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Drops in the Bank of Canada rate will not solve housing affordability.
Summary: The Bank of Canada’s interest rate cuts won’t resolve Canada’s housing affordability crisis. Factors such as skyrocketing home prices, unaffordable down payments, and stagnant wage growth are other primary challenges to address. A personal example offered by the author shows how the price of her Toronto home surged over 1,000% from 1983 and 2024 while her wages during the same period rose only 142%. While some see this issue as a consequence of Baby Boomers remaining in their homes, it's more nuanced than that. We have systemic barriers in Canada that necessitate targeted policy changes. It’s time to tackle affordability and implement effective solutions. The Bank of Canada met today, to determine interest rates for the last time this year. They announced a drop of .50 basis points. This is part of a broader effort to stimulate economic growth in Canada, which faces challenges, especially a softening labor market and persistent inflation. Why Should You Care? Interest rates determine how affordable our debt will be and what return we can expect on our savings. Since mortgages represent most consumer debt, interest rates directly impact affordable housing costs, making them very newsworthy. However, interest rates only tell part of the story. When the Bank of Canada lowers its rate, it primarily impacts variable-rate mortgages. These are tied directly to the BoC's overnight rate, so a rate cut can reduce the interest costs on these loans. Homeowners with variable rates would likely see a reduction in their payments, with more of their payments going toward principal rather than interest. People without debt and savings (primarily seniors) will see a drop in their investment returns. In contrast, fixed-rate mortgages, which are not directly tied to the BoC's rate, are influenced more by the bond market, particularly the 5-year government bond yield. The current trend in bond yields suggests that fixed mortgage rates could also decrease over time. Let’s pause here and talk about the affordability of houses and how interest rates are not the reason housing is out of reach for most first-time buyers. A walk down memory lane might offer some perspective. I purchased my first home in the fall of 1983 for $63,500 (insert head shake). I was 27 years old, and before you do the math, yes, I am a Baby Boomer. My first serious (so I thought) live-together relationship had just ended, and I was looking for a place to live. I had finished school and had a good full-time job with Bell Canada. A rental would have been preferred, except I had a dog. Someone suggested that I buy a home. I did not know very much about purchasing real estate or homeownership, for that matter. But I was young and willing to learn. I had been working full-time for two and a half years. During my orientation at Bell Canada, my supervisor told me to sign up for their stock option program. She said I would never miss the money or regret signing up for the plan. She was right. When I purchased my home, there was enough money in my stock account for a down payment and closing costs. My interest rate was a terrifying 12.75%, yielding a mortgage payment of just under $670 monthly. The lender deemed this affordable based on my $18,000 annual wage. Life was good. This was in 1983, when the minimum down payment for a home purchase in Canada was typically 10% for most buyers. However, a lower down payment could be possible with mortgage insurance (provided by organizations like Canada Mortgage Housing Corporation (CMHC), which allowed buyers to put down as little as 5%, provided they qualified for insurance. This was commonly available for homes under $150,000, with stricter terms for higher-priced homes. If you had a higher down payment of 25% or more, mortgage insurance wasn't required, and you could avoid extra costs associated with insured mortgages. This was part of broader efforts by the government to make homeownership more accessible, especially amid the high interest rates of the time. So let's do the math. Circa 1983 I first needed to prove that I had saved $3,175 in down payments and $953 in closing costs for $4128. In the 2.5 years I worked at Bell Canada, I saved $4,050 (including Bell Canada’s contribution) in stocks. I also had another $5,000 in my savings account. $9,000 was enough to complete the transaction and leave me with a healthy safety net. Fast forward to 2024 Let’s compare what the same transaction would look like today. Using the annual housing increase cited on the CREA website, the same house would be valued at approximately $700,000 today. Interest rates are much lower today, at 4.24%, yielding a mortgage payment of $3,545. 1. The down payment rules have changed. For the first $500,000, The minimum down payment is 5%. 5% X 500,000=25,0005\% \times 500,000 = 25,0005% X 500,000 = $25,000 2. The minimum down payment for the portion above $500,000 is 10%. 10% X (700,000−500,000) = 20,00010\% \times (700,000 - 500,000) = 20,00010% X (700,000−500,000) = $20,000 3. Total minimum down payment: 25,000+20,000 =4 5,00025,000 + 20,000 = 45,00025,000+20,000 = $45,000 Thus, the minimum down payment for a $700,000 home is $45,000. Here is the comparison: 1983 Scenario 2024 Scenario Variance Purchase Price: $63,500 $700,000 up 1002% Down Payment: $3,175 $45,000 up 1317% Loan Amount: $60,325 $655,000 up 986% Interest Rate: 12.75% 4.24% down 200% Monthly Mortgage Payment: $670 $3,545 up 429% Wage: $18,000 $43,500 up 142% Gross Debt Service Ratio: 44.6% 97.8% up 119% Time to Save for Down payment: 2 years 12.4 years up 520% *Please note that this example does not include mortgage insurance The real problem As you can see, housing was much more affordable for me in 1983 and far from cheap in 2024. During the past 41 years, wages have increased by 142%, yet interest rates have dropped by 200%. But the most significant impact on affordability has been the over 1,000% increase in housing prices. So why is all the focus on interest rates? At the risk of oversimplifying a