may be needed later." Aside from the financial concerns, those in the sandwich generation are worried about the time commitments, quality of care and more.
EQ Bank launches new notice savings account
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10- and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 3.50% or 3.65% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Want the flexibility and liquidity of a high-interest savings account but the high earn rate of a guaranteed investment certificate (GIC)? EQ Bank is banking on it. Earlier this month, the online banking giant launched a new savings account plan they've coined: Notice Savings Account. Like other EQ Bank accounts, if you opt to use a Notice Savings Account, you do not pay monthly fees and not required to maintain a minimum monthly balance. The difference is that you're money will be temporarily 'locked-in' — with customers choosing between 10- and 30-day notice periods in order to withdraw their money. The benefit is that account holders earn 3.50% or 3.65% interest, respectively. "The launch of our EQ Bank Notice Savings Account brings much-needed product innovation to Canadians who deserve the best from their banks," said Mahima Poddar, EQ Bank’s senior vice-president and group head, personal banking. "Notice savings accounts maintain a balance between flexibility and great interest rates, making them a perfect choice for Canadians who are willing to plan their withdrawals in advance to maximize their savings growth. Our no fee, no minimum balance and all-digital account offers all EQ Bank customers access to the same rates so they can save as much or as long as they want." To figure out if these new accounts work for your savings goals, here's a run down of this new EQ Bank product.
Canadians overthink their vacation decisions
According to the latest Skyscanner survey, 86% of Canadians admit to overthinking their vacation planning. With half of Canadian travelers beginning to plan and book their 2025 vacations in January, overthinking the when, where and how much they will spend their hard earned money is putting pressure on them to make a decision. “Planning a vacation can feel overwhelming, especially when each decision — whether it’s choosing a destination or booking flights, hotels and activities — requires significant mental effort,” neuroscientist Dr. Faye Begeti said in a statement. “We can then end up in a state of fatigue where, instead of feeling inspired by the idea of travel, the usual excitement of 'wanderlust' turns into a state of 'wanderlost'." Almost all travelers (95%) cited cost as a major factor in that decision paralysis.
According to the latest Skyscanner survey, 86% of Canadians admit to overthinking their vacation planning. With half of Canadian travelers beginning to plan and book their 2025 vacations in January, overthinking the when, where and how much they will spend their hard earned money is putting pressure on them to make a decision. “Planning a vacation can feel overwhelming, especially when each decision — whether it’s choosing a destination or booking flights, hotels and activities — requires significant mental effort,” neuroscientist Dr. Faye Begeti said in a statement. “We can then end up in a state of fatigue where, instead of feeling inspired by the idea of travel, the usual excitement of 'wanderlust' turns into a state of 'wanderlost'." Almost all travelers (95%) cited cost as a major factor in that decision paralysis.
Canadians need partners to support lifestyle
Canada’s high cost of living is causing great stress for a majority of couples, as more than three-quarters (77%) of Canadian couples said money is a major source of stress, according to the RBC Relationships & Money Poll. Most alarmingly, 47% of Canadians nationwide are reporting they can't afford pay the bills if they split up with their current partner, showcasing how the impact of the current economy is putting stress on Canadian couples who may feel trapped in a relationship for financial reasons.
Canada’s high cost of living is causing great stress for a majority of couples, as more than three-quarters (77%) of Canadian couples said money is a major source of stress, according to the RBC Relationships & Money Poll. Most alarmingly, 47% of Canadians nationwide are reporting they can't afford pay the bills if they split up with their current partner, showcasing how the impact of the current economy is putting stress on Canadian couples who may feel trapped in a relationship for financial reasons.
Costco is Canadians' top choice for groceries
With its larger-than-life bulk items, enticing discounts and cheap hot dogs, the aisles of Costco can feel like an abundant wonderland and an overwhelming funhouse all at once. And while purchasing a palette of breakfast cereal may not always be necessary, the wholesale retail chain is at the top of the list of Canadians’ preferred grocery chains, according to customer data science company dunnhumby’s Retailer Preference Index (RPI). Following Costco in this list are Super C, Maxi and Walmart. “The impact of customer’s behavioural shift due to inflation are clear to see across the Canadian market,” Chris Thomson, dunnhumby's senior vice-president in Canada and the US, said in a statement. “For retailers to succeed over the next 12 months, they need to be clear on how their value proposition meets and connects to customers’ evolved needs in a way which matters to them. Change leads to opportunities, and this change in customer behaviour presents opportunities for all Canadian grocers, as long as they are also able to change with their customers.” The majority of a retailer’s success is based on their price, promotions and rewards propositions, so it’s not a shock that Costco hits the mark on this. All of the most popular retailers are club, discount and superstore banners, according to the data.
