Do children need grandparents in their live? 1

I am getting excited my grandson is coming to visit after about 3 1/2 years away. As I thought about him, I looked at this question: 

Do children need their grandparents? The answer is they do, and science proves it. There have been many studies that show not only are kids who have active grandparents happier, but they are actually healthier than children who don’t have grandparents in their lives.

1. We teach life lessons.

We have the unique position of being able to shape future generations by sharing the many pieces of wisdom we have accumulated. For many of us, (not all) age means experience and knowledge. We can help assure our grandkids become productive and strong adults by sharing the mistakes we made along the way and the lessons that we have learned.

2. We make kids happier.

A recent study published in The Gerontologist by researchers Sara Moorman and Jeffrey Stokes confirms this. They examined the influence of solidarity between grandparents and adult grandchildren and what they found was pretty significant. Greater relationship affinity between the two groups reduced depressive symptoms in both of them.

3. Kids find us sympathetic to their plight.

 When a child is angry with their parents, we can serve as an extra outlet for them to vent. Kids are great at finding something to cry or complain about, but if we give them a sympathetic ear, it can make all the difference. Kids rarely listen to advice that comes from their own parents; however, we may lend support and make suggestions that your grandchildren will actually hear.

4. They link us to our family history.

Our past and family history is often an important part of our personal identity, and for many people, we are an important link. We can help children to understand more about ourselves by teaching us about our lineage and by sharing our stories with them about our life growing up.

5. It is a mutually beneficial relationship.

It turns out, our grandkids enjoy having us just as much as we enjoy having grandkids. It is a complementary relationship that benefits both parties. Studies show that kids whose grandparents are involved in their upbringing have greater overall well-being than kids who don’t have that relationship. In addition, grandparents that babysit their grandkids actually live longer than other members of the same cohort without child-rearing responsibilities.

6. We learn not to take ourselves too seriously.

With age comes the inevitable pitfalls. Things like falling asleep on the couch, forgetting the names of places or people. However, grandchildren teach us it’s important to be good-humoured about it. When we are around our grandchildren, we can laugh off these things and make jokes about them. All of us will grow old one day and unfortunate stuff happens, but that doesn’t mean we have to be bitter about it and having our grandchildren around helps us not to be bitter.

7. They can be excellent friends.

While it’s a little weird if kids and their parents identify as best friends, we have a little more flexibility. We don’t have to be as strict as parents do. Parents have to worry about school, and grades, and diet, etc. But we can be a significant source of companionship for kids without imposing too much pressure on them.

Short Term or long term savings

Taxes are due in two months, and the deadline for contributing to your RRSP was yesterday. The COVID Pandemic affected how we contribute. Almost half (44 percent) of Canadians agreed the coronavirus pandemic has negatively impacted their ability to save for retirement and, as a result, 31 percent have changed their financial priorities, according to a new survey by Edward D. Jones & Co.

The survey, which polled over 1,500 adult Canadians, also found 33 percent of respondents said they’re planning to contribute to their registered retirement savings plan, while 52 percent said they plan to forego their RRSP contribution and another 15 percent are undecided.

Among those not contributing to their RRSP this year, 55 percent said it was because they couldn’t afford to — an increase of 11 percent increase over last year. Notably, the number of Canadians planning to contribute the maximum amount in an RRSP remained unchanged at 10 per cent.

Meanwhile, 45 percent said instead of contributing to a RRSP they’re opting to contribute to other investment accounts and opportunities, such as a tax-free savings account (49 percent), non-registered investment account (17 percent) or buying real estate (eight per cent). One quarter (25 percent) of respondents said they consider debt repayment a key financial priority, while a little more than that (29 percent) noted they can’t afford to invest their money at all.

We are experiencing high inflation, economic volatility and uncertainty around the pandemic, all of which impact the unique financial situation of Canadians. As a result, Canadians are saving in investments they can withdraw quickly, just in case things get worse. Savings is still a priority for many Canadians, but we saving for the short term, not the long term.

Saving for retirement is now a priority for some

Economic trust among many Americans is going down in the ongoing inflationary climate, with perceived financial health down from the opening of 2021 but a top priority in 2022, a recent study finds.

According to a recent annual Wealth & Wellness Index published by Empower Retirement and Empower affiliate Personal Capital, only 34% of Americans surveyed report they are “financially healthy,” a reduction of 14% from March 2021. The analysis found that economic confidence among respondents stands comparatively low at 40%, down 2% from a year ago and 12% from the outset of the COVID-19 pandemic. 

