Physical and cognitive health
According to the 2017 Canadian Survey on Disability, about one in five Canadians aged 15 or over has some form of physical or cognitive disability that limits their everyday activities.1
38%The percentage of Canadian seniors aged 65 or over who have one or more disabilities.2
Did you know?
With a growing senior population in Canada, age-related health concerns and cases of dementia are on the rise. The Government of Canada reports there are over 400,000 Canadian seniors (those 65 or over) currently living with dementia—that number is expected to double by 2030.3
Please read our feature article, “The path of longevity,” which examines the realities of disability and the importance of planning ahead.
Youth and the workplace
4 millionThe number of Canadian youth who will be entering the workforce over the next decade.4
According to a recent RBC research paper, “Humans Wanted: How Canadian youth can thrive in an age of disruption,” more than 25 percent of Canadian jobs will be heavily disrupted by automation over the next 10 years, and 50 percent will go through a significant overhaul of the skills required. Findings from this study show there will be an increasing demand for foundational skills in the workplace, including critical thinking, co-ordination, social perceptiveness, active listening and complex problem solving.5
Interested in reading more on this topic? Check out the article “Our changing labour landscape.”
It’s estimated that by 2025, Millennials (those born roughly between 1980 and 1993) will account for 75 percent of the global workforce.6
Based on survey findings published by Universities Canada, more than 80 percent of employers that hire recruits with cross-cultural understanding and knowledge of the global marketplace say these employees enhance their company’s competitiveness.
In a similar survey, more than half of today’s undergraduates benefit from experiential learning (e.g. co-ops, internships and service learning) as part of their university education, and four out of five employers surveyed say co-op and internship students are a source of new talent and potential future employees.7
A recent Ipsos poll showed that among parents saving for their child’s or children’s education, 36 percent wished they’d saved more each month and 30 percent wished they’d started saving for post-secondary education when their child or children were younger.8
Want to learn more about saving in an RESP? Please read “Is your family prepared for future post-secondary school?”
In 1999, only 16 percent of Canadian households with children had a Registered Education Savings Plan (RESP); by 2012, that share had jumped to 47 percent.
Based on data from the Government of Canada, by the end of 2016, about 51 percent of Canadian children (aged 0–17) had received the Canada Education Savings Grant (CESG), an incentive offered by the government based on contributions made to an RESP for an eligible beneficiary. What this means, however, is there is still almost half of eligible individuals who may not be benefitting from RESP contributions.9
When it comes to RESPs, interesting data indicates there’s a relationship between RESP savings and post-secondary enrolment. Specifically, youth from families who had opened and contributed to an RESP account were more likely to pursue post-secondary education than those whose families had not opened or contributed to an RESP.10
Giving and legacy
When it comes to giving, there’s a growing trend among individuals, especially younger individuals, to give to causes that address social, health or environmental problems and causes where the results of their giving are measurable. Specifically in relation to legacy, as key drivers of this changing definition, 66 percent of younger Canadians think societal causes have become more important in defining a legacy than wealth accumulation.11
To find out more about giving trends in Canada, please read “The picture of giving in Canada.”
The percentage of Canadian men and women surveyed by The Economist Intelligence Unit who say the legacy they want to leave differs from their parents’ views on legacy.12
- Canadian Survey on Disability, 2017 Statistics Canada website, released November 28, 2018. https://www150.statcan.gc.ca/n1/daily-quotidien/181128/dq181128a-eng.htm.
- Statement from the Public Health Agency of Canada, Government of Canada website, last modified January 2, 2019. https://www.canada.ca/en/public-health/news/2019/01/alzheimers-awareness-month--january-2019.html
- “Humans Wanted: How Canadian youth can thrive in the age of disruption,” Research paper by Royal Bank of Canada, March 2018. https://www.rbc.com/dms/enterprise/futurelaunch/humans-wanted-how-canadian-youth-can-thrive-in-the-age-of-disruption.html
- “Global Generations: A global study on work-life challenges across generations,” survey by EY, a global leader in assurance, tax, transaction and advisory services, 2015. https://www.ey.com/Publication/vwLUAssets/Global_generations_study/$FILE/EY-global-generations-a-global-study-on-work-life-challenges-across-generations.pdf
- Universities Canada website, “Facts and stats” page, accessed in January 2019. https://www.univcan.ca/universities/facts-and-stats/
- “Majority (56%) of Canadian Parents Not Taking Advantage of RESP Grants,” News release from Ipsos, August 29, 2017. https://www.ipsos.com/en-ca/news-polls/canada-parents-RESP-knowledge-first-financial
- 2016 CESP Annual Statistical Review, Government of Canada website, last modified March 9, 2018. https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings/reports/statistical-review-2016.html
- “Study: Which Families Invest in Registered Education Savings Plans and Does It Matter for Postsecondary Enrolment?, 1999 and 2012,” The Daily, Statistics Canada website, last modified April 12, 2017. https://www150.statcan.gc.ca/n1/daily-quotidien/170412/dq170412a-eng.htm
- “The New Canadian Legacy,” article by The Economist Intelligence Unit, RBC Wealth Management website, accessed in January 2019. https://www.rbcwealthmanagement.com/ca/en/research-insights/the-new-canadian-legacy/detail/