Thinking about your finances? Actuaries are too

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High interest rates and inflation have many Canadians concerned about their financial future. Actuaries analyze the relevant data to help influence policy and reduce risk for businesses and people.

Transcript

00:00 (soft music)

00:02 - Over the last year or two,

00:06 we've seen significant changes in financial markets.

00:10 Interest rates have increased significantly.

00:13 And I think that's changed

00:14 kind of the investment landscape a bit.

00:16 - Things are really changing quickly

00:19 and we are facing a lot more risks than before.

00:22 - We're seeing a lot of uncertainty in the world

00:25 in different aspects.

00:26 You know, $1 yesterday is not $1 today, right?

00:29 You can't buy what you have to buy, so inflation's huge.

00:31 It affects everyone.

00:33 - Maybe there'll be recession, maybe there won't be.

00:35 Maybe the economy will pick right back up.

00:37 So people are not accustomed to evaluating choices

00:41 against that backdrop.

00:43 - As far as risk goes,

00:44 like actuaries are in the business of managing risk

00:47 and we're trying to mitigate risk in the future

00:50 and also trying to take advantage of it in the present.

00:52 - It feels a little bit more turbulent.

00:54 So trying to prepare,

00:55 there are more things to think about what could change.

00:58 - It's more about taking a longer term view.

01:01 We had seen interest rates much higher than this years ago

01:06 and unlikely for us to assume that it's gonna go back down

01:09 to really, really low zero to 2% interest rates.

01:12 You're better off being more conservative,

01:14 saving more and assuming that inflation is going to remain.

01:18 - There are actuaries working in investments,

01:20 working in pensions, so protecting Canadians

01:23 as well as influencing policy,

01:25 which helps as a whole kind of society

01:28 have a secure financial future.

01:31 - It's beyond the numbers.

01:33 We're actually making a difference in people's lives.

01:35 - I think we play such a big role

01:37 in the financial protection of the industry

01:41 and the communities that we work in

01:42 that that gives me a lot of hope.

01:45 - We understand retirement, we understand pensions,

01:48 we understand risk that we can develop the right tools

01:50 to help Canadians.

01:52 There's a lot of smart people invested in it

01:54 that are helping find the solution, so that's a good thing.

01:57 - That's what keeps me hopeful

01:58 is that good people will make good decisions

02:01 and there's a lot of good people out there.

02:03 (gentle music)

02:06 (gentle music)

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