complicated issue, I believe the media often uses interest rates as a "shiny penny" to capture attention, diverting focus from deeper housing affordability issues. This keeps the spotlight on inflation and monetary policy, aligning with economic agendas while ignoring systemic problems like down payment barriers and the shortage of affordable homes. Indeed, a movement in interest rates often has an immediate and noticeable impact on borrowers' affordability, making it a hot topic for news and policymakers. However, the frequency and consistency of the Bank of Canada meetings on interest rates give the impression that rates are the primary issue, even though they are just one part of a complex system. For example, even if the Bank of Canada dropped interest rates below zero, it would do little to solve today’s homeownership affordability issue. The real problems: 1. Down Payment Challenges: With housing prices skyrocketing, the 5%- 20% down payment required has become insurmountable for many, particularly younger buyers. High rents, stagnant wage growth relative to home prices, and rising living costs make saving nearly impossible. 2. Lack of Affordable Starter Homes: Due to profitability and zoning restrictions, housing developments often prioritize larger, higher-margin homes or luxury condos over affordable single-family starter homes. 3. Misplaced Generational Blame: Blaming Baby Boomers for "holding onto homes" oversimplifies the issue. They are staying put due to limited downsizing options, emotional attachments, or the need for housing stability in retirement, not a desire to thwart younger generations. 4. Political Challenges: Addressing structural issues like zoning reform or incentivizing affordable housing construction requires political will and collaboration, which can be slow and contentious. A broader lens is needed to understand and address the actual barriers to home ownership. Interest drops are merely a band-aid solution that misses the central issue of saving a down payment. The suggestion that we have an intergenerational issue needs to be revised. The fact that Baby Boomers are holding on to their homes should not surprise anyone. However, Real Estate models that predicted copious numbers of Baby Boomers selling their homes to downsize got it wrong. Downsizing was a concept conceived in the 1980s. Unfortunately, it did not account for record-setting home price increases or inflation, leaving it undesirable for today’s seniors. Although this is a complex issue, a few suggested solutions are worth exploring. What can be done? Focus on Policy Innovations: To create housing, increase supply, curb speculative investments, and provide targeted assistance for builders to build modest starter homes. To create rentals, homeowners should also receive income tax incentives to build Accessory Dwelling Units (ADUs). These could be used as affordable rentals or to house caregivers for senior homeowners. Today, The federal government announced a doubling of its Secondary Suite Loan Program, initially unveiled in the April 2024 budget. This is a massive step in the right direction. To create down payments, adopt a policy allowing first-time home buyers to avoid paying tax on their first $250,000 of income. Then, they could use the tax savings as a down payment. Focus on Education and Advocacy: Include a warning that helps consumers understand that withdrawing from RSPs results in a significant loss of compound interest related to withdrawals and how this can harm income during retirement. Encourage early inheritance to create gifted down payments. Normalize the concept by emphasizing the benefits to the giver and the receiver. Educate the public on using financial equity safely and create down payments as an early inheritance for their heirs. This will shift the conversation and initiate an intergenerational transfer of wealth that empowers the next generation to own a home. The Bottom Line While the Bank of Canada interest rate cut may ease some financial strain for homeowners with variable-rate mortgages, it will do little to address the core issue of housing affordability. The media's fixation on interest rates as a "shiny penny" distracts from more profound systemic barriers, such as the inability to save for a down payment and the lack of affordable housing stock. These challenges require targeted policies, structural reforms, and intergenerational collaboration to be tackled effectively. The focus must shift from short-term rate adjustments to long-term solutions that prioritize accessibility and affordability in housing. Without meaningful action, homeownership will remain out of reach for many, perpetuating the cycle of financial inequity across generations. Dont't Retire... Re-Wire! Sue
New study shows alarming rate of potential species extinction due to climate change
A recent study authored by the University of Connecticut's Mark Urban found that close to one third of species across the globe would be at risk of extinction by the end of the century if greenhouse gases continue to increase at current levels. His study, published in the journal Science, looked at more than three decades of biodiversity and climate change research. The findings are alarming. The study found that if global temperatures rise to 2.7 degrees Fahrenheit (1.5 degrees Celsius) above the pre-industrial average temperature, exceeding the target of the Paris Agreement, extinctions would rapidly accelerate — especially for amphibians; species in mountain, island and freshwater ecosystems; and species in South America, Australia and New Zealand. Earth has already warmed about 1.8 F (1 C) since the Industrial Revolution. Climate change causes shifts in temperatures and precipitation patterns, altering habitats and species interactions. For instance, warmer temperatures have caused monarch butterfly migration to mismatch with the blooming of plants they pollinate. Many animal and plant species are shifting their ranges to higher latitudes or elevations to follow more favorable temperatures. While some species might adapt or migrate in response to changing environmental conditions, some