Turning dreams into reality and sparking an interest in saving

Whatever goals or projects you have, a clear vision of what you want to accomplish means you’re more likely to find the energy and means to make it happen. Maybe you want to take up a new sport, learn a new language, start a business or travel the world—when you have a dream, you’re more motivated to save!

That’s exactly what was shown in a study by Desjardins Insurance of 1,000 Canadian group retirement savings plan members: having clear life goals is one of the main drivers of financial engagement. People who had a “clear vision” of their future were four times more committed to their plans than people who didn’t, and much more likely to have savings goals. However, the study also showed that only 18% of plan members felt they had a “very clear” vision of their future.

The study drew a similar conclusion about motivation, showing a correlation between seeing the group plan as an important tool toward achieving financial goals and engagement in the plan:

• 38% of respondents who have this internal motivation have strong savings habits.
• Among people who saw their group savings plan as a necessary evil, engagement dropped to 22%.

Greater engagement leads to greater confidence

The more you commit to something, the more you feel confident in your abilities, whether you’re running a marathon or making sound financial decisions.

Financial empowerment is rooted in three things: knowledge, skills and confidence. The study showed that people who were most committed to saving felt the strongest across these three categories and were best prepared to make financial decisions. 56% of plan members who were the most committed gave themselves a high score for financial empowerment, compared to 35% for less committed plan members.

Desjardins guides and supports members and clients with their savings, whatever their future plans are. Support is offered one-on-one and through group retirement savings plans to help build financial empowerment and meet their needs. It’s also an opportunity to help them build confidence in their ability to make informed decisions and turn their dreams into reality.