Thursday 30 June 2016

Tornado? Blizzard? Wildfire? In Saskatchewan, there’s an app for that

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Tornado? Blizzard? Wildfire? In Saskatchewan, there’s an app for that


Alerts are only issued for emergencies that could harm people or damage property


The Canadian Press on June 30, 2016


Smiling African American man text messaging on smart phone.

Saskatchewan residents have a new way to learn about emergencies such as wildfires, tornadoes, blizzards and evacuations.

The province has launched a new mobile app and website to give people information they need when an emergency strikes.


The SaskAlert app for iPhone and Android operating systems will send a tone and notification directly to people, even when the app is closed. “It will say ‘There’s a problem and here’s what you need to do,’ said emergency management commissioner Duane McKay.


Read: 5 ways to improve an insurance app


The website, SaskAlert.ca, will have more specific details on things like evacuation routes or evacuation centres, if necessary.


“It’s just something we noticed last year during wildfires,” McKay said.


“A lot of rumours were swirling around and we really needed to come up with a way to say ‘This is the real information’, so this site will give you verified information and trusted information.”


McKay said that means people can take the right actions to stay safe.


“Right now we can say we have a complete system from start to finish, which we didn’t have last year,” he said.


There was a record wildfire season in Saskatchewan last year with 720 fires that forced about 13,000 people from their homes and burned 17,000 square kilometres of forest.


Read: IBC launches app to raise staged collision awareness


Emergency alerts may also be issued for emergencies such as train derailments, plow winds, hazardous material spills, boil water advisories, road closures, or local emergency declarations.


Alerts are only issued for emergencies that could harm people or damage property.


Provincial ministries, Crowns corporations and agencies, as well as Environment Canada and municipalities that have undergone training with the province can issue emergency alerts. About one-third of communities in the province have signed up so far, according to McKay.


People can opt to receive emergency alerts for the entire province, for a particular community, for multiple communities or for nearby areas when they’re travelling across Saskatchewan.


Read: Aviva Canada, ICLR launch disaster preparation app



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Tornado? Blizzard? Wildfire? In Saskatchewan, there’s an app for that

Where are all the women in financial services?

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Studies indicate that women control more than half of the financial wealth in the U.S. That influence, however, is not currently reflected in the financial services industry. (Photo: iStock)
Studies indicate that women control more than half of the financial wealth in the U.S. That influence, however, is not currently reflected in the financial services industry. (Photo: iStock)

There’s a gender gap between demographic trends and the financial advisory business. Women have an increasing share of income and wealth in the United States and globally, but they are underrepresented among financial advisors in the U.S.


BMO Financial Group’s 2015 report, “Financial Concerns of Women,” reports that women currently control 51 percent of personal wealth in the U.S. In addition, they are the primary breadwinners in more than 40 percent of American households, which is an almost fourfold increase since 1960.


In contrast, women comprise only 15 to 20 percent of financial advisors in the U.S. (Some sources cite a higher percentage but those results can include securities-licensed sales assistants.) Just 23 percent of Certified Financial Planner licensees are women, a figure that hasn’t changed in years, and women comprise only 12.9 percent of the Million Dollar Round Table’s (MDRT) early-2016 roster. These comparatively lower numbers raise several questions: Why do fewer women work as financial advisors? And for advisory firms that wish to recruit, hire and retain women, what steps can they take to find the right candidates and improve their hires’ chances for success?




The business case


An advisor’s gender is not top of mind for most clients. A 2012 study from the Family Wealth Advisors Council, “Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them?” reports that among married and single women respondents, more than  90 percent did “not have a preference about the gender of their advisor.” That finding changed among divorced and widowed respondents, however, with about 25 percent of those groups citing a strong advisor-gender preference, most frequently for women.


But other sources believe there is a legitimate business risk from ignoring gender disparity. Most Americans have become more sensitive to situations that lack representative diversity. While clients might be unconcerned about a male-dominated advisory staff, will prospects feel the same way? Staff diversity can help prospects identify with a firm more readily.  Several years ago, an advisor told me how he works successfully with clients of different races and his  observation applies to gender. People are most comfortable with their “own tribe,” he says, and having a diverse staff can help foster relationships with a wider range of clients.


Related:


7 reasons women face greater retirement challenges than men








Where are all the women in financial services?


Persistent gender discriminaiton is just one reason that men significantly outnumber women in financial services. (Photo: iStock)


The stumbling blocks


So what’s behind the low participation rate? In April 2014, the CFP Board in Washington, D.C., released a study, “Making More Room for Women in the Financial Planning Profession,” as part of its Women’s Initiative. Among the findings from the women surveyed:



    • Women lack awareness of financial planning as a career path.


    • Women harbor misperceptions about financial planning.


    • Women’s reluctance to take professional risks may be keeping them from entering the financial planning profession.


    • Gender discrimination and bias exist within the financial planning profession, likely resulting in women feeling unwelcome and unsupported.


Other organizations are also studying and promoting the role of women in financial services. At the Bryn Mawr, Pennsylvania-based American College State Farm Center for Women and Financial Services, the “mission is to advance women in financial services and we do it through research, education and other awareness-building efforts,” says Director Jocelyn Wright, CFP. Among its research projects, the center is currently completing a study of female advisors’ experience in the financial services industry.


Katherine Mauzy, a principal in branch development with Edward Jones in St. Louis notes that about 20 percent of the firm’s financial advisors are women, with recent hires in the 20 to 25 percent range. In her experience, women do not gravitate to financial advisory careers. She cites comments from her daughter, a college student: “She said that a lot of the kids who are getting majors in finance, etc., are thinking more along lines of investment banking, asset management. They’re not thinking of wealth management. And, so, I think we, as an industry, just have a great opportunity to get more women to understand the role.”


Michelle Lynch, vice president of the Network for Women Advisors with Raymond James in St. Petersburg, Florida, voices a similar opinion. “I think there’s a huge awareness issue particularly as it relates to women about financial services and particularly the advisory role being a viable career option for women,” she says. “If you look across the industry, there’s not a whole lot of strong female role models for women to identify with. It’s just really not something that a lot of women are exposed to unless they have somebody or know somebody in the business or happen to stumble across it.”


See also: 


Women in sales: closing one gender gap by shutting another








Where are all the women in financial services?