can't survive the drastic environmental changes, resulting in population declines and sometimes extinction. Global assessments have predicted rising extinction risks for over a million species, but scientists have not clearly understood how exactly this growing risk is linked to climate change. The new study, published Thursday (Dec. 5) in the journal Science, analyzed over 30 years of biodiversity and climate change research, encompassing over 450 studies of most known species. If greenhouse gas emissions are managed in accordance with the Paris Agreement, nearly 1 in 50 species worldwide — an estimated 180,000 species — will be at risk of extinction by 2100. When the climate model's temperature is increased to a 4.9 F (2.7 C) rise, which is predicted under current international emissions commitments, 1 in 20 species around the world would be at risk of extinction. Hypothetical warming beyond this point makes the number of species at risk rise sharply: 14.9% of species were at risk of extinction under a 7.7 F (4.3 C) warming scenario, which assumes high greenhouse gas emissions. And 29.7% of all species would be at risk of extinction under a 9.7 F (5.4 C) warming scenario, a high estimate, but one that is possible given current emissions trends. The increase in the number of species at risk increases steeply beyond the 1.5 C warming target, study author Mark Urban, a biologist at the University of Connecticut told Live Science. "If we keep global warming to below 1.5 C, in accordance with the Paris Agreement, then the [extinction] risk from today to 1.5 C is not a large increase," Urban said. But at a 2.7 C rise, the trajectory accelerates. Species in South America, Australia and New Zealand face the greatest threats. Amphibians are the most threatened because amphibians' life cycles depend heavily on weather, and are highly sensitive to shifting rainfall patterns and drought, Urban said. Mountain, island and freshwater ecosystems have the most at-risk species, likely because these isolated environments are surrounded by inhospitable habitats for their species, making it difficult or impossible for them to migrate and seek more favorable climates, he added. Limiting greenhouse gas emissions can slow warming and halt these growing extinction risks, but understanding which species and ecosystems are most affected by climate change can also help target conservation efforts where they're needed most. Urban hopes the results have an impact on policymakers. "The main message for policymakers is that this relationship is much more certain," Urban said. "There's no longer the excuse to do nothing because these impacts are uncertain." December 5, 2024 - Live Science This is an important topic, and if you're a journalist looking to learn more, we can help. Mark Urban is an international award-winning scientist; a professor of ecology and evolutionary biology and the Arden Chair Ecology & Evolutionary Biology at UConn; and a global expert on climate change impacts on nature. He is available to speak with media - simply click on his icon now to arrange an interview today.
Humans have long taken inspiration from the natural world. From the indigenous cultures of the world who understand and utilize the properties of plant and animal products, to Leonardo da Vinci’s “flying machine” sketches inspired by his observations of flying birds, humankind has often looked to nature to help solve its problems and drive innovation. With rapid scientific advancements of the 19th and 20th centuries, and the exponential growth of sustainability practices over the last quarter century, the concepts of bio-inspired design and biomimicry have been increasingly pursued across myriad disciplines of study and implementation. Alyssa Stark, PhD, associate professor of biology at Villanova University, is one of the “boots-on-the-ground” researchers in pursuit of nature’s solutions to human problems. She recently took the time to chat with us about these fields, her research interests and the future of biomimicry. Villanova PR: We sometimes hear the terms “bio-inspired design” and “biomimicry” used interchangeably. Are they the same concept? Alyssa Stark: I see those as two different things. Bio-inspired design is when we are looking at an organism and see that it’s doing something that we want to emulate as humans. I work with animals that have unique adhesive properties. I ask questions like: Can we see that? Can we build it? Can we transfer that information, those ideas, those principles – it could be chemistry, physics, biological structure – and make something useful for us? That is also true with biomimicry, but the big difference for me is that we're keeping in mind the sustainability components. The natural world is not polluting. If we're using this biomimicry lens, how do we learn from nature to make products or solve problems in a sustainable way, keeping in mind the specific environment in which we are located? As an example, we wouldn't use a heavy water process if we were in the Arizona desert, instead we should look to our immediate surroundings to solve problems. PR: It seems the work going on in this field really takes a unique level of interdisciplinary collaboration. What types of different professionals are working in biomimicry? AS: It really pulls together biologists, engineers, physicists, chemists, even design artists and businesspeople. I've worked with a lot of different businesses that want to have sustainability in their company at broad levels by using biomimicry. They are not motivated by making a cool product, but realizing it actually saves them money if they think about their whole company in a biomimetic perspective. There are people who work on the social side of biomimicry, helping these companies completely restructure themselves to be more efficient and more time and money sensitive, without ever making a product. But of course, products are a huge part of it, too. And to make that happen, all of those professions, and more, are vital and active in this space. PR: In terms of products, what are some of the most successful examples of biomimetic designs being