|By PR Newswire||
|March 7, 2014 08:15 AM EST||
TD advises the financial formula can be as simple as finding common goals and ground
TORONTO, March 7, 2014 /CNW/ - The portrait of the Canadian family continues to evolve, bringing with it potentially new complexities when it comes to managing money and finances. While married couples still make up two-thirds of all families in Canada, other family arrangements - notably common-law couples and lone-parent families - are gaining ground. As a recent survey for TD found, one in five Canadians who are separated, divorced, living common-law, remarried or widowed have either started over with a new partner or are thinking of doing so. And the most recent Canadian Census (2006) found that one in 10 children in Canada live in stepfamilies, about 40 per cent of which involve blended families. For Canadians who are considering starting over with a new partner, more than half (54 per cent) said they place a high priority on making decisions about blending their finances.
"Most people entering into a new relationship already have an established financial routine which will need to be aligned with their new partner," said Cynthia Caskey, Vice President and Portfolio Manager, TD Wealth Private Investment Advice. "Of course, opening up about finances is not an easy task, especially at the start of a new relationship, but it is essential that couples have honest conversations in order to build a solid financial future for their combined families."
According to the TD survey, for those couples who consider blending their finances a priority, the top issues to be resolved are organizing their daily finances, cited by 71 per cent of respondents, followed by finding savings and budget efficiencies (60 per cent). Nearly two in five cited opening a joint bank account as a priority, but only a third (32 per cent) said maximizing their investment opportunities as a couple was a top concern.
Avoid Future Conflicts and Disappointments
"Conversations about money can be difficult, but it's through those conversations that families can address any potential pain points down the road," said Kimberly Moffit, Psychotherapist and Relationship Expert. "Often, getting financial issues in order can help couples navigate other areas of their lives more easily and avoid conflicts and disappointments in future."
Caskey agrees, and suggests that couples starting over together should consider it a good opportunity to revisit their financial plan with an advisor to make sure both of their strategies align, maximizing savings and debt repayment while keeping the common household financial priorities on track.
Common Goals, Common Strategies
"There is a lot more to blending finances than just opening a joint bank account," said Caskey. "It's about finding common goals and working together to reach them - whether it's to save for the first trip away as a family, pay down a credit card or eventually buy a bigger home together."
Caskey suggests whatever the shared priorities, it's important to identify what will make finances easier together. To maximize efficiencies, couples can consider streamlining by making savings automatic with pre-authorized transfers into a TFSA, RSP or a child's RESP, or towards an extra mortgage or credit card payment. Above all, couples need to work together to develop a common vision towards such things as investing for retirement, putting money aside for their children's education, paying down debt and everyday spending. They also need to work together to ensure they create a safety net in the event that the new family unit encounters an unexpected life event such as a job loss.
"If one side of the family spends more on take-out meals a few nights a week while the other has traditionally put those funds toward a larger monthly mortgage payment, the difference in values could create tensions down the road," said Moffit. "I often suggest scheduling a family meeting to talk about what's important to the new family unit, and work together to find a complementary approach towards everything from integrating everyday routines to finances,"
About the TD Modern Families, Blended Finances Poll
TD commissioned Environics Research Group to conduct an online custom survey of 1,950 Canadians aged 18 years and older who are living common-law, separated/divorced, remarried, or are widows. Responses were collected between February 11 and 25, 2014.
About TD Wealth Private Investment Advice
TD Wealth Private Investment Advice is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank. TD Waterhouse Canada Inc. (Member of the Canadian Investor Protection Fund.)
SOURCE TD Canada Trust
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, will discus...
May. 22, 2015 02:00 PM EDT Reads: 1,287
Cloud Expo, Inc. has announced today that Andi Mann returns to DevOps Summit 2015 as Conference Chair. The 4th International DevOps Summit will take place on June 9-11, 2015, at the Javits Center in New York City. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great team at ...
May. 22, 2015 02:00 PM EDT Reads: 1,201
Organizations today are confounded by an avalanche of data that needs to be processed and managed on a daily basis. Through relevant use cases and a thought-provoking dialogue on an organization’s ‘Data to Decisions’ journey, Andrew Clyne, Chief Data Officer at CenturyLink Cognilytics, will reveal in his session at Big Data Expo how your organization can monetize data as a strategic asset. State-of-the-art Big Data and Advanced Analytics capabilities provided as a managed service can enable da...
May. 22, 2015 02:00 PM EDT Reads: 1,444
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
May. 22, 2015 02:00 PM EDT Reads: 4,473
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner is Product Manager of the Omega DevCloud with KORE Telematics Inc., will discuss the evolving requirements for developers as IoT matures and co...
May. 22, 2015 01:00 PM EDT Reads: 1,479
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
May. 22, 2015 01:00 PM EDT Reads: 1,089
There is no question that the cloud is where businesses want to host data. Until recently hypervisor virtualization was the most widely used method in cloud computing. Recently virtual containers have been gaining in popularity, and for good reason. In the debate between virtual machines and containers, the latter have been seen as the new kid on the block – and like other emerging technology have had some initial shortcomings. However, the container space has evolved drastically since coming on...
May. 22, 2015 12:30 PM EDT Reads: 808
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generation means simplification. It means taking your digital content and turning it into instantly gratifying experiences.
May. 22, 2015 12:30 PM EDT Reads: 3,329
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 22, 2015 12:30 PM EDT Reads: 783
Software Development Solution category in The 2015 American Business Awards, and will ultimately be a Gold, Silver, or Bronze Stevie® Award winner in the program. More than 3,300 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration. "We are honored to be recognized as a leader in the software development industry by the Stevie Awards judges," said Steve Brodie, CEO of Electric Cloud. "We introduced ElectricFlow and our Deploy app...
May. 22, 2015 12:00 PM EDT Reads: 1,489
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in - unannounced and unnoticed. By the time these thieves get in, the damage is already done and the network is already compromised. Intellectual property is easily slipped out the back door leaving no trace of forced entry. If we want to reign in on these cybercriminals, it's hig...
May. 22, 2015 12:00 PM EDT Reads: 3,927
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data...
May. 22, 2015 12:00 PM EDT Reads: 1,565
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, will discuss IoE and the enormous opportunities it provides to public and private firms alike. She will shar...
May. 22, 2015 12:00 PM EDT Reads: 1,712
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers ...
May. 22, 2015 12:00 PM EDT Reads: 1,628
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at DevOps Summit, Alex Gorbachev, President of Intelligent Systems Services Inc., will share foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN st...
May. 22, 2015 11:45 AM EDT Reads: 1,196