Companies that are invested in diversifying their workface may need to proactively alter their recruting practices. (Photo: iStock)

Recruiting strategies


The industry’s shift from transactions to advisory relationships and goals-based planning might make women more comfortable with wealth management, says Lynch, and it also reduces the variability associated with commission compensation. But she cautions that building a sufficient income from asset-based fees is still a daunting challenge for industry newcomers.


Kirstin Turner, senior managing director-complex director with RBC Wealth Management in West Palm Beach, Florida, notes that 15 or 20 years ago a new advisor could succeed by picking up the phone 200 times each day and asking the person to buy a municipal bond. Nowadays the barrier to making client relationships is “a lot higher,” she believes. Consequently, she recruits women who bring experience or relationships with potential clients. “For example, bankers make great financial advisors (and) there’s a lot of women bankers,” she notes. “They actually excel in the banking world which is so ironic that we’re such a small percentage of the investment world. CPAs are another great source — that trusted advisor who already knows people that have money and that invest. Sometimes military folks do very well — they’ve got a great work ethic and they know people — or a retiree from a large corporation that might know a lot of other people.”


College students enrolled in financial planning degree programs are another potential source of female candidates, says Lynch. Her firm recently met with representatives from 13 colleges and universities that offer financial planning programs under the CFP Board curriculum. One goal was to discuss adding a sales focus to the schools’ curricula so graduates would be better prepared for business development tasks. “It’s great to be able to put a plan together and to be able to look at the investments and identify that, but when the time comes to sit in front of a client, how do you close the business?” she asks. “How do you get that client feeling comfortable with you?”


Internships can help female college students determine if financial services is the right career choice. Clarissa Hernandez, CFP and MDRT member with North Star Financial in Denver has been working with interns since 2011. The internships provide marketing experience outside the interns’ natural market; it’s not analytical work and it’s not glamorous, she notes. “You can teach someone how to market, but you just don’t know if they’re going to do it well or if it’s going to be a discouraging thing for them until they actually get a taste of it,” she says. “Can you  do the parts of this job that are not that glamorous for the first three to five years? If they stick around through the internship, usually the answer is yes.”


See also: 


Women: On how to be successful and improve client relationships








Where are all the women advisors?


Mentorship can play a major roll in business success, especially for women. (Photo: iStock)

Business structure and networking


Sources maintain that business structure plays an important role in helping women succeed, although they have different views on the best structure. Joining an established team makes it easier for new women hires to get started in the business, says Turner. Clients want a team approach to financial advice and women’s growing role in managing family finances makes women advisors’ inclusion on a team a natural fit. Some women prefer to operate solo, however, says Mauzy, because they can create the desired atmosphere in their own office. That’s the Edward Jones approach: Recently hired women start in an experienced advisor’s office to learn the ropes but eventually go solo with a full-time sales assistant.


To reduce the risk of isolation among new women advisors in solo offices, each of Edward Jones’ 200-plus regions has an advisor serving as a “women inclusion specialist.” The role is to “help women get up and running, knowing that women may have a different perspective on things,” Mauzy explains. “Maybe they have a different view on client acquisition, maybe they have more family life balance challenges of children and other responsibilities outside of the practice and how to manage that as you’re building a practice.”


Internal networks for women advisors also help new hires succeed and remain in the business. The Raymond James network has been operating for 23 years and provides practice management coaching and networking conferences to more than 940 women at the firm. RBC’s Women’s Association of Financial Advisors (WAFA) has been around for 27 years and is open to the firm’s women advisors with at least two years of production experience. The group sponsors an annual meeting each fall and the first 150 qualifying advisors who RSVP can attend, regardless of their individual production. WAFA also has a formal mentoring program. “They will reach out to you and they will offer to partner you up with another female advisor in the firm to make sure that you’ve got a conduit,” says Turner. “I think we’re the only one that has that formal mentoring program.”


See also:


Women: making contributions to history and personal finance


7 steps for women to avoid financial dependence


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Where are all the women in financial services?

Kaiser Health Tracking Poll: June 2016

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KEY FINDINGS:

  • Current attitudes about the ACA are divided, with 44 percent expressing an unfavorable opinion and 42 percent reporting a favorable opinion; 16 percent of Democrats report an unfavorable opinion, down from 25 percent in April.

  • Increases in the amount people pay for their health insurance premiums tops health care costs concerns; premiums and deductibles are the biggest financial burdens.

  • A majority of Americans are following the news about rising health insurance premiums, but the public doesn’t differentiate reports about ACA marketplace premiums from private insurance premiums overall.

  • While the majority of Americans have heard about the Zika virus, only about one in ten (13 percent) know about the impact the virus can have on adults and only half are aware the virus can be sexually transmitted.

  • There is widespread support for Zika-related assistance including funding for research, funding for preventing the spread of Zika, and helping women in areas in the U.S. with Zika virus outbreaks access reproductive health choices and services, including abortion, family planning, and contraception.

The Current News and Political Environment


The June Kaiser Health Tracking Poll examines the role of the major health policy news stories in the current news and political environment. In addition, it provides an in-depth analysis of two of the biggest health policy stories: the Zika virus outbreak and the rising costs of ACA health insurance premiums.


Kaiser Health Policy News Index: June 2016


This month’s tracking poll finds a large majority of Americans closely following news stories about the attack at a LGBT night club in Orlando, Florida (85 percent), the 2016 presidential campaigns (80 percent), and conflicts involving ISIS and other Islamic militant groups (79 percent). The top health stories during the month of June, both closely followed by about six in ten Americans, are the rising costs of health insurance premiums (61 percent) and the Zika virus outbreak (57 percent). In addition, 55 percent of Americans report following news about the ongoing opioid epidemic closely, similar to the share who report closely following outrage over the sentencing in a Stanford sexual assault case (54 percent). Finally, during the summer travel season, nearly half of Americans report closely following news about the long security lines at the country’s airports (47 percent).


Figure 1: Kaiser Health Policy News Index: June 2016

Figure 1: Kaiser Health Policy News Index: June 2016



Rising Health Insurance Premiums and the Impact of Health Care Costs on Families


Over the past month, one of the major health policy stories involves reports that health insurance premiums under the Affordable Care Act (ACA) may be increasing in 2017. This month’s tracking survey examines overall perceptions of the 2010 health care law and the impact that the rising costs may have on health care consumers.


