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Save to Thrive: The Pandemic Pension at Work

July 08, 2021

Executive Summary

Covid-19 has massively changed our expectations of what it means to save money.

After hunkering down at home for over a year, a series of new reports have shown that the effects of these rapid changes to our lifestyle, have convinced some Canadians about the importance of looking at our retirement funds, our day-to-day savings and our plans for the future. In fact, the Bank of Canada says Canadians’ savings rate is up 18% over average, and, compared with historical averages, this trend is likely to continue for another two to three years at least.

So what happened?

Covid-19 is a Black Swan situation. A Black Swan is an unpredictable event that is beyond what is normally expected of a situation and has potentially severe consequences. Covid-19 is the largescale version of having all the lights go out in your neighbourhood and not knowing what’s going to happen next. Is it a typical windstorm power outage or a breakdown in the entire grid that will take weeks to fix? As we all know, with the current pandemic, we’ve got vaccines coming our way and innovative ways of working have allowed us to keep safe and keep focused on the future, but the reality is that most people are still wary that all of the answers are in sight.

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