- More than two-thirds of Canadians (69 per cent) report that they do not feel “financially healthy” given current economic conditions.
- Almost half (46 percent) expect advice from their bank, but only 29 percent say they actually receive it.
WINNIPEG, MB, October 27, 2022 /CNW/ – In anticipation of Financial Literacy Month, IG Wealth Management (IG) today released a study on Canadians and personal financial planning. According to a study, Canadians feel insecure about their personal finances. However, those who use a financial advisor feel safe and “financially sound” as they navigate the current market conditions.
Research conducted in partnership with Pollara Strategic Insights found that:
- Sixty-nine percent of Canadians say they don’t feel financially healthy due to recent economic conditions.
- Two-fifths (44 percent) say they are getting by financially but could do better.
- Similarly, 44 percent worry that they will not manage their finances properly.
- One-third (31 per cent) of Canadians who do not work with a financial advisor are worried about their financial situation. However, that number drops to just 16 percent among those who work with someone.
“It’s understandable that many Canadians are insecure about their personal finances given everything they’re seeing, whether it’s market volatility, inflation or rising interest rates,” he said. Christine Van Cauwenbergh, Head of Financial Planning at IG Wealth Management. “In many cases, people can be confused about how to navigate the current market conditions. It is not surprising that those who use the advice of a qualified financial advisor do not worry about their situation.”
Lady. Van Cauwenberg In these situations, Canadians noted that working with a financial advisor with the knowledge and experience to ensure they have a holistic financial plan that allows them to review all aspects of their financial world and make better decisions and feel better about themselves. more reliable.
Not all counselors are the same
Lady. Van Cauwenberg also emphasized the importance of assessing that although many financial institutions have staff capable of completing transactions, not all of them provide the full range of financial planning services required, including the ability to provide comprehensive advice.
“When choosing a financial advisor, check their credentials to make sure they have experience in financial planning. Also, make sure they take the time to get to know your personal situation and determine your personal goals before recommending specific products. Some advisors can only provide investment advice, and they starts giving you real investment decisions before asking you too many questions – that’s a flashing red light that’s more concerned with selling you a product than creating a plan that fits your needs.”
In fact, research has found that:
- A fifth (21 per cent) of Canadians go to a retail bank representative for comprehensive financial advice.
- Almost half of Canadians (46 per cent) expect advice about their financial health from where they bank, but only 29 per cent say they receive it.
“Canadians deserve more when it comes to financial advice,” said Msgr. Van Cauwenberg. “It’s important to understand that not all bank representatives are certified financial planners. You may feel uncomfortable going to your financial institution for loan or investment guidance, but you may be missing out on important advice about other aspects of financial planning.”
About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personal financial solutions to Canadians through a network of advisors located across the country. Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has $105 billion in assets advised as the case may be September 30, 2022 and IGM Financial Inc. (TSX: IGM) is a member of the group of companies. IGM Financial is one of Canada leading diversified wealth and asset management companies $238.1 billion in total assets in management and advisory as the case may be September 30, 2022.
About Pollara’s research
This study was conducted with an online sample of 1,500 Canadian adults From September 15 to September 20, 2022. Results from a random sample of this size can be calculated with an accuracy of ±2.4%%, 19 times out of 20. Results were weighted to reflect the Canadian population.
SOURCE IG Wealth Management
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