|By PR Newswire||
|March 7, 2014 08:15 AM EST||
TD advises the financial formula can be as simple as finding common goals and ground
TORONTO, March 7, 2014 /CNW/ - The portrait of the Canadian family continues to evolve, bringing with it potentially new complexities when it comes to managing money and finances. While married couples still make up two-thirds of all families in Canada, other family arrangements - notably common-law couples and lone-parent families - are gaining ground. As a recent survey for TD found, one in five Canadians who are separated, divorced, living common-law, remarried or widowed have either started over with a new partner or are thinking of doing so. And the most recent Canadian Census (2006) found that one in 10 children in Canada live in stepfamilies, about 40 per cent of which involve blended families. For Canadians who are considering starting over with a new partner, more than half (54 per cent) said they place a high priority on making decisions about blending their finances.
"Most people entering into a new relationship already have an established financial routine which will need to be aligned with their new partner," said Cynthia Caskey, Vice President and Portfolio Manager, TD Wealth Private Investment Advice. "Of course, opening up about finances is not an easy task, especially at the start of a new relationship, but it is essential that couples have honest conversations in order to build a solid financial future for their combined families."
According to the TD survey, for those couples who consider blending their finances a priority, the top issues to be resolved are organizing their daily finances, cited by 71 per cent of respondents, followed by finding savings and budget efficiencies (60 per cent). Nearly two in five cited opening a joint bank account as a priority, but only a third (32 per cent) said maximizing their investment opportunities as a couple was a top concern.
Avoid Future Conflicts and Disappointments
"Conversations about money can be difficult, but it's through those conversations that families can address any potential pain points down the road," said Kimberly Moffit, Psychotherapist and Relationship Expert. "Often, getting financial issues in order can help couples navigate other areas of their lives more easily and avoid conflicts and disappointments in future."
Caskey agrees, and suggests that couples starting over together should consider it a good opportunity to revisit their financial plan with an advisor to make sure both of their strategies align, maximizing savings and debt repayment while keeping the common household financial priorities on track.
Common Goals, Common Strategies
"There is a lot more to blending finances than just opening a joint bank account," said Caskey. "It's about finding common goals and working together to reach them - whether it's to save for the first trip away as a family, pay down a credit card or eventually buy a bigger home together."
Caskey suggests whatever the shared priorities, it's important to identify what will make finances easier together. To maximize efficiencies, couples can consider streamlining by making savings automatic with pre-authorized transfers into a TFSA, RSP or a child's RESP, or towards an extra mortgage or credit card payment. Above all, couples need to work together to develop a common vision towards such things as investing for retirement, putting money aside for their children's education, paying down debt and everyday spending. They also need to work together to ensure they create a safety net in the event that the new family unit encounters an unexpected life event such as a job loss.
"If one side of the family spends more on take-out meals a few nights a week while the other has traditionally put those funds toward a larger monthly mortgage payment, the difference in values could create tensions down the road," said Moffit. "I often suggest scheduling a family meeting to talk about what's important to the new family unit, and work together to find a complementary approach towards everything from integrating everyday routines to finances,"
About the TD Modern Families, Blended Finances Poll
TD commissioned Environics Research Group to conduct an online custom survey of 1,950 Canadians aged 18 years and older who are living common-law, separated/divorced, remarried, or are widows. Responses were collected between February 11 and 25, 2014.
About TD Wealth Private Investment Advice
TD Wealth Private Investment Advice is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund.)
SOURCE TD Canada Trust
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Dec. 11, 2016 01:30 AM EST Reads: 1,741
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 11, 2016 01:15 AM EST Reads: 1,332
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 11, 2016 12:00 AM EST Reads: 1,118
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Dec. 11, 2016 12:00 AM EST Reads: 2,397
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Dec. 11, 2016 12:00 AM EST Reads: 920
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 10, 2016 11:45 PM EST Reads: 1,796
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 11:15 PM EST Reads: 1,219
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 10, 2016 10:15 PM EST Reads: 2,073
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 09:15 PM EST Reads: 1,355
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Dec. 10, 2016 07:30 PM EST Reads: 1,823
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Dec. 10, 2016 07:00 PM EST Reads: 4,159
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. 10, 2016 06:30 PM EST Reads: 1,037
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Dec. 10, 2016 06:30 PM EST Reads: 1,973
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Dec. 10, 2016 06:30 PM EST Reads: 1,552
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Dec. 10, 2016 06:15 PM EST Reads: 1,099