|By Marketwired .||
|February 7, 2014 06:00 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 02/07/14 -- According to a report issued today by the BMO Wealth Institute, Gen X (born between 1965 and 1979) and Gen Y (born between 1980 and 2000) exude a sense of confidence about their ability to achieve key financial goals. However, the report, Wealth Generation: The Financial Challenges for Generations X & Y, also notes that this optimism may be misguided given that both groups are facing a unique set of obstacles that could hamper their ability to achieve their financial goals.
The report gauged how Gen X and Gen Y feel about their ability to reach key financial objectives in life, including:
Purchasing a home: Overall, 68 per cent of Gen X and Gen Y feel confident that they will have the ability to purchase a home at some point in their lives, with cohorts in Alberta and Quebec (71 per cent each) and the Atlantic provinces (68 per cent) being the most optimistic, and those in Ontario and the Prairies (67 per cent each) and British Columbia (63 per cent) being the least optimistic. However, an average home in Canada now costs nearly eight times the average pre-tax annual income of a full time job (compared to five times in 1997), meaning that Gen X and Y'ers will need to work harder, longer and save more than previous generations to accomplish the goal of home ownership.
Sending their kids to university/college: Seven in 10 Gen X and Y Canadians who plan to have children expressed confidence in being able to pay for their kids' post-secondary education. However, the reality is that this will be a challenge for many of them given that younger Canadians are choosing to have children at an older age than previous generations. This will result in many Gen X and Y Canadians becoming "parensioners" (retirees/pensioners with limited income and with children who are still young enough to attend a post-secondary institution). This trend, combined with the growing costs of a post-secondary education (it is estimated that the cost of sending a child born in 2013 to university will be as high as $140,000), will likely contribute to financial stress as Gen X and Y endeavour to send their children to universities and colleges.
Living comfortably in retirement: Almost two-thirds of Gen X and Y respondents expressed optimism regarding their ability to save enough to live comfortably in retirement. But this sense of confidence is undermined by the fact that many among both groups have not yet started saving for their retirement. Moreover, there are fewer and fewer jobs that come with employer-sponsored pension plans, and Canadians are living longer than ever these days, thereby necessitating the need to budget for a longer retirement. All these factors are making it an uphill battle for both cohorts, as it relates to having enough money for their golden years.
"While it's encouraging that the majority of Gen X and Y are feeling upbeat about achieving key financial goals, the reality is that there are some obstacles that they need to acknowledge and address if they want to accomplish things like home ownership, ensuring their children obtain a post-secondary education and achieving their ideal retirement lifestyle," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group.
"These generations face challenges that are unique, but there is light at the end of the tunnel," continued Mr. Buttigieg. "If they want to set themselves up for success, it's crucial that they develop a financial plan as early as possible, which identifies key life goals and their associated costs, and then start on a saving and investing program, including opening and contributing regularly to various investment vehicles such as TFSAs, RRSPs and RESPs. This will help ensure that they are setting themselves up for long-term financial security and significantly improve their ability to achieve their financial goals."
To view a copy of the full report, please visit: www.bmo.com/wealthinstitute.
Get the latest BMO press releases via Twitter by following @BMOmedia.
About the BMO Wealth Institute
The BMO Wealth Institute provides insights and strategies around wealth planning and financial decisions. The Institute's team of professionals have deep expertise around all aspects of wealth planning including retirement, estate, tax and insurance.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $537 billion as at October 31, 2013, and more than 45,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 7, 2016 01:30 PM EST Reads: 2,135
SYS-CON Events announced today that Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Dec. 7, 2016 01:30 PM EST Reads: 314
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 7, 2016 12:45 PM EST Reads: 1,067
President Obama recently announced the launch of a new national awareness campaign to "encourage more Americans to move beyond passwords – adding an extra layer of security like a fingerprint or codes sent to your cellphone." The shift from single passwords to multi-factor authentication couldn’t be timelier or more strategic. This session will focus on why passwords alone are no longer effective, and why the time to act is now. In his session at 19th Cloud Expo, Chris Webber, security strateg...
Dec. 7, 2016 12:35 PM EST Reads: 164
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 12:30 PM EST Reads: 604
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Dec. 7, 2016 12:30 PM EST Reads: 711
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Dec. 7, 2016 12:30 PM EST Reads: 832
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Dec. 7, 2016 12:00 PM EST Reads: 586
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...
Dec. 7, 2016 12:00 PM EST Reads: 1,111
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 7, 2016 11:47 AM EST Reads: 221
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 11:45 AM EST Reads: 1,021
"We analyze the video streaming experience. We are gathering the user behavior in real time from the user devices and we analyze how users experience the video streaming," explained Eric Kim, Founder and CEO at Streamlyzer, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 11:45 AM EST Reads: 453
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 7, 2016 11:30 AM EST Reads: 648
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 7, 2016 11:15 AM EST Reads: 2,284
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Dec. 7, 2016 11:01 AM EST Reads: 182