implemented? AS: A classic one is a building in Africa that doesn't have any air conditioning units because it has a series of vents like a termite mound. Or the bullet train being shaped like a kingfisher’s beak. One scientist found that whales have bumps on their fins, which you might think is not hydrodynamic. But as it turns out, it actually cuts through water more efficiently by creating little vortices. This concept was then applied to wind turbines. There are many examples of biomimicry actually working and being used. My mind is blown when I talk to an artist or designer about biomimicry because it's just wild the way they think. PR: Where does your overall work as a biologist fit into the world of biomimicry? AS: My hard science work is very much functional morphology – shape and structure of things and how they function. That includes behavior and their organismal interaction with the environment. I ask questions like: How do their structures function and perform? How sticky are they? How fast are they? How do they behave in their environment? What happens if they hit different challenges in their environment? My work kind of naturally fits well with biomimicry, especially for product development. I observe the natural world and then I start testing questions and predictions that I have about it, like figuring out how the heck this ant is sticking to this wet leaf. My results can then be applied directly. We have to first understand how these organisms work, and then others can run with it to try to put it to use. PR: What organisms do you work with and what about them are you studying? AS: I mostly study geckos, ants, and sea urchins and I just started working with some coral, looking at why some coral undergo bleaching, and some don’t. With sea urchins, we're also figuring out where their incredibly hard teeth are mineralized so we can understand it enough to try to mimic it. I like playing in that zone, because it still provides me a chance to do the hard science, but also talk to engineers and others and provide them information. With geckos, what I kind of broke open with my PhD thesis was that they have an adhesive that works in wet environments. Having a reusable adhesive that can work on skin, especially in the medical world, is a big problem and where most of my research lies. Think of a bug that you can’t pry off, but then it suddenly runs. How do these organisms move with such sticky feet? Figuring out how to make a reusable adhesive that doesn’t get dirty and can handle all these different environments is a difficult problem to solve. PR: How do you see this field evolving, especially as we strive for a greener, more sustainable future? AS: I would say the next step is the social levels of these big ecosystems. How do we build a city that functions like a rainforest or like a coral reef? Not just a product, but how do we actually shape our world by taking behaviors, processes, or systems that we see in the natural world to help us? Look at a pride of lions and their hierarchy, or what kind of feedback loops are there in an ant colony that allow them to give information back to their colony members quickly and share resources. I think that is the future of this field, and it’s an exciting future. *To learn more about Dr. Stark’s research and the field of biomimicry, click here to listen to a recent episode of NPR’s science show, “The Pulse.”
Maureen Leffler, D.O., Named ChristianaCare’s Chief Wellbeing Officer
Maureen “Mo” Leffler, D.O., MPH, has been appointed chief wellbeing officer of ChristianaCare, effective Nov. 25. In her role, Leffler leads the ChristianaCare Center for WorkLife Wellbeing and strategies to enhance the professional fulfillment and well-being of ChristianaCare’s nearly 14,000 caregivers, overseeing advocacy programs and initiatives to optimize their experience and foster a culture of well-being throughout the organization. She works closely with leaders across key departments to address factors impacting caregiver well-being. Leffler most recently served as the inaugural chief wellbeing officer at Nemours Children’s Health, where she helped the organization to achieve the 2022 Joy in Medicine distinction from the American Medical Association for prioritizing proven efforts to enhance the professional fulfillment of physicians. There, she established a Center for Associate Wellbeing; led the first systemwide assessment to strategically address well-being and burnout; and implemented a peer support program and expanded the scope of resources available to support the emotional and mental health needs of employees. In collaboration with organizational leaders, she supported targeted clinical team assessments and systems-based interventions to foster well-being. Prior to this role, Leffler served as a pediatric rheumatologist at Nemours and as an assistant professor of pediatrics in the Division of Rheumatology at Thomas Jefferson University. Since 2017, Leffler has served as the course director of the Chief Resident Leadership Training Program for the Accreditation Council for Graduate Medical Education (ACGME). In response to the COVID-19 outbreak, she co-chaired ACGME’s National Task Force on Well-Being. She and her team developed a national graduate medical education well-being community, which she continues to convene, to understand the evolving challenges and share strategies to improve well-being. She represents the ACGME as a coach for the National Academy of Medicine Action Collaborative on Clinical Well-Being and Resilience. She also serves as a consultant to the Professional Satisfaction team at the American Medical Association. Leffler earned her medical degree from the Philadelphia College of Osteopathic Medicine, followed by a residency in pediatrics at Nemours and Thomas Jefferson University Hospital, where she served as chief resident. She subsequently trained in pediatric rheumatology at Nemours and Jefferson. She also earned a Master of Public Health from Temple University and studied chemistry at St. Joseph’s University. Recently, Leffler completed the Georgetown Executive Leadership Certification Program.