With its larger-than-life bulk items, enticing discounts and cheap hot dogs, the aisles of Costco can feel like an abundant wonderland and an overwhelming funhouse all at once. And while purchasing a palette of breakfast cereal may not always be necessary, the wholesale retail chain is at the top of the list of Canadians’ preferred grocery chains, according to customer data science company dunnhumby’s Retailer Preference Index (RPI). Following Costco in this list are Super C, Maxi and Walmart. “The impact of customer’s behavioural shift due to inflation are clear to see across the Canadian market,” Chris Thomson, dunnhumby's senior vice-president in Canada and the US, said in a statement. “For retailers to succeed over the next 12 months, they need to be clear on how their value proposition meets and connects to customers’ evolved needs in a way which matters to them. Change leads to opportunities, and this change in customer behaviour presents opportunities for all Canadian grocers, as long as they are also able to change with their customers.” The majority of a retailer’s success is based on their price, promotions and rewards propositions, so it’s not a shock that Costco hits the mark on this. All of the most popular retailers are club, discount and superstore banners, according to the data.
Seniors set up families with living legacy gifts
Turns out 2025 promises to be a big year for Canadians aged 55 or older. According to HomeEquity Bank, Canadians nearing or in retirement are actively looking for ways to create stable and purpose-led lives when it comes to financial planning and the primary tool of choice: their home. "Despite financial headwinds, Canadians aged 55 or older are taking an active role in creating stability and purpose in their lives by finding new ways to connect with family, and continuing to pursue independence, dignity and empowerment in 2025," explained HomeEquity Bank President and CEO Katherine Dudtschak in a recent statement. "Following a period of extended inflation and increased monthly expenses, we see a desire amongst Canadian homeowners 55 [sic] or older to explore new ways to access the savings in their homes to achieve their goals." Dudtschak and her colleagues at HomeEquity Bank offered five predictions for 2025 when it comes to Canadians aged 55 or older — and the biggest beneficiaries will be adult children and grandchildren.
Turns out 2025 promises to be a big year for Canadians aged 55 or older. According to HomeEquity Bank, Canadians nearing or in retirement are actively looking for ways to create stable and purpose-led lives when it comes to financial planning and the primary tool of choice: their home. "Despite financial headwinds, Canadians aged 55 or older are taking an active role in creating stability and purpose in their lives by finding new ways to connect with family, and continuing to pursue independence, dignity and empowerment in 2025," explained HomeEquity Bank President and CEO Katherine Dudtschak in a recent statement. "Following a period of extended inflation and increased monthly expenses, we see a desire amongst Canadian homeowners 55 [sic] or older to explore new ways to access the savings in their homes to achieve their goals." Dudtschak and her colleagues at HomeEquity Bank offered five predictions for 2025 when it comes to Canadians aged 55 or older — and the biggest beneficiaries will be adult children and grandchildren.
Most Canadian companies bullish on hiring in 2025
Almost three-quarters (71%) of Canadian companies are positive in their hiring outlook for 2025. This is according to a new survey from the Express Employment Professionals and The Harris Poll. “There is a lot of optimism in the market going into 2025,” Brent Pollington, an Express franchise owner in Vancouver, said in a statement. “The positive outlook seems to stem from a combination of factors including market conditions, perceptions of continued growth and the potential for lowering interest rates, among other things.” Express Employments Professionals is an international staffing company with offices in Canada, the US, Australia, New Zealand and South Africa.
Almost three-quarters (71%) of Canadian companies are positive in their hiring outlook for 2025. This is according to a new survey from the Express Employment Professionals and The Harris Poll. “There is a lot of optimism in the market going into 2025,” Brent Pollington, an Express franchise owner in Vancouver, said in a statement. “The positive outlook seems to stem from a combination of factors including market conditions, perceptions of continued growth and the potential for lowering interest rates, among other things.” Express Employments Professionals is an international staffing company with offices in Canada, the US, Australia, New Zealand and South Africa.