The ACA and Health Care Costs


With rising health care costs on the minds of Americans, this month’s poll finds divided public opinion of the Affordable Care Act. The gap between favorable and unfavorable opinions narrowed nine percentage points between April and June, with the share of the public with an unfavorable opinion decreasing slightly from 49 to 44 percent and the share with a favorable opinion increasing slightly from 38 to 42 percent.


Since April, there has been a slight shift in favorability among Democrats, while attitudes among Republicans and independents have remained largely stable. Seven in ten Democrats (71 percent) now report a favorable opinion of the law, up from 63 percent in April. In addition, the most recent survey finds that 16 percent of Democrats report an unfavorable opinion, down from 25 percent in April.


Figure 2: Public’s View of the Health Care Law Remains Divided

Figure 2: Public’s View of the Health Care Law Remains Divided



Next Steps for the ACA


On June 22nd, House Republicans unveiled a conservative alternative to the Affordable Care Act. Overall, 33 percent of Americans want the law repealed, three in ten (28 percent) want to expand what the law does, one in five (17 percent) want to move forward with implementing the law as is, and about one in ten (11 percent) want to scale back what the law does.


Figure 3: Americans Divided on ACA Next Steps

Figure 3: Americans Divided on ACA Next Steps



Two-thirds of Republicans would like to see Congress repeal the entire 2010 health care law, up from 51 percent, 12 months ago. In contrast, this month’s poll finds that half of Democrats (48 percent) say they’d like to see Congress expand what the law does.


Figure 4: Republicans Increasingly Want Congress to Repeal Health Care Law

Figure 4: Republicans Increasingly Want Congress to Repeal Health Care Law



However, Republicans who want to see the law repealed are split on whether there should be a Republican-sponsored replacement for the law or not, with about three in ten Republicans reporting that they would like to see the law repealed and then replaced with a Republican alternative (29 percent) and one-quarter saying they would like to see it repealed and not replaced (25 percent).


Figure 5: Republicans Who Want ACA Repealed Split On Whether It Should Be Replaced With Republican-Sponsored Alternative

Figure 5: Republicans Who Want ACA Repealed Split On Whether It Should Be Replaced With Republican-Sponsored Alternative



Health Insurance Premiums


Among the insured, similar shares — about one in five — say the greatest financial burden of their own health care costs are the deductibles they pay before their insurance kicks in (21 percent) and their health insurance premiums (20 percent). One in ten say the cost of prescription drugs is the greatest financial burden (12 percent), 6 percent say it is doctor visits, and 31 percent say that paying for health care and health insurance is not a financial burden.


Figure 6: Financial Burden Of Health Care Costs Among Insured

Figure 6: Financial Burden Of Health Care Costs Among Insured



Overall, nearly nine in ten (88 percent) Americans say they are concerned about increases in the amount people pay for their health insurance premiums. This is followed closely by the percent who are concerned about increases in the costs of deductibles (85 percent), increases in what the nation as whole spends on health care (83 percent), and increases in prescription drug costs (82 percent). Fewer but still large majorities of insured Americans are concerned about increases in spending on government health insurance programs (74 percent) and increases in the amount employers pay for their employees’ premiums (71 percent).


Figure 7: Health Insurance Premiums Top Concerns Among Health Care Costs

Figure 7: Health Insurance Premiums Top Concerns Among Health Care Costs



Recent News About Rising Costs of ACA Marketplace Premiums

Despite the fact that 83 percent of the public say they have heard or read recent news about rising costs of health insurance premiums, individuals are uncertain about who and which plans are affected. Half of individuals (52 percent) say the reports have been about all insurance plans, 16 percent say the reports have been about just employer-sponsored plans, and one in ten say the news has only been about ACA Marketplace plans.


Figure 8: The Majority of the Public Have Heard About Recent Reports of Rising Premiums, But Unsure Which Plans Are Affected

Figure 8: The Majority of the Public Have Heard About Recent Reports of Rising Premiums, But Unsure Which Plans Are Affected



The Zika Virus Outbreak


Due to ongoing developments about the potential threats of the Zika virus, concerns over the 2016 Summer Olympics, and congressional debate over funding allocation to limit the effects of the virus in the United States, the Zika virus outbreak was one of the most reported health policy stories during the month of June. The Zika virus outbreak has remained on the public’s radar since earlier this year, with more than half of Americans consistently reporting that they are closely following news about Zika and a large majority regularly saying they have heard or read about it.


Figure 9: The Zika Virus Outbreak Has Remained High on Public’s Radar Since February 2016

Figure 9: The Zika Virus Outbreak Has Remained High on Public’s Radar Since February 2016



According to the Centers for Disease Control and Prevention (CDC), there have been over 750 confirmed cases of the Zika virus across 45 states and Puerto Rico since January 2015. The June tracking survey finds that two-thirds of Americans are aware there have been cases of the Zika virus diagnosed in the U.S.


Figure 10: Majority of Americans Know About Zika Cases in the U.S.

Figure 10: Majority of Americans Know About Zika Cases in the U.S.



Overall Knowledge on Transmission of the Virus and Potential Impacts


There are mixed results when examining the public’s awareness of the ways the virus spreads and its potential effects. Eight in ten Americans are aware that the Zika virus can be spread through a bite of an infected mosquito (79 percent) and are aware that it does not appear to be spread through shaking hands with an infected person (79 percent). However, fewer – half (49 percent) – are aware that a person can become infected by having sex with someone who is infected.


Figure 11: Vast Majorities of Americans Knowledgeable About Spread of Zika, Fewer When it Comes to Sexual Transmission

Figure 11: Vast Majorities of Americans Knowledgeable About Spread of Zika, Fewer When it Comes to Sexual Transmission



Americans are more likely to be aware of the connection between the Zika virus and birth defects than the potential impacts of the virus on adults. Six in ten Americans are aware that the Zika virus is associated with birth defects in babies born to infected mothers (59 percent), with one-fourth reporting that they haven’t heard enough to say, 15 percent reporting they haven’t heard or read about the virus, and one percent saying the virus is not associated with birth defects. Only one in ten Americans are aware that the Zika virus is associated with muscle weakening and paralysis in adults (13 percent), while two-thirds haven’t heard enough to say (67 percent), 15 percent haven’t heard or read about the virus, and 5 percent say the virus is not associated with muscle weakening and paralysis in adults.