ChristianaCare Will Establish New Health Care Campus in Aston, Delaware County, Pennsylvania
ChristianaCare has announced that Aston, PA will be the location for its next health care campus that will feature a neighborhood hospital and a health center. This is one of two facilities that ChristianaCare plans to open in Delaware County, as announced in February 2024. The hospital will be built in partnership with Emerus Holdings, Inc., the nation’s leading developer of neighborhood hospitals. The ChristianaCare Aston Campus, located at 700 Turner Industrial Way, is expected to open in the second half of 2026. The site was chosen based on a market assessment of historical and projected demographic data and health care service availability as well as a consumer survey, community input and feedback from elected officials and business leaders. The study identified gaps in health care accessibility, concluding that Aston would be an ideal location for a health campus. “We are thrilled to be bringing high quality health care services to our neighbors in Aston in Delaware County,” said Jennifer Schwartz, chief strategy officer at ChristianaCare. “Our goal is to make access to health care easy, convenient and close to home in a way that is sustainable and right-sized to meet the needs of the local community.” The neighborhood hospital will operate 24/7 with approximately 10 inpatient beds and an emergency department. The emergency department will treat common emergency care needs such as falls, injuries, heart attacks and strokes. The hospital will also provide diagnostic capabilities, including ultrasound, computed tomography (CT), X-ray and laboratory services. In addition to on-site staff, the hospital will benefit from access to virtual consults — such as neurology and cardiology — to support safe and effective care. ChristianaCare will add a health center on the second floor of the hospital offering outpatient services. These services will be developed based on community needs and are expected to include primary and specialty care practices plus an array of other clinical services. The announcement comes as construction is already under way on ChristianaCare’s first Pennsylvania neighborhood hospital, in West Grove, nearby in southern Chester County, which is projected to open mid-2025. Together, these three new campuses represent a new layer of care coming to southeastern Pennsylvania. ChristianaCare has been providing health care services to the residents of southeastern Pennsylvania for many years. Today, ChristianaCare offers primary care in three Chester County practices that are located in Jennersville, West Grove and Kennett Square. In addition, Concord Health Center in Chadds Ford, Delaware County, provides a wide array of services, including primary care, women’s health, sports medicine, behavioral health and more. Combined, ChristianaCare is now the medical home for 25,000 residents in these communities.
Study: Intuitive introverts lead the most successful teams
An unwritten law of leadership states the loudest voices in the room are not always the wisest. Some of history’s most notable and successful leaders were known introverts who wrangled loads of information for sizable teams: Abraham Lincoln, Bill Gates and Oprah Winfrey, to name a few. New research from the University of Delaware found introverted leaders who rely on intuition to handle this large bundle of information lead the most successful teams. The research, co-authored by professor Dustin Sleesman, explored the concept of intuition and when it's helpful for leaders who are in charge of large teams. Sleesman and his co-authors from Michigan State University studied more than 3,000 U.S. Air Force captains at a military base in Alabama. As part of their leadership training, the captains participated in a team-based battlefield simulation, which gave the researchers an opportunity to observe and analyze their behavior. Sleesman and his co-authors accurately predicted that teams performed better when their leaders were armed with high amounts of information. But they made two interesting findings they didn't expect: • Introverted leaders led more successful teams when intuitively handling large amounts of information. • Intuitive leaders, in general, led more successful teams when they had to handle a lot of information. "Introverted people tend to be more reflective, more introspective, they tend to be more observational than extroverted leaders," Sleesman said. "So pairing intuition with introversion tended to be very effective for team performance." Sleesman, an associate professor of management in UD's Lerner College of Business & Economics, studies the psychology of decision-making, negotiation and conflict resolution, as well as team effectiveness. To set up an interview, click on the link below.