Canadians are managing debt during the holidays
With millions of Canadians struggling with day-to-day necessities like food, gas and rent, a majority (61%) will also be managing at least some debt over the holidays, according to Neo Financial’s 2024 Canadian Holiday Affordability Report. In fact, 54% say it will affect their holiday spending. "Canada is in a cost of living crisis, which is why we’re focused on providing long-term, sustainable ways for Canadians to save more of their time and money,” Jeff Adamson, Neo Financial’s co-founder and CCO, said in a statement. “We’ve seen that 35% of Canadians plan to reduce their holiday spending this year, and we're committed to being part of the solution by providing top-tier cashback cards, no-fee banking, and leading high-interest savings rates.” As of now, 28% carry over $5,000 or more in debt., which certainly adds some extra burden to the holiday season.
With millions of Canadians struggling with day-to-day necessities like food, gas and rent, a majority (61%) will also be managing at least some debt over the holidays, according to Neo Financial’s 2024 Canadian Holiday Affordability Report. In fact, 54% say it will affect their holiday spending. "Canada is in a cost of living crisis, which is why we’re focused on providing long-term, sustainable ways for Canadians to save more of their time and money,” Jeff Adamson, Neo Financial’s co-founder and CCO, said in a statement. “We’ve seen that 35% of Canadians plan to reduce their holiday spending this year, and we're committed to being part of the solution by providing top-tier cashback cards, no-fee banking, and leading high-interest savings rates.” As of now, 28% carry over $5,000 or more in debt., which certainly adds some extra burden to the holiday season.
Canadians' top travel headaches
While getting to your destination can be exciting, the actual act of flying is often more draining than anything. According to Skyscanner’s latest survey, Canadians say that flight delays and long lines at airport security are the worst aspects of air travel for Canadians, landing at 57% and 46%, respectively. Rounding out the top three is losing one’s luggage at 41%. That being said, most travelers plan to arrive early and people watch at the airport, but arriving early may not mean much in terms of delays if you have a later flight. “Flights departing in the morning have the lowest chance of delays as they are less likely to be affected by any scheduling issues but may be more expensive as they're often the most popular,” Skyscanner travel expert Laura Lindsay said in a statement.
While getting to your destination can be exciting, the actual act of flying is often more draining than anything. According to Skyscanner’s latest survey, Canadians say that flight delays and long lines at airport security are the worst aspects of air travel for Canadians, landing at 57% and 46%, respectively. Rounding out the top three is losing one’s luggage at 41%. That being said, most travelers plan to arrive early and people watch at the airport, but arriving early may not mean much in terms of delays if you have a later flight. “Flights departing in the morning have the lowest chance of delays as they are less likely to be affected by any scheduling issues but may be more expensive as they're often the most popular,” Skyscanner travel expert Laura Lindsay said in a statement.
Mental health risk reaches new peak
Whether you're struggling to keep up with the high cost of living, feeling burnt out at work or dealing with other internal pressures, the sting of mental exhaustion for working Canadians is reaching perplexing new heights. In fact, TELUS’ Mental Health Index report shows mental health challenges intensifying across all sectors and regions. Specifically, it states that financial stress is significantly impacting productivity for 23% of workers. "This is the most significant decline in TELUS Mental Health Index scores since April 2020, with financial wellbeing experiencing the most notable downturn," Paula Allen, TELUS Health’s global leader of research and insights, said in a statement. "Every measured aspect of mental health showed a decline, particularly in the proportion of individuals with emergency savings. As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures." The lower productivity particularly applies to younger workers and parents.
Whether you're struggling to keep up with the high cost of living, feeling burnt out at work or dealing with other internal pressures, the sting of mental exhaustion for working Canadians is reaching perplexing new heights. In fact, TELUS’ Mental Health Index report shows mental health challenges intensifying across all sectors and regions. Specifically, it states that financial stress is significantly impacting productivity for 23% of workers. "This is the most significant decline in TELUS Mental Health Index scores since April 2020, with financial wellbeing experiencing the most notable downturn," Paula Allen, TELUS Health’s global leader of research and insights, said in a statement. "Every measured aspect of mental health showed a decline, particularly in the proportion of individuals with emergency savings. As we approach a season of increased spending and social expectations, many are feeling the strain of current economic pressures." The lower productivity particularly applies to younger workers and parents.