Proper financial planning is crucial to your success, especially if you become disabled or experience another type of hardship. If you run a business, many of your employees would suffer severe financial hardship if they became disabled and were no longer able to work.
In a recent RBC Insurance survey,* it was discovered that approximately 76% of workers believe that if they were unable to work for a period of three months due to a disability, they would endure serious financial implications. These implications include things like the acquirement of a significant amount of debt or a negative impact on retirement financial planning.
Although many of your employees may recognise that a disability could cause them severe financial harm, a large portion of your workforce has probably not taken the time to discuss this possibility. This particular survey also discovered that only 27% of employees have discussed how a disability could impact their family financially. Additionally, only 33% of workers who have become disabled and had to take off work in the past have discussed and considered this issue.
These findings also reflect many Canadians’ ability to prepare financially for an inopportune situation. Other industry research shows that if an emergency expense arose, 26% of Canadians admit that they could not gather $2,000 to handle it.
When it comes to financial planning for emergencies, it is always better to be adequately prepared. Contact us at BlueRock Wealth Management Inc. today to find out more about how we can help you plan for the future.
*”Workers Unprepared for Financial Impact of Disabilities.” Benefits Canada. N.p., 20 Jan. 2015. Web.