Most times, progress toward significant financial landmarks switched from “achieved” to “a work in progress.” When asked about their capability to save regularly, the level dropped from 45% of respondents in the first quarter of 2021 to 35% by the fourth quarter. Similarly, responses in relation to their “ability to retire when I want” dropped from 41% to 35% during 2021.  

Americans are also apparently lowering their expectations for how much they need to save. When asked about how many savings they need to be financially healthy, 53% of respondents in the fourth quarter of 2021 said they need less than $100,000, compared with 44% at the start of the year. Similarly, only 27% said they achieved their savings goal, down from 37% in the first quarter of 2021. 

What’s causing many Americans to feel less confident in their finances and in the economy despite positive indications at a macroeconomic level? According to the findings, Americans are worried that their income won’t keep pace with their increasing costs in the current inflationary environment. In addition, debt is also of increasing concern, as nearly half (49%) of respondents do not feel that their debt is manageable and only 32% are debt-free (down 7% from last year).

Despite this relatively recent decline in confidence, survey respondents report feeling optimistic about their longer-term financial futures. According to the survey, 68% are confident in their ability to plan for retirement, up from 63% in 2020, while 71% are confident in their ability to achieve saving goals they’ve set for themselves, up from 65% in 2020.  

Americans are also prioritizing their financial goals in 2022. When asked what their top New Year’s resolution was, paying off personal debt (37%) and saving for retirement (36%) now surpass traditionally common goals like exercising more (33%) and losing weight (28%), the study notes. 

Also, respondents are reportedly seeking allies to help them build financial health. Most respondents surveyed showed that they turn to those they know and trust for advice: friends and family, retirement providers, and financial advisors. But the biggest jump among these groups, according to the findings, is that respondents are looking for more help from their employer’s retirement plan provider—rising to 23% at the end of 2021 from 15% at the start of the year. 

Retirement planning is also the leading financial topic people want to learn about, according to the findings:

· Retirement planning (31%)

· Cryptocurrency (26%)

· Security of financial accounts (25%)

· Investing options, including managed accounts and TDFs (24%)

·         Financial advising (24%)

That paying off debt is a higher priority than exercising shows many people want to improve their financial health, and the study linked financial confidence to overall health and wellness. Americans are seeking financial advice and this boom in financial planning is not changing soon.

The findings are based on a survey conducted by The Harris Poll on behalf of Empower and Personal Capital from Oct. 29–Nov. 3, 2021, among 2,006 adult U.S. citizens. The study also references data from prior research, including a survey conducted from March 23–April 8, 2021, among 2,005 respondents.

Women are more likely than men to have no retirement savings

As the U.S. population ages, examining differences in retirement savings within the context of family history sheds light on whether men and women prepare for retirement. Here are some interesting bits of information from the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) Program. SIPP collects data on all members in the household, marital history, fertility history (including multiple partner fertility) and retirement savings.

Many adults approaching retirement age may not be financially prepared to retire: 49% of adults ages 55 to 66 had no personal retirement savings in 2017, according to the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) Program.

How many times you marry and whether you have children with one or more partners can have continual and lasting impacts on retirement finances according to the U.S. Census SIPP program? About 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men.

About 50% of women ages 55 to 66 have no personal retirement savings, compared to 47% of men.

Women also lag men at the other end of the spectrum: 22% of women have $100,000 or more in personal retirement savings compared to 30% of men.

The term “retirement savings” means the combined measure of personal and spousal retirement savings for those who are married and personal retirement savings for those not living with a spouse.

Marriage, divorce, widowhood, and any change in marital status can have lasting impacts on finances and savings.

Among those married once:

About 35% have no retirement savings, compared to 60% of those who never married and 40% of those who married more than once.

4 in 10 of those who married once have $100,000 or more in retirement savings, compared to 2 in 10 of those who never married and 1 in 3 of those who married two or more times.

Among both men and women, adults married once are less likely to have no retirement savings and more likely to have $100,000 or more in retirement savings, compared to those who have never been married and those who have been married two or more times.

Whether an adult has biological children and whether they have children with multiple partners can have financial impacts across the life course and specifically influence retirement savings.

A smaller percentage of men who have children with one partner have no retirement savings and a larger percentage have $100,000 or more in retirement savings, compared to those with no children and those who have children with multiple partners.

Among adults who have never married, those who have children with a single partner are more likely to have no retirement savings than those with no children (72.7% compared to 52.7%).

In addition, a larger percentage of never-married adults who have children with multiple partners have no retirement savings than never-married parents with a single partner (81.7% compared to 72.7%).

Among never-married men, those who have children are more likely to have no retirement savings and less likely to have $100,000 or more saved than the men without children.

Men who have children with multiple partners are more likely to have no retirement savings than men who have children with a single partner, among those who ever married.