ExpertSpotlight: Origins and History of Santa Claus
Santa Claus, the beloved figure at the heart of modern Christmas celebrations, has a rich history rooted in centuries of global tradition and folklore. His story originates from Saint Nicholas, a 4th-century bishop known for his generosity, and has evolved over time through cultural influences from Europe to North America. Santa's transformation into the jolly, red-suited icon we recognize today reflects not only the blending of mythologies but also the commercialization and globalization of Christmas. Understanding Santa’s origins offers valuable insights into cultural exchange, religious traditions, and societal values. Key story angles of interest include: The historical figure of Saint Nicholas and his influence on Santa Claus How Scandinavian folklore shaped Santa's association with winter and gifts The commercialization of Santa Claus in 19th and 20th-century America Depictions of Santa across cultures, from Europe’s Sinterklaas to Russia’s Ded Moroz The role of advertising, particularly Coca-Cola, in shaping Santa’s modern image Santa Claus as a symbol of generosity and its implications for holiday consumerism Connect with an expert about the Origins and History of Santa Claus: To search our full list of experts visit www.expertfile.com
The social media platform TikTok is on the verge of a U.S. ban—unless it can be stopped by President-elect Donald Trump. The policy will take effect on January 19, requiring that TikTok find a U.S. parent company or face a ban in the United States. This comes after concerns about user data falling into possession of the Chinese government and fears that they could use TikTok to spread misinformation. Derrick Green, communication expert at Cedarville University, has spoken about the motive behind this ban and why Trump may reverse it. Here are three key points from his recent interview: Trump has pointed out that he would not let TikTok be banned, if elected as president. How could he actually implement this and block this ban from taking effect? The President-elect used TikTok as a part of his campaigning strategy and found success on the app, this coming after he proposed to ban it in 2020. Did his use of TikTok influence his desire to save the app? The proposed ban of TikTok was based on national security and the mental health of young people in the United States. If TikTok was shut down in the United States, what would the effects be? If you are a journalist covering the TikTok ban or the effects of social media, our experts are here to help with all of your questions and stories. Derrick Green is the Chair of the Department of Communication at Cedarville University. Green is available to speak with the media regarding digital media and its effects. Simply click on his icon or email mweinstein@cedarville.edu to arrange an interview.
The new device is designed to reduce the risk of injuries when medicines being delivered into a vein enter the surrounding tissues It detects this problem at the earliest stages, before it is visible to the human eye The project is being supported by SPARK The Midlands at Aston University, a network to support technology development for unmet clinical needs. Clinicians at Birmingham Women’s and Children's NHS Foundation Trust (BWC) have joined with academics at Aston University to create an innovative sensor to reduce the risk of injuries caused when drugs being delivered into a vein enter the surrounding tissue. This complication, called extravasation, can cause harm and, in the most severe cases, life-changing injuries and permanent scarring. It happens most often when infusing medicines into peripheral intravenous (IV) devices, such as a cannula, but can also occur when infusing into a central venous access device. By joining together, BWC and Aston University are combining clinical, academic and engineering expertise to create a sensor that can detect extravasation at its earliest stages. Karl Emms, lead nurse for patient safety at BWC, said: “We've done lots of work across our Trust that has successfully reduced incidents. While we've made fantastic progress, there is only so much we can do as early signs of extravasation can be difficult to detect with the human eye. “The next step is to develop a technology that can do what people can't - detection as it happens. This will make a huge impact on outcomes as the faster we can detect extravasation, the less likely it is that it will cause serious harm.” The focused work to date addressing the issue has recently been recognised by the Nursing Times Awards 2024, winning the Patient Safety Improvement title for this year. This new project is supported by SPARK The Midlands, a network at Aston University dedicated to providing academic support to advance healthcare research discoveries in the region. SPARK The Midlands is the first UK branch of Stanford University's prestigious global SPARK programme. It comes as a result of Aston University’s active involvement in the delivery of the West Midlands Health Tech Innovation Accelerator (WMHTIA) – a government-funded project aimed at helping companies drive their innovations towards market success. The SPARK scheme helps to provide mentorship and forge networks between researchers, those with technical and specialist knowledge and potential sources of funding. SPARK members have access to workshops led by industry experts, covering topics such as medical device regulations, establishing good clinical trials, and creating an enticing target product profile to engage future funders. Luke Southan, head of research commercialisation at Aston University and SPARK UK director, said: “I was blown away when Karl first brought this idea to me. I knew we had to do everything we could to make this a reality. This project has the potential to transform the standard of care for a genuine clinical need, which is what SPARK is all about.” Work on another potentially transformative project has also begun as the team are working to develop a medical device that detects the position of a nasogastric feeding tube. There is a risk of serious harm and danger to life if nasogastric tubes move into the lungs, rather than the stomach, and feed is passed through them. Emms explained: “pH test strips can usually detect nasogastric