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.
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LearningTranscript
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)