Figure 12: Most Americans Know About Connection to Birth Defects, But Large Shares Do Not Know About Connection to Adult Paralysis

Figure 12: Most Americans Know About Connection to Birth Defects, But Large Shares Do Not Know About Connection to Adult Paralysis



Most Americans Do Not See The Zika Virus as a Personal Health Threat


Most Americans aren’t too concerned in general about Zika in the U.S., although there are some concerns about the threat the virus poses to pregnant women. Overall, the majority of Americans (63 percent) think Zika will be contained to a small number of cases in the U.S. rather than a widespread outbreak (16 percent), and of those who have heard or read anything about the virus, only 13 percent say they think the Zika virus poses a major threat to them personally, while almost equal shares say it poses a minor threat (45 percent) or not a threat at all (41 percent).


Figure 13: Majority of Americans Think Zika Will Be Contained to a Small Number of Cases

Figure 13: Majority of Americans Think Zika Will Be Contained to a Small Number of Cases



Despite this, three-fourths of Americans who have heard or read anything about the virus say the Zika virus poses a major threat to pregnant women (74 percent), with an additional 20 percent who say it poses a minor threat and only 3 percent who believe it does not pose a threat.


Figure 14: Majorities Say Zika Virus Poses Major Threat to Pregnant Women

Figure 14: Majorities Say Zika Virus Poses Major Threat to Pregnant Women



Hispanics More Likely to Perceive the Zika Virus as a Threat

The perceived personal threat posed by the virus differs dramatically by ethnicity, with almost one-third of Hispanic individuals who have heard or read anything about the virus saying the Zika virus poses a major threat to them personally, compared to about one in five Blacks (21 percent) and only 7 percent of whites. Hispanics are also more likely to report being worried about the potential effects of the Zika virus. More than half of Hispanics who have heard or read anything about the virus say they are worried that they or someone in their family will be affected by the virus, 43 percent are worried the U.S. will see a large number of Zika-related cases, and one-third are worried that the upcoming Summer Olympics will lead to an increase in Zika-related cases. Across all of these measures, a larger share of Hispanics report being “very worried” than Blacks (36 percent, 27 percent, and 24 percent, respectively) and whites (10 percent, 16 percent, and 19 percent, respectively).






















They are very worried that they or someone in their family will be affected by the Zika virus20%52%36%10%
They are very worried that the upcoming Summer Olympics will cause an increase in the number of cases of the Zika virus22332419
They are very worried that the U.S. will see a large number of cases of the Zika virus21432716
The Zika virus poses a major threat to them personally1331217

While Zika mainly threatens areas in the U.S. with warmer climates, there are only slight regional differences in overall concerns about the virus. However, there are differences based on whether an individual says there are a lot of mosquitos in their area during the summer. Slightly larger shares of individuals who say they live in areas with a lot of mosquitos report being worried about potential effects of the virus on themselves or their family members than individuals living in areas without a lot of mosquitos, 40 percent and 34 percent, respectively.


Figure 15: Larger Share of Americans Feel Comfortable Traveling to U.S. Areas Affected by the Zika Virus than to Places Abroad

Figure 15: Larger Share of Americans Feel Comfortable Traveling to U.S. Areas Affected by the Zika Virus than to Places Abroad



The Impact of the Zika Virus on Travel Plans

Half of Americans who have heard or read anything about Zika say they would feel comfortable traveling to places in the U.S. affected by the Zika virus, with 17 percent saying they feel “very comfortable” and one-third saying they feel “somewhat comfortable.” This compares to one-third of Americans who would feel comfortable traveling to places outside the U.S. affected by the Zika virus – 8 percent say they are “very comfortable” and 24 percent say they are “somewhat comfortable.” In fact, four in ten Americans say they are “not at all comfortable” traveling to places outside the U.S. affected by the Zika virus (41 percent).


Widespread Support for Funding Aimed at Limiting the Effects of Zika


With legislation that would provide additional funding to combat the Zika virus stalled in Congress, the majority of Americans say it is important for government funding aimed at limiting the effects of Zika to include funding for both killing the mosquitos that spread the virus and access to reproductive health services for at-risk women. Nearly six in ten Americans it is “very important” to include funding for killing the mosquitos that spread Zika (57 percent), with an additional 22 percent saying it is “somewhat important.” Only 5 percent say it is “not very” or “not at all” important. In addition, a smaller share but still half of Americans say it is “very important” to include funding for access to reproductive services for at-risk women (49 percent), with an additional 20 percent saying it is “somewhat important.”


Figure 16: Majorities Say Funding for Responses to Zika Outbreak Are Important, Attitudes Vary by Type of Response

Figure 16: Majorities Say Funding for Responses to Zika Outbreak Are Important, Attitudes Vary by Type of Response



There are partisan differences in support for Zika-related funding, with Democrats and independents reporting higher levels of support than Republicans. Majorities of Democrats and independents say the U.S. should invest more money in research on the Zika virus, invest more money to prevent the spread of Zika, and help women in areas in the U.S. with Zika virus outbreaks access reproductive health services. It is worth noting that two-thirds of Republicans support investing more money in research on the virus and investing more money on preventing the spread of Zika in the U.S., but slightly less than half support helping women in areas in the U.S. with outbreaks of the virus access reproductive health services.

















Invest more money in research on the Zika virus73%81%73%68%
Invest more money to prevent the spread of Zika in the U.S.72807266
Help women in areas in the U.S. with Zika virus outbreaks access reproductive health choices and services, including abortion, family planning, and contraception65816546

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Kaiser Health Tracking Poll: June 2016

What millennials are doing right — and wrong — about retirement



More than a quarter of young workers contribute at least 10 percent of their paycheck to their 401(k)s.
More than a quarter of young workers contribute at least 10 percent of their paycheck to their 401(k)s.

(Bloomberg) — Millennials may be overly confident about their investing skills, but many are handling their 401(k)s with savvy, a new study by Wells Fargo Institutional Retirement & Trust suggests.


