Canada: From the Great Depression to the Great Savings Era?

Almost a 100 year ago, the world suffered the economic disaster of the Great Depression that resulted in the crash of the stock market
and the rise in unemployment to a sky-high level, from which nothing was done to limit the losses and the consequences that followed.
But today, what was heading towards an economic disaster because of the COVID-19 virus led governments to react and, in a calculated
move, inject money into the economy in hope to avoid another economic disaster.

When the stock markets crashed at the end of March 2020, many workers found themselves without a job. However, the massive amounts
of money injected into the economy by governments helped workers who had lost their job survive the lockdown and avoid financial stress.
This measure proved itself more than efficient to avoid another Great Depression and even then, before we could even begin to expect
a recovery, stock markets rose back to previous levels within months. But did it leave us in a better state?

Savings for Retirement While We Can

The savings rate for retirement has never been so low in the past
decades. The consequences of the pandemic on our spending
and saving habits are the perfect opportunity for workers with
piled savings in their bank account to take action, review their
objectives for retirement, and actively change their current
saving habits to make sure they reach their goal before it is
too late. The people that were currently diverting dangerously
from their objective get to seize a second chance to review their
retirement objective.

“A pension plan is an efficient tool for workers to help them reach their retirement goal”

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