Every parent puts in measures to ensure that their family is healthy and safe, but sometimes things fall outside of their control. Toronto remains one of the safest cities in Canada, if not the world, but crime rates do continue to rise, according to the Globe and Mail. In the face of increasing threats posed by the likes of climate change, crime and evolving industry, there are steps that families can take to ensure their children have a secure future.
Solid foundations
Crime and extreme weather events are on the up, but Toronto remains a safe place to stay and raise a family in. Despite this, the safety that the city provides is often taken for granted. Life insurance is a great indicator of this; in June 2019, national authorities signaled their intent to provide $11.5bn universal drug coverage, largely in response to low levels of life insurance uptake across the country. As experts NGLIC.com note, having insurance to cover injury, criminal damage and other unforeseen acts is absolutely essential to provide a basic foundation for your family.
Future education
Between political uncertainty, climate change, and changing professions and industries, there is a lot of uncertainty about the world today. It’s absolutely imperative that children are taught about this today in order to safeguard against it. Toronto has had a keen involvement in this and families can take advantage through, for example, EarlyOn Centres, which provide education at younger ages about ‘real world’ issues. It can become easy to get lost in academia and the rigors of school education; providing an alternative to learn practical skills will be important to creating a future for your kids.
Securing your legacy
For right or wrong, Torontonians and those in wider Canada rely on inheritance money to help their own retirement. According to CBC figures, 77% of Canadians will rely on parents for retirement funds. Alongside good lessons for your children on how to secure a life for themselves in the future, consider your own role. Ensure that your assets are well managed, and consider moving into safe investments to make a nest egg for your descendants – and so you can enjoy your own retirement.
More than ever, it’s important to plan ahead. Making a secure future for yourself is best done through planting the seed today. This way, you can benefit your children, too.