More than a quarter of younger workers — 28 percent — have at least 10 percent deducted from their paychecks, according to the study. It analyzed the behavior of 4 million employees in the plans the company administers, from 2011 to 2016. Among the older generations, 35 percent of Gen X-ers and 44 percent of boomers were at the 10 percent contribution mark.


Boomers get their own shout-out. If you assume they are the ones earning $100,000 or more, which they likely are, they are the “most improved” group over the study’s five years among those who contribute at least 10 percent. There was a 15.3 percent increase among those making $100,000 or more hitting the 10 percent rate. At the same time, there is a lost opportunity for boomers. Just 7.7 percent of participants 50 and older make the additional $6,000 “catch-up contributions” allowed by the IRS. 




Efforts to get employees to start saving earlier and a widespread trend to auto-enroll employees in retirement plans have helped put more people of all ages in the most popular default investments, target-date funds. These funds are widely diversified and automatically adjust asset allocations between stocks, bonds and other assets based on a person’s age, leading up to a more conservative portfolio at retirement. The survey found that 85 percent of millennials use a managed investment such as a target-date fund, compared with 77 percent of Gen X-ers and 73 percent of boomers. 


“We’re seeing the first generation that had the full, out-of-the-gate use of tools like auto-enrollment and target-date funds, and it’s really getting people into plans early and getting them diversified,” said Joseph Ready, head of Wells Fargo Institutional Retirement & Trust. “Whether they’re astute about the market or not, these things will help people take advantage of, hopefully, longer-term returns from the equity market over the next 35 to 40 years.” 


When younger savers do fiddle with their 401(k) accounts, some of them are making smart tax moves. Sixteen percent of millennials elected to use a Roth 401(k), compared with 12 percent across all generations. Contributions that go into a Roth are after-tax, so starting one when you’re young and in a low tax bracket is a good strategy.


For all that, there’s room for improvement among millennials. If 28 percent are deferring at least 10 percent of their pay, seven out of 10 aren’t. Employers can help by automatically escalating employee contributions each year and doing so at a higher rate. Employers have been concerned about being too aggressive with this strategy, and those that do it typically increase the contribution rate by 1 percent annually.


Wells Fargo’s Ready urges employers that use auto escalation to bump employees up by 2 percent a year to get them up to that 10 percent savings goal faster. Wells Fargo data show that if employers bump the auto-increase rate from 1 percent to 2 percent, there’s no big difference in the rate of employees who opt out of the increase. And it makes a huge difference in how prepared they are to retire, Ready said. 


Employees can take matters into their own hands, of course. Every time a raise or a promotion comes along, make it a point to increase your savings rate, whether through your 401(k) or in a separate savings account. That use of today’s rewards will yield a far more meaningful return tomorrow.


See also:


17 ways to better market to millennials


7 cities that wealthy millennials call home


Generation worried: Gen Xers, millennials report anxiety about retirement savings


 


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What millennials are doing right — and wrong — about retirement

RISK: Global CEOs expect drastic change within three years

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RISK: Global CEOs expect drastic change within three years


Top concerns included customer loyalty and the effects of a sluggish global economy


Staff on June 30, 2016


Business_people_3

The majority of global CEOs expect the next few years to be challenging but are optimistic they will manage through a tough economic environment, a KPMG study has found.

Nearly three quarters (72 per cent) of respondents think the next three years will be more critical to their industry than the previous 50, and 40 per cent plan to significantly transform their operating model in that time frame.


CEOs expect the primarily sources of growth to be new products (28 per cent), followed by new customers (26 per cent), new markets (25 per cent) and new channels (22 per cent).


The study also found


  • Respondents’ top concerns were customer loyalty, how the stagnation of global economic growth could affect their company, and the lack of time to strategically think about disruption and innovation.

  • Respondents’ top priorities were fostering innovation, focusing more on clients, implementing disruptive technology, developing and managing talent, and improving marketing and communications.

  • 41 per cent of respondents think their company will be “a significantly different entity” in three years. Last year, just 29 per cent of CEOs held that view.

 


 



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RISK: Global CEOs expect drastic change within three years

How do I get USDA Approved Prior to Finding a Home?

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Majorities Across Party Lines Support Investing More Money in Zika Research and Preventing the Virus’ Spread

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Democrats More Favorable to ACA in June, Leading to 44% Unfavorable, 42% Favorable Overall Split


Majorities of the public say the United States should invest more money in Zika research and in preventing its spread in this country, the latest Kaiser Health Tracking Poll finds. More than seven in 10 people, including majorities of Democrats, Republicans, and independents, say they support investing in Zika research and to prevent its spread.


About two thirds of the public also support helping women in Zika-affected areas in the U.S. with reproductive health choices and services, which can be important because the virus can be sexually transmitted and has been linked to severe birth defects in babies born to infected mothers. This includes majorities of Democrats and independents, and nearly half of Republicans.


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The poll finds most Americans (85%) have read or heard about the Zika virus. Of this group, relatively few (13%) say that the Zika virus poses a major threat to them personally, while three in four (74%) say the Zika virus poses a major threat to pregnant women.


These perceptions may reflect the public’s uneven awareness about the virus. While about six in 10 (59%) correctly say that the Zika virus is associated with birth defects in babies born to infected mothers, far fewer (13%) know the virus is associated with muscle weakening and paralysis in adults, and only half are aware the virus can be sexually transmitted.


With the virus already widespread in Latin America and the Caribbean, including Rio where the 2016 Summer Olympics will be held, the survey finds that one third of the public (32%) says they would be comfortable traveling to Zika-infected areas outside the U.S.


On the Affordable Care Act (ACA), Democrats moved towards more positive views as the presidential primary season ended, with 71 percent of Democrats reporting a favorable view in June compared to 63 percent in April, and a smaller share holding unfavorable views (16% vs. 25%). As a result, the public this month is almost evenly divided in its overall view of the law, with 44 percent holding unfavorable views and 42 percent holding favorable ones


The public is also split on what they want Congress to do next with the law. About as many people say they want the entire law repealed (33%) or scaled back (11%) as say they want the law expanded (28%) or implemented as is (17%). There are huge partisan divisions on this question, with two thirds of Republicans (66%) wanting to repeal the law entirely, and nearly half of Democrats wanting to expand it (48%).


