Sun Life takes steps to empower, educate and
inspire Canadians to achieve equity and plan for a prosperous
retirement.
TORONTO, Nov. 21,
2023 /CNW/ - As a new generation prepares for
Canada's largest wealth transfer,
ensuring a prosperous retirement is key to planning for lifetime
financial security. But, according to a new survey conducted by
Ipsos for Sun Life, nearly half (46%) of Boomers do not intend to
use a guaranteed income retirement product and less than half (43%)
of Millennials are interested in learning about these products.
The number of centenarians in Canada has reached a record high, increasing
by 64% in just 10 years,1 with women living
approximately three years longer than men.2 As Canadians
live longer and as we enter a new era of rising interest rates,
market volatility and increasing geo-political risks, traditional
investments that Canadians previously relied on to build wealth are
not as effective as they used to be. For Canadians to preserve
wealth and meet their retirement and estate needs, having a
financial roadmap with a mix of guaranteed investment solutions,
such as annuities and Guaranteed Income Segregated Funds, has never
been more important to build wealth and pass it on to the next
generation.
"We've all felt the effects of inflation, pressuring many
Canadians to make decisions about how to retrench, reinvest and cut
costs," said Oricia Smith, President, SLGI Asset Management
Inc. & Senior Vice-President, Investment Solutions, Sun Life.
"At Sun Life Global Investments, we're focused on helping Canadians
build wealth and manage their financial risks. By working with a
trusted advisor, Clients can take a long-term view when
strategizing on how to fund income needs in retirement and invest
in a way that generates lifetime financial security and builds
capital for the next generation."
Women and the future of money.
By 2028, Canadian women will control over $4 trillion in assets, almost doubling the
$2.2 trillion they control
today.3 As women are likely to outlive men and be
responsible for estate transfer to the next generation, it's
important they feel financially secure and start the planning
process early to ensure they have enough money to last their
lifetime.
But, according to the recent Sun Life survey, only 12% of Boomer
women own at least one guaranteed income retirement product,
compared to 24% of Boomer men. The survey also finds that half of
Boomer women (49%) do not intend to use a guaranteed income
retirement product and 25% of Boomer women don't even know what
they are.
"Historically, women have had to adapt to the industry, but at
Sun Life Global Investments, we believe it's time the industry
adapts to them," continued Smith. "Women now have more money and
influence than ever before which is why we need to reduce the
gender gap across wealth, health, and protection. Women live
longer, which means they will benefit from saving more. They also
have unique financial considerations that are often overlooked such
as career interruption, caregiving responsibilities,
longevity, mental health, and the retirement savings gap. With
full-time employed women earning just 90% of what men make, we see
the importance of building a stronger, more equitable and
financially secure future to support the long-term wellbeing of
Canadian women."
Sun Life Global Investments is committed to helping Canadians
build a diversified mix of products that are unique to retirement
and designed for estate transfer.
- Life looks different when you save for retirement: No
matter what life stage you're in, now is the time to prepare for
retirement. We can help.
- Trusted wealth management: Building a secure financial
future in a world of permanent uncertainty has never been harder.
Sun Life Global Investments helps retail and institutional
investors build wealth and manage risk through innovative products
and solutions.
- Investing with guarantees: Our Sun Life Guaranteed
Investment Funds (GIFs) can protect your savings and allow you to
lock-in a lifetime of guaranteed income.
- Women in Wealth: Our Women's Investment Community is a
free online resource centre created to empower and inspire women in
the investment industry.
- Connect with an advisor: Advisors know how to help
you prepare. They can offer holistic advice, tailored to your
needs, to ensure you have the right toolkit of retirement products
and solutions.
___________
|
1 CBC, Number of
Canadians living to 100 hit a record high, new census figures show,
May 2022
|
2 Population
estimates, Statistics Canada, 2018 and Canadian Institute of
Actuaries (CIA), 2017
|
3 Sun
Life Global Investments, Where are the women advisors? Why gender
equity builds stronger advisory teams, March 2023
|
About the survey
The survey is based on findings of an Ipsos poll conducted
between August 30 and September 1,
2023. A sample of 750 Millennials, aged 27-42 and 750
Boomers, aged 58-77 was drawn from the Ipsos I-Say online
panel. The precision of Ipsos online polls is measured using a
credibility interval. In this case, the poll is accurate to within
± 4.1 percentage points, 19 times out of 20, for each sample had
all Canadian Millennials or Boomers been polled. The credibility
interval will be wider among subsets of the population. All sample
surveys and polls may be subject to other sources of error,
including, but not limited to coverage error, and measurement
error.
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 September 30, 2023, Sun Life had total assets
under management of $1.34 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.
About SLGI Asset Management Inc.
SLGI Asset Management Inc. is a subsidiary of Sun Life Financial
Inc. It offers Canadians a diverse lineup of mutual funds and
innovative portfolio solutions, empowering them to pursue their
financial goals at every life stage. We bring together the strength
of one of Canada's most trusted
names in financial services, Sun Life, with some of the best asset
managers from around the world to deliver a truly global investment
platform. As of September 30, 2023,
SLGI Asset Management Inc. manages $34.3
billion on behalf of institutional and retail investors from
coast-to-coast and is a member of the Sun Life group of companies.
For more information visit www.sunlifeglobalinvestments.com.
Note to editors: All figures in Canadian dollars.
Media Relations Contact:
Alessandra Nigro
Director, Corporate Communications
T. 416-979-4884
alessandra.nigro@sunlife.com
SOURCE Sun Life Assurance Company of Canada