It pays to be digital – digitally engaged
employees have more money saved, feel more confident and experience
better retirement outcomes
TORONTO, July 3, 2024
/CNW/ - With mounting cost of living pressures, Canadians are
struggling when it comes to planning and saving for retirement. A
recent study done by the Canadian Association of Retired Persons
(CARP) for Sun Life shows that one third of Canadians struggle to
plan for retirement and that 75% of people say their cost of living
is negatively impacting their retirement savings.
Over half of respondents are worried they do not have enough
money to retire. While financial situations vary considerably, some
cited a lack of confidence in where to find quality information.
Planning for retirement can have a huge impact on feeling prepared
when it comes time to exit the workforce.
"There are many factors to think about for Canadians when it
comes to saving for retirement," says Eric
Monteiro, Senior Vice-President, Group Retirement Services,
Sun Life. "Planning can significantly affect someone's ability to
retire. Considering what you want your retirement to look like, and
building a roadmap to get there is essential."
When saving for retirement - it pays to be digital
When it comes to saving, employees who are digitally engaged
have more money saved, feel more confident about their plan, and
experience better retirement outcomes. Logging-in and being engaged
pays:
- Members who are digitally engaged see an average balance 230%
higher than those who are not engaged ($123,800 versus $51,800).
- Digital members contribute 61% more to their savings accounts
than those who aren't online ($8,700
versus $3,400).
- Digital members are two times as likely to maximize an employer
match. While 30% of non-digital members maximized that match in
2023, this compares to 61% of digital members.
Those who are digitally engaged are also more likely to make
lump sum contributions and are more likely to withdraw less money
from their savings. These findings are part of Sun Life's Designed
for Savings: Digital Engagement report that uses data from 1.45
million Sun Life Group Retirement plan members to identify
workplace savings trends in Canada. The data shows a clear correlation
between digital engagement and stronger retirement readiness.
"It's important that people not only prepare for retirement but
feel confident in the decisions they've made. It's clear that those
who regularly log-in online see the long-term benefits of embracing
the convenience of digital tools. These numbers paint a vivid
picture about how technology can empower people to take control of
their financial future," said Monteiro.
Sun Life recently launched their new Retirement Planner powered
by Sun Life One Plan. The tool is available to plan members and
helps create a financial assessment in less than five minutes. It
includes personalized insights and projections to help people plan
for the retirement of their dreams. Plan members also have the
option to seek advice from one of our licensed consultants* to go
deeper into their planning experience creating a financial roadmap
to unlock a lifetime of possibilities.
Learn more about the new Retirement Planner powered by Sun Life
One Plan now.
*Registered as financial security advisors in Quebec.
About Sun Life
Sun Life is a leading international
financial services organization providing asset management, wealth,
insurance and health solutions to individual and institutional
Clients. Sun Life has operations in a number of markets worldwide,
including Canada, the United States, the United Kingdom, Ireland, Hong
Kong, the Philippines,
Japan, Indonesia, India, China,
Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March
31, 2024, Sun Life had total assets under management of
$1.47 trillion. For more information,
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New
York (NYSE) and Philippine (PSE) stock exchanges under the
ticker symbol SLF.
Note to editors: All figures in Canadian dollars
Media Relations
Contact:
Alexandra Dalipi
Manager
Corporate
Communications
T. 416-526-6881
Alexandra.dalipi@sunlife.com
SOURCE Sun Life Financial Canada