Those who favor repeal are divided about whether it should be replaced with a Republican-sponsored alternative. This is also true for Republicans, with about three in 10 Republicans (29%) saying that they would like to see the law repealed and then replaced with a Republican alternative, and one quarter saying they would like to see it repealed and not replaced (25%).


The poll also explores how people experience health care costs, including premiums, deductibles, and drug costs.


Large majorities of the public say they have heard or read news about the rising costs of health insurance premiums. However, while those reports have mostly been about marketplace premiums, people are uncertain about who and which plans are affected. Half (52%) say the reports have been about all insurance plans, 16 percent say the reports have been about just employer-sponsored plans, and one in ten (10%) say the news has only been about ACA marketplace plans.


Designed and analyzed by public opinion researchers at the Kaiser Family Foundation, the poll was conducted from June 15-21 among a nationally representative random digit dial telephone sample of 1,201 adults. Interviews were conducted in English and Spanish by landline (420) and cell phone (781). The margin of sampling error is plus or minus 3 percentage points for the full sample. For results based on subgroups, the margin of sampling error may be higher.



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Majorities Across Party Lines Support Investing More Money in Zika Research and Preventing the Virus’ Spread

Want to grab your audience's attention? Talk about them, not you

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Tailoring your presentation to your unique audience can be the difference between a success and a flop.
Tailoring your presentation to your unique audience can be the difference between a success and a flop.

The following is an excerpt from Jock Talk: 5 Communication Principles for Leaders as Exemplified by Legends of the Sports World. 


If you’re wondering how you can check on your own audience-centricity, ask yourself this question and then let the answer help you in your planning and preparation: If an audience member is asked, “What did you think?” what would you want their answer to be?


As an example, when I deliver presentations or workshops at large conferences, my answer to that question would usually be: I want audience members to say, “Wow, I got some great insights and tips that I can put to use right away.”




I could easily deliver a canned “Effective Communications” presentation to every audience, but I always customize. I know my expertise and my material, and I’m always eager to share it, but then I think about each particular audience’s “what’s in it for me?” and I adapt my approach and material accordingly. I always want them to feel that they got something they can use right away.


I have on occasion been asked to speak about myself and my career. Naturally, this stops me dead in my tracks. After all, it’s not all about me, it’s about them. So in addition to what I’d want them to think about my talk, I also ask myself, “What is it about me or my career that could be beneficial or significant to this particular audience? What can I leave them with that might be helpful to them?”


So how do you take a topic that is all about you (or your expertise, your business or your project) and make it all about them?


Very simply, you need to do at least the first two of these three things:


First, know your audience. Even if you’re just making an educated guess, identify your listeners’ unique interests, concerns or biases.


Second, prioritize your content. That means prioritize what you say to them and then prioritize how — in what order, in how much detail — you want to say it. Avoid TMI; that’s presentation buzzkill.


Third, if you can, pinpoint a takeaway — a lesson, a moral of the story, a call to action. This is where some of those presentation catchphrases come in: “Have a big idea.” “Give ‘em the so-what.” “Identify your wow.” These slogans essentially refer to value. Given your topic, what do you have that’s of value to offer to your audience?



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Want to grab your audience's attention? Talk about them, not you

Ga., Calif. Hospitals Sue Blue Cross Plan For Sending ER Reimbursements To Patients

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Blue Cross and Blue Shield of Georgia faces separate lawsuits accusing it of sending reimbursement money for emergency room care directly to patients — and not to the hospital because it isn’t part of the insurer’s network.


That’s costing the hospitals money since patients don’t always turn over the funds, according to the lawsuits, filed by Polk Medical Center in northwest Georgia and Martin Luther King, Jr. Community Hospital in Los Angeles — 2,000 miles apart. Each suit also says some patients have sought to profit from receiving the direct payments for their ER care.


By sending money directly to patients, Polk Medical Center says the insurer forces the hospital to find ways to collect it. Even though patients are obligated to pay the facility the amount sent to them by Blue Cross, in some cases they have spent the money, according to the lawsuit.


The Polk lawsuit said that Blue Cross, in its new payment process, was pursuing “retaliation’’ for the Cedartown, Ga., hospital’s not agreeing to “unreasonable and unfair” terms in order to be part of the insurer’s network. Hospital officials said the payment shift has hurt the hospital financially.


“Blue Cross insures a significant number of individuals in Polk County,’’ said Tommy Manning, the attorney for the Floyd Medical Center system, of which Polk Medical Center is a part.


Manning said that Blue Cross has sent ER payments to patients for several months.


And he said he was unaware of the Los Angeles lawsuit prior to the filing of the Polk complaint.


The lawsuit from Martin Luther King, Jr. Community Hospital alleges that “most of the MLK patients who receive checks from [Blue Cross of Georgia] are unaccustomed to receiving payments in such large amounts. Some of these patients do not know that they are required to endorse those checks over to MLK. Other patients know that they should endorse those checks over to MLK but instead use such funds to pay for their personal expenses. When MLK attempts to collect the amounts from these patients, the money is often spent.”


Emergency DepartmentIn the case of patient “B.G.,’’ the suit alleges that the patient went to the MLK emergency room 11 times between Oct. 19 and March 27 for various ailments, including complaints of chest or back pain. Blue Cross of Georgia paid the patient a total of more than $70,000 for these visits to MLK, according to the lawsuit.


The lawsuit said the practice overall has caused MLK to suffer damages in excess of $350,000.


Blue Cross declined comment on the lawsuits, citing pending litigation.


Patients are protected under federal law when seeking care in hospital emergency rooms. Under the Emergency Medical Treatment and Labor Act (EMTALA), they must at least be stabilized and treated, regardless of their insurance status or ability to pay.


Manning said this month that he’s not aware of any other insurer in Georgia paying the patient instead of the hospital.


At least one other major hospital that is not part of the suits has reported difficulty in getting payments from Blue Cross when it was out of the insurer’s network. Officials at Grady Memorial Hospital in Atlanta said that when it was out of Blue Cross’ network for the four months ending in March 2015, the insurer sent reimbursement payments to some patients and not to Grady.


Daron Tooch, a Los Angeles attorney representing MLK Hospital, said other Blue Cross plans in the United States use similar tactics. The Los Angeles patients worked for a company that has Blue Cross of Georgia coverage, he said. MLK is out of network for the Blue Cross plans in California.