tube misplacement, but some children undergoing treatment can have altered pH levels in the stomach. This means this test sometimes does not work. “A medical device that can detect misplacement can potentially stop harm and fatalities caused by these incidents.” SPARK will bring together engineers, academics and clinicians for both projects to develop the devices for clinical trial, with a goal of the technologies being ready for clinical use in three to five years. Southan said: “BWC is one of our first partners at SPARK and we're really excited to work with them to make a vital impact on paediatric healthcare in the Midlands and beyond." Notes to editors About Aston University For over a century, Aston University’s enduring purpose has been to make our world a better place through education, research and innovation, by enabling our students to succeed in work and life, and by supporting our communities to thrive economically, socially and culturally. Aston University’s history has been intertwined with the history of Birmingham, a remarkable city that once was the heartland of the Industrial Revolution and the manufacturing powerhouse of the world. Born out of the First Industrial Revolution, Aston University has a proud and distinct heritage dating back to our formation as the School of Metallurgy in 1875, the first UK College of Technology in 1951, gaining university status by Royal Charter in 1966, and becoming the Guardian University of the Year in 2020. Building on our outstanding past, we are now defining our place and role in the Fourth Industrial Revolution (and beyond) within a rapidly changing world. For media inquiries in relation to this release, contact Helen Tunnicliffe, Press and Communications Manager, on (+44) 7827 090240 or email: h.tunnicliffe@aston.ac.uk About Birmingham Women’s and Children’s NHS Foundation Trust Birmingham Women’s and Children’s NHS Foundation Trust (BWC) brings together the very best in paediatric and women’s care in the region and is proud to have many UK and world-leading surgeons, doctors, nurses, midwives and other allied healthcare professionals on its team. Birmingham Children’s Hospital is the UK’s leading specialist paediatric centre, caring for sick children and young people between 0 and 16 years of age. Based in the heart of Birmingham city centre, the hospital is a world leader in some of the most advanced treatments, complex surgical procedures and cutting-edge research and development. It is a nationally designated specialist centre for epilepsy surgery and also boasts a paediatric major trauma centre for the West Midlands, a national liver and small bowel transplant centre and a centre of excellence for complex heart conditions, the treatment of burns, cancer and liver and kidney disease. The hospital is also home to one of the largest Child and Adolescent Mental Health Services in the country, comprising of a dedicated inpatient Eating Disorder Unit and Acute Assessment Unit for regional referrals of children and young people with the most serious of problems (Tier 4) and Forward Thinking Birmingham community mental health service for 0- to 25-year-olds. Birmingham Women’s Hospital is a centre of excellence, providing a range of specialist health care services to over 50,000 women and their families every year from Birmingham, the West Midlands and beyond. As well as delivering more than 8,200 babies a year, it offers a full range of gynaecological, maternity and neonatal care, as well as a comprehensive genetics service, which serves men and women. Its Fertility Centre is one of the best in the country, while the fetal medicine centre receives regional and national referrals. The hospital is also an international centre for education, research and development with a research budget of over £3 million per year. It also hosts the national miscarriage research centre – the first of its kind in the UK - in partnership with Tommy’s baby charity. For interview requests please email the Communications Team on bwc.communications@nhs.net
The Great Trillion Dollar Wealth Transfer
Summary: Between now and 2026, over $1 Trillion of wealth will move from Canadian Baby Boomers to younger generations. Dubbed the “Great Wealth Transfer,” this change is underscored by a cultural shift toward “giving while living,” where seniors are motivated to share their wealth during their lifetimes, driven by factors including personal satisfaction, rising costs for younger generations, and tax efficiency. These shifts in wealth highlight the importance of open, informed Intergenerational conversations and the need for trusted financial advice to manage this transfer effectively. However, it risks widening wealth gaps between the haves and have-nots. Better financial literacy, tax planning, and a better understanding of real estate’s role in estate planning and wealth management are essential for ensuring equity and sustainable financial legacies. What it Means • The Largest Transfer of Wealth Is Happening Now: Between now and 2026, over $1 Trillion of wealth will move across multiple generations from Canadian Baby Boomers to their GenX and Millennial heirs. • A Culture Shift is Happening: Older Canadians are now, more than ever, “giving while living.” They actively want to share their wealth with younger family members while still healthy. In many families going forward, you won't hear that familiar phrase, "Hey Gram, Stop Spending My Inheritance!" • We aren't fully prepared for this shift: Families need informed, intergenerational conversations among themselves and with trusted financial advisors. They also need to better understand how some of their more significant assets, such as real estate, can provide tax-efficient ways to unlock and share wealth with younger family members. Boomers are sharing their wealth while they still have their health. Many Canadians have joined the growing trend of “giving while living.” This trend is not only changing societal norms but is also spreading like wildfire. The current economic climate, with out-of-reach housing prices coupled with Boomers wanting to witness the impact of their financial gifts, makes for a perfect storm. This storm, valued at 1 trillion dollars, could rebalance the distribution of wealth for many fortunate beneficiaries. Let’s explore