This research project collected information on existing Canadian financial planning programs, ascertained best practices for programs, and obtained older worker financial retirement planning needs from employee surveys and interviews with HR, pension and benefits executives. The information compiled provided a gap analysis of what was currently available and what content is required and perceived by employees as valuable and in what format they would like to receive content. This research will assist in the development of a consumer-directed financial planning model as well as an application in the corporate world for an employee benefit. New jobs would be created for writers, content experts, designers and IT specialists in the development of both a hard copy and an electronic version. This research funding provided for the development of a leading edge financial/lifestyle planning program and the ultimate commercialization of the product.
Project completed by P. Shore & Associates Inc., with the RCOW.
A series of inaugural Roundtable Discussion Meetings, with over fifty VPs, HR and HR Directors, were held throughout 2010-2011, at Seneca College and with the Secretariat of the Ontario Government Public Service. These meetings were hosted by The Research Centre for the Older Worker (RCOW) and it was conclusively summarized that one of the key and pressing needs of public and private sector organizations in Canada was for a transition tool/program to help employees and older workers better plan and manage their financial future and retirement or their exit from the workplace. Practical solutions would be essential for organizations to address this need, within the context of a multi-generational and diverse workplace. These meetings resulted in further discussions concerning employees’ specific needs for a personal financial planning program.
All participants agreed that further research on and development of content for an appropriate program/tool would be beneficial.
The proposed research project will train volunteer seniors as leaders in a peer-to-peer awareness program in retirement residences to deliver a unique program on healthier living (to promote physical activity leading to health and well-being, stress reduction and social engagement). The project will be implemented in at least two selected retirement facilities in Ontario (one urban, one rural). Once the project has been successfully assessed and implemented, the awareness campaign can be rolled
out to other retirement residences.
The ultimate beneficiaries of this project will be seniors in retirement residences who will experience volunteer work, leadership roles, developing a healthier lifestyle and social engagement. The program will also assist the residence staff to increase the residents' awareness of the need for physical activity, thereby improving the safety
and well-being of residents.