“This is not unique to MLK,’’ said Tooch. “This happens to all out-of-network providers for Blue Cross of Georgia.”


Going after the patients for payment instead of the health plan simply hasn’t worked, attorneys for MLK said. The patients “are typically unable or unwilling to pay MLK for the medical services received,” according to the suit.


Manning agreed. “We will continue to pursue collection with patients, but filing numerous lawsuits would not be fruitful, particularly given that Blue Cross Blue Shield is the party ultimately at fault,” he said.


Asked about the Blue Cross of Georgia payment strategy, the national Blue Cross Blue Shield Association, through a spokesman, declined comment. Clare Krusing, a spokeswoman for America’s Health Insurance Plans, a trade group, said that those types of reimbursement arrangements would vary by plan and by contract. She added that she did not have details on other plans that may do the same.


Paying patients directly is an insurer tool used more commonly in the West, “particularly when non-network facilities are unwilling to negotiate reimbursement related to out-of-network service,’’ said Janet Guptill of the Tatum firm, which provides interim chief financial officers and other executives to health care organizations.


“The insurer takes the position that the provider claim is a private pay issue between the provider and the patient, so the facility has the responsibility to collect the payment from the patient,’’ Guptill said.


Guptill said that when a hospital isn’t in network, its charges for ER and other care tend to be higher than the charges from facilities in the insurer’s network.


For insurers, paying patients directly is “a clever and probably effective tactic,’’ said Chris Kane, a consultant with DHG Healthcare. The hospital, he said, may already be dealing with other collection challenges, including those involving high-deductible health plans.


A hospital attempting to collect the money may end up alienating the patient and thereby discouraging future visits, Kane said.


And patients pocketing the money is another problem, he added. “It’s more troubling if a patient views this as a source of cash.’’


This story was done in partnership with Georgia Health News.


California, Health Industry, Insurance, Syndicate


California, ER, Georgia, Hospitals



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Ga., Calif. Hospitals Sue Blue Cross Plan For Sending ER Reimbursements To Patients

Wednesday 29 June 2016

Alberta develops Uber insurance policy

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Alberta develops Uber insurance policy


Companies that fail to follow the rules can be fined up to $50,000 per offence per day


The Canadian Press on June 29, 2016


Uber

Alberta has rolled out the details on how it will regulate ride-hailing companies such as Uber Canada and TappCar to ensure they are safe for consumers.

The government has developed a type of insurance policy that companies can purchase to cover their drivers as part of the requirements they must meet to operate in the province.


Read: Alberta to create new insurance policy for Uber drivers


The policy, to be available to insurance companies on Friday, is designed to cover drivers from the moment they log onto their company’s mobile app to pick up a customer.


“I think that this is providing a very good approach to ensure the safety of the public and to ensure a level playing field with other car-for-hire types of businesses,” Transportation Minister Brian Mason said Tuesday.


Two insurance companies are expected to offer similar policies for ride-hailing firms later this summer.


A government release said Alberta is the first Canadian province to develop a new insurance policy designed specifically for ride-hailing companies to protect people in the event of an accident.


Read: Taxi/Uber hybrid enters the Edmonton market


The policy would provide up to $2 million in third-party liability insurance, with optional collision or comprehensive coverage.


Drivers must also undergo a detailed police check to ensure they are safe to drive vulnerable people such as seniors, people with disabilities or children, and must obtain a Class 1, 2 or 4 licence.


Alberta-based TappCar, which has about 300 drivers in Calgary and Edmonton, said it supports the government’s policy.


“We applaud the provincial government for putting the safety and security of Albertans first,” company spokesman Pascal Ryffel said in a statement.


“We are particularly pleased that vulnerable sector checks will be written into the legislation.”


Ryffel said TappCar already requires such background checks for drivers.


Read: The insurance side of Toronto’s proposed Uber regulations


Uber, which suspended operations in Edmonton in March and in Calgary last November, said it wants to study the detailed regulations before commenting.


“We recognize the steps taken by the Alberta government and we will be reviewing the newly approved ride-sharing insurance policy and other announced rules,” Jean-Christophe de Le Rue said in a statement.


Mason said the government consulted with ride-for-hire companies, insurance companies and municipalities in developing its plan.


It will be up to the companies to ensure that drivers are up to standard. The firms will face audits to ensure they are complying with the rules.


Companies that fail to follow the rules can be fined up to $50,000 per offence per day.


Alberta’s NDP government passed Bill 16 in the spring as part of an overhaul of its Traffic Safety Act and finalized the details of the regulations this month.


Read: Intact is developing coverage for Uber drivers


When the legislation was introduced, Mason said people who want to use an app to hail a ride-for-hire company need to know that the driver does not have a criminal record, is capable behind the wheel and is covered by insurance if there is an accident.


Mason said he isn’t sure if the details announced Tuesday will lead to more companies operating in Alberta.


“I think this is something that sets a clear floor for what we expect in terms of protecting the public and I will see what happens in the marketplace.”


Read: Calgary mayor apologizes for bashing Uber CEO



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Alberta develops Uber insurance policy

22 inspirational sales quotes

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Everyone has that specific time during the workday when they feel deflated and need to recharge, especially after a difficult call or meeting. People who are in sales or other client-facing business jobs get it.


It’s important during these professional lulls to find the strength to keep sailing.


One way to recharge is to take a break from work by walking outside, laughing a little or seeking inspiration. To help you deal with the lows of the day, we have compiled a list of inspirational — and sometimes funny — sales quotes. These quotes come from best-selling authors, poets, philosophers, renowned speakers and sales coaches. You might also use them during a presentation to get the point across to your audience.





“For every sale you miss because you’re too enthusiastic, you will miss a hundred because you’re not enthusiastic enough.” — Zig Ziglar was an author, motivational speaker and salesman.









“If you are not taking care of your customer, your competitor will.” — Bob Hooey is an international speaker known as the “Idea Man.”









“Treat objections as requests for further information.” — Brian Tracy is a business trainer and author of the best-selling book Psychology of Achievement.









“Obstacles are necessary for success because in selling, as in all careers of importance, victory comes only after many struggles and countless defeats.” — Og Mandino was the author of the best-selling book The Greatest Salesman in the World.









“The best sales questions have your expertise wrapped into them.” — Jill Konrath speaks at sales conferences and is the author of Agile Selling.