what is motivating the Baby Boom generation in Canada to leave a living inheritance to a younger generation: 1. Psychological Reasons: Many seniors want to help their children or grandchildren with significant expenses such as education or home purchases. This provides a gratifying sense of pride. The logic is that they (children or grandchildren) will eventually get their money, so why not give it to them now when they need it the most? 2. Economic Reasons: Some parents or grandparents feel compelled to step in and help financially as they see their adult children and grandkids struggling. It may be to help fund education or to pay off debt such as a student loan. The burden of debt often delays other decisions, such as having children, traveling, or saving for a down payment on a first home or a bigger home to accommodate a larger family. And the price of homes today is well beyond the means of the younger generation, even without student debt. 3. Personal Reasons: Older Canadians often find joy in seeing their financial contributions positively impact their loved ones during their lifetime. Sometimes, there are some less conspicuous motivators as well. Improving their children’s financial situation may entice them to have precious grandchildren, or providing financial assistance could allow the gift giver to have a say on how the money is spent—something they would have less control over if they were deceased. 4. Tax Savings: Distributing wealth while alive can reduce the size of an estate and minimize probate fees. And with the popularity of RESP's and TFSA's there are options to gift or contribute to these plans that may offer tax advantages. And some seniors aim to avoid conflicts by distributing assets directly, ensuring clarity and fairness. 5. Cultural Reasons: Traditional notions of inheritance and family values are evolving. Many Baby Boomers see their wealth as a tool to uplift and empower their families while they are alive and are able to counsel their families on preserving and spending the money wisely. This is an opportunity for seniors to create a legacy while alive. Sharing wealth can bring a sense of purpose, gratitude, and connection. For many, it’s an opportunity to strengthen family bonds and pass on values like generosity, financial literacy, and responsibility. Impact • A Wider Wealth Gap: This transfer of wealth could have a significant impact by increasing the income disparities between the haves and have-nots. According to figures from the Canadian Professional Accountants Association, at the end of 2022, the wealthiest families in Canada (the top 20 percent) accounted for two-thirds of the country’s net worth, while the bottom 40 percent accounted for just 2.6 percent. In this latest economic cycle of soaring inflation and growing credit card debt, the net worth of Canada’s least wealthy households is suffering. And while we’ve seen recent increases in capital gains taxes, more changes from the federal government will likely be required to bridge this wealth divide. • The Need for Honest Intergenerational Conversations. Let’s face it: having a transparent conversation with family members about death and money is awkward. But post-pandemic, we’re seeing more seniors looking closely at their financial and estate plans to see what they can do to pass on wealth to deserving and often younger family members. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." • The Need for Trusted Advisors. For many of these younger beneficiaries lucky to receive this generational transfer, having a clear financial plan that extends to informed tax strategies will be vital. The entire community, from financial planners to accountants, lawyers and mortgage brokers, have a lot of work ahead of them, according to the research. A recent Ipsos Reid study suggests Canadians are primarily unprepared to manage their inherited money. The Ipsos poll (conducted on behalf of RBC Insurance) reveals that 61 percent of Canadians don’t feel knowledgeable about (or haven’t even heard of) the probate process or the process to establish the validity of a will, and 57 percent don’t know that specific insurance policies can mitigate estate tax burden. • Improved Financial Literary for All Ages. Conversations about money also need to extend to better discussions about how significant assets such as real estate holdings contribute to wealth. For instance, given a considerable proportion of many family estates are related to real estate and more seniors are looking to “Age in Place” at home, seniors and their adult children must understand various financial strategies, such as equity lending, that can give seniors the financial freedom to age in place while giving them the cashflow to help younger family members while reducing potential tax burdens. Getting to know the impact of one’s gifts has its practical advantages in addition to the karma generated. Whether it’s to help a family member buy their first home, pay down college debt or start a business, these gestures can be transformative for other family members and very satisfying for seniors. As the saying goes, "you can’t take it with you." The Bottom Line One thing is certain. This is an infrequent event, which, over the next few years, will benefit many. Much is on the line for families, the financial industry, and our government. We should expect to see more discussions on tax reform and addressing wealth disparities to ensure social stability and economic growth. And it will require the financial industry to adapt in a number of ways. For instance, how should we account for these demographic shifts and potentially longer lifespans in our guidelines and how we work with clients? I also hope we see more open and honest discussions about family legacy and financial literacy/education, which play a significant role in preparing the next generation to handle inherited wealth responsibly. As I continue research for my upcoming book, I'm looking closer at demographic trends, gaps in financial literacy, to how our industry needs to work better with Seniors in a way that recognizes these emerging cultural and economic shifts. I'd like to know what you think. Drop me a line in the comments, or reach out to me directly at our new website - www.retirewithequity.ca Don't Retire...Re-Wire! Sue
