workshop 1 - acpm€¦ · scotiabank money chronicles… meet jay •age 29 •scotiabanker since...
TRANSCRIPT
![Page 1: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/1.jpg)
![Page 2: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/2.jpg)
Workshop 1
Financial Wellness: What’s the Prognosis and Prescription for Our
Diverse Workforce?
Speakers:
Frank Wiginton, Eckler
Simone Reitzes, Scotiabank
Moderator:
Karen Burnett, Willis Towers Watson
![Page 3: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/3.jpg)
Financial Wellness:
What’s the Prognosis
and Prescription for Our
Diverse Workforce?
Frank Wiginton
3
![Page 4: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/4.jpg)
Overview
Getting your members’ attention
How to address your members’ psychological barriers
Why and how to provide an outcomes based financial literacy program
4
![Page 5: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/5.jpg)
Getting your members’ attention
![Page 6: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/6.jpg)
“You can give a
man a fish and feed
him for a day or you
can teach a man to
fish and feed him
for life.”-Chinese Proverb
Information is Given ~ Education is Taught
6
![Page 7: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/7.jpg)
Conference Board of Canada research summary
7
![Page 8: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/8.jpg)
Make it relatable
![Page 9: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/9.jpg)
Employee’s Finances
Getting to the end
of the month.
(Cash Flow)
DEBTS
Helping
Mom and DadKids Education
TaxesMortgage
Living and
Life InsuranceRetirement
Investing
Wills
Who can help?
Pension
What am I
going to do?
(Lifestyle)
Retirement is one of many
financial goals that Canadians face
9
![Page 10: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/10.jpg)
Canada
57%
Canadians struggle to understand numbers
![Page 11: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/11.jpg)
Who delivers the financial education plays a
significant role in how the message is perceived
11
![Page 12: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/12.jpg)
How to address the
psychological issues
of members
12
![Page 13: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/13.jpg)
Guidance. Clarity. Assurance.
START HERE
13
![Page 14: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/14.jpg)
Why and how to
provide an outcomes
based financial
literacy program
14
![Page 15: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/15.jpg)
The Story of GOTech Manufacturing
15
![Page 16: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/16.jpg)
Members want and need help with their finances
54% of employees feel some degree of
stress about their finances ~2019 Eckler Survey on Financial Wellness in
the Workplace
32% would describe it as a high degree
of stress~2019 Eckler Survey on Financial Wellness in
the Workplace
44% say it would be difficult to meet their
financial obligations if their pay is late~Canadian Payroll Association, “CPA NPW 2018,
Employee Research Survey, Profile,” (2018), p.6.
16
![Page 17: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/17.jpg)
Who delivers the financial education plays a
significant role in how the message is perceived
~2019 Eckler Survey on Financial Wellness in the Workplace
17
![Page 18: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/18.jpg)
One and done won’t work – it requires
an ongoing commitment from the company
ASK:
WHY is your company providing retirement and financial wellness?
WHAT outcomes will the program achieve?
CONSIDER:
• Issues to address and in what priority
• How to measure the success of the program
• Tangible and intangible costs of the issues and benefits from the program
• Who or what may be affected (positively or negatively) by the program and
solution
• Potential barriers to program success
• Several ways to achieve the goals
18
![Page 20: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/20.jpg)
20
Total at ScotiabankSimone Reitzes, Vice President Global Pension and Benefits
September 2019
![Page 21: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/21.jpg)
21
The JourneyRapidly changing
workforce
Technology shapes
our experiences
Our programs continue to evolve
![Page 22: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/22.jpg)
22
Physical Financial
Emotional Social
Total Wellbeing Strategy
![Page 23: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/23.jpg)
23
DB Pension forRetirement
Total Financial Wellbeing
Financial
![Page 24: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/24.jpg)
24
Group RRSP
TFSA
DC Pension
Employee Share Ownership Plan
Home Buyers’ Plan
Total Financial Wellbeing
Preferred Banking Services
Financial
![Page 25: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/25.jpg)
25
Emotional ✓ Mental Health Support
✓ Healthcare Spending Account
✓ Wellbeing Account
✓ Childcare & Eldercare Expenses
![Page 26: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/26.jpg)
26
Communications Strategy Communications Strategy
![Page 27: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/27.jpg)
27
Communications – HR Portal
![Page 28: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/28.jpg)
28
Communications – At a Glance
![Page 29: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/29.jpg)
29
Communications – Social Media
Benefits Enrolment – Chat with our Leaders
![Page 31: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/31.jpg)
31
Scotiabank Money Chronicles… Meet Jay
• Age 29• Scotiabanker since 2014• Salary: $65,000
Goal: First home purchase
The StrategyPurchasing your first home is an exciting experience and Jay takes advantage of Scotiabank programs to assist him with his purchase.
How Jay does it… Jay deposits his full year-end bonus to his Scotiabank Group RRSP. He then makes a Home Buyer’s Plan withdrawal to assist with the deposit for his first home.
Jay already contributes 5% of his salary to the ESOP to attract a Scotiabank match. By allocating his ESOP contributions to the RRSP component, he can use those contributions as Home Buyer’s Plan repayments.
Communications – Employee Case Studies
![Page 32: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/32.jpg)
32
GlobalOpportunities
![Page 33: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/33.jpg)
33
Questions
![Page 34: Workshop 1 - ACPM€¦ · Scotiabank Money Chronicles… Meet Jay •Age 29 •Scotiabanker since 2014 •Salary: $65,000 Goal: First home purchase The Strategy Purchasing your first](https://reader034.vdocument.in/reader034/viewer/2022050522/5fa5efebfad580185f081b96/html5/thumbnails/34.jpg)
34
34