“To build a long-term, successful enterprise, when you don’t close a sale, open a relationship.” — Patricia Fripp is a sales team coach and public speaker.









“Most of the important things in the world have been accomplished by people who have kept on trying when there seemed to be no hope at all.” — Dale Carnegie was a writer and lecturer known for the bestseller How to Win Friends and Influence People.









“Remember that failure is an event, not a person. Yesterday ended last night.” — Zig Ziglar was an author, motivational speaker and salesman.









“People don’t ask for facts in making up their minds. They would rather have one good, soul-satisfying emotion than a dozen facts.” — Robert Keith Leavitt, taken from his book Voyages and Discoveries, (1939), Leavitt was an author and copywriter.









“Opportunities are usually disguised as hard work, so most people don’t recognize them.” — Ann Landers was a pen name created by Ruth Crowley for her advice column in the Chicago Sun-Times.









“How you think when you lose determines how long it will be until you win.”  — Gilbert K. Chesterton was a writer, poet and philosopher.









“Today is always the most productive day of your week.” — Mark Hunter is a speaker and sales trainer.









“The secret of man’s success resides in his insight into the moods of people, and his tact in dealing with them.” — J. G. Holland was a novelist and poet known for founding Scribner’s Monthly (later known as Century Magazine).









“Life’s battles don’t always go to the strongest or fastest; sooner or later those who win are those who think they can.” — Richard Bach is a writer of fiction and non-fiction, and author of the best-seller Jonathan Livingston Seagull.









“On any given Monday, I am one sale closer and one idea away from being a millionaire.” — Larry D. Turner is CEO of Roundhouse Advisors Inc., consultant, public speaker and author.









“Try not to become a person of success, but try to become a person of value.” — Albert Einstein was a theoretical physicist.









“Whenever an individual or a business decides that success has been attained, progress stops.” — Thomas J. Watson Jr. was a businessman and philanthropist.









“I like to think of sales as the ability to gracefully persuade, not manipulate, a person or persons into a win-win situation.” — Bo Bennett is a businessman and author of Year to Success.









“The most unprofitable item ever manufactured is an excuse.” — John Mason is an international speaker, minister, coach and author.









“In the South, we tell stories. We tell stories if you’re in a sales position, if you’re in a retail position, you lure your customer by telling a story. You just do.” — Tate Taylor is an actor and screenwriter.









“There’s no lotion or potion that will make sales faster and easier for you – unless your potion is hard work.”  — Jeffrey Gitomer is an author, speaker and business trainer.









“The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.” — Vince Lombardi was a football player, coach and executive in the NFL.


Sources: CPSA.com, Inc.com and SenatorClub.co.


See also:


20 best sales quotes of all time


7 ways to increase your work at home productivity


15 best insurance quotes of all time
















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22 inspirational sales quotes

Dozens of homes damaged in Mississauga explosion

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Dozens of homes damaged in Mississauga explosion


One woman died at the scene and nine people were injured


The Canadian Press on June 29, 2016


explosion_sized

One person is dead and nine others suffered minor injuries in an explosion that levelled one home and damaged at least two dozen others in Mississauga, Ont., west of Toronto.

A Peel paramedic spokesman said Tuesday night that a woman died at the scene and another official said nine people were treated for minor injuries, but none had to be taken to hospital.


Read: Dash cam captures Scarborough house explosion


One house was destroyed by the blast and neighbouring homes show heavy damage, with debris spread over a wide area.


Police officers set up a large perimeter around the destroyed home and went door-to-door evacuating nearby residences.


Mississauga Fire Chief Tim Beckett told a news conference that an “outside perimeter” encompasses 700 addresses and anyone outside that area will not be allowed inside until the all-clear is given.


“We haven’t evacuated that entire perimeter,” explained Beckett. “If people are in there, they’re to shelter in place or make arrangements to leave. Anybody that was outside the perimeter prior to the explosion is not allowed back into the perimeter for purposes of securing the area.”


Beckett said it would likely be Wednesday morning before the size of the cordoned-off area is reduced, adding it was too early to say when all residents would be able to return home.


“It’s going to be a long day tomorrow for investigators and until we deem that area safe for the public, there just won’t be access. I can’t predict if it’s going to be hours, days or weeks at this time.”


Read: Insured losses from Tianjin blasts may exceed $1.5B


Mississauga Mayor Bonnie Crombie said gas and water were shut off to 58 homes in the area and between 50 and 100 people were evacuated.


Crombie said a reception centre was being set up at a nearby community centre, where evacuees would be provided with anything they need, including medications.


“We’re going to encourage all those residents to move into the Burnhamthorpe Community Centre,” Crombie said. `”t’ll be the safest, most comfortable place for them, get them off the street.”


She said any residents with friends or family in the neighbourhood were being urged to seek shelter with them as it “may last more than one night, we don’t know yet.”


“It may have been a blessing that it was 4:23 p.m. and not a little bit later when more people arrived home from work,” Crombie said. “We’re hoping and praying at this time that it’s limited to the one fatality.”


A Peel Region spokeswoman said about 10 families had arrived at the community centre and concerned residents were showing up bringing items they thought the evacuees might need or to offer their help.


Read: What is an explosion?


Beckett earlier said one house was severely damaged due to an explosion, but it was too early to know what caused the blast.


“We have approximately 24 other homes in the area that have damage that ranges from very light damage to extreme damage,” Beckett said.


“We have a large debris field in the area … we’ve totally lost one home so you can just imagine.”


Beckett said a heavy urban search and rescue team from neighbouring Toronto was on the scene to conduct a site assessment. He said the next step would involve shoring and other measures to enable crews to get into the damaged homes.


“We’ve obviously got some residual gas that remains trapped in pockets in some of these damaged homes. We definitely have collapsed homes and unstable homes, so until we can get people in to stabilize these things and shore them up, there’s no human access going into them.


“The area is safe in terms of any other concerns for public safety,” Beckett said when asked if there was a possibility of another explosion.


Peel Regional Police Chief Jennifer Evans said she had no details about the person who was found dead following the explosion.


“We’re in the very initial stages of the investigation,” Evans said. “We have to determine if this is a criminal investigation or if this is an accident.”



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Dozens of homes damaged in Mississauga explosion