Link’s workplace financial wellness solutions support long-term goals of Gen-Zers and millennials
COVID-19 may still dominate the present, but young Canadians are also thinking about the financial future.
As we head into Year 2 of the coronavirus pandemic, a recent survey from the workplace benefits sector suggests:
- 89% of Generation Z (ages 18 through 23) and 80% of millennials (24 through 39) are saving and planning for the future.
- 81% of Gen-Zers and 76% of millennials have increased their focus on financial security.
- 74% of Gen-Zers and 60% of millennials say they’re finding saving difficult because of loss of income/employment.
“For the generations of tomorrow among Canada’s workforce, planning for financial security and retirement is pretty much in the DNA. That said, financial wellness is hardly a one-size-fits-all scenario, and that’s where Link’s workplace financial wellness solutions can help,” says Brian McClennon, President and CEO of Link Investment Management.
“Because of our platform and our approach, we offer investment suitability for the individual—Gen-Zers, millennials, and every other generation on up.”
Whether it’s our Multi-Employer Defined Contribution Pension Plan, the LINK Multi Employer Pension Plan, or other savings vehicles like Group Tax Free Savings Accounts (TFSAs) or Group Registered Retirement Savings Plans (RRSPs), Link’s financial wellness solutions provide long-lasting—and personalized—benefits for your employees, regardless of age.
- Individualized, prescribed portfolios, matched to personal risk profiles and investment objectives (suitability)
- A passive investment model, the use of Exchange Traded Funds (ETFs) and Link’s own proprietary robo-advisor algorithm, which offer more flexibility and lower fees
- A fully digital platform, with simple, straightforward and rapid online enrolment
- Plan monitoring and rebalancing by Link’s team of experienced portfolio managers
- Full transparency with respect to fee disclosure
Link’s solutions also offer considerable tax benefits for employers, as well as reducing the administrative, compliance and recordkeeping burden and fiduciary liability.
“COVID-19 has introduced uncertainty into the workforce like few other events in world history. That hasn’t fazed younger workers from setting firm financial goals in the long run,” says Mr. McClennon. “Link’s plans offer a lower fee structure, meaning more savings. Link’s solutions remove employee uncertainty about investing options, thanks to our robo-advisor. And most importantly, they can instill confidence in the financial future.”
Link Investment Management is an innovative disruptor in workplace financial wellness solutions. Our investing model, along with numerous other advantages, will ensure those needs are met—for boomers, for millennials, and for every other group in the workforce.
It found that 89 per cent of generation Z (ages 18 to 23) and 80 per cent of millennials (ages 24 to 39) are saving and planning for the future. However, nearly three-quarters (74 per cent) of gen-Zers and 60 per cent of millennials said they’ve had difficulty in saving due to a loss of income or employment.
And while 81 per cent of gen-Zers and 76 per cent of millennials said they’ve increased their focus on financial security, only 61 per cent of generation X (ages 40 to 55) and baby boomers (ages 56 and older) shared those concerns.