Canadians Seeking Advice Report Greater Financial Confidence, Poll Finds

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Conversely, only 60% of those who had not consulted a planner had the same confidence.

As for the longer-term picture – considering when and how individuals would retire, for example – 80% of Canadians who had sought advice expressed confidence, compared to 57% of Canadians who had not. .

“Inflation and housing affordability are real concerns for many,” said Damon murchison, President and CEO of IG Wealth Management, in a press release. “Now is a great time to work with an advisor to review or create a holistic financial plan that not only addresses the present, but also helps ensure that you are well protected for what might happen. “

Overall, Canadians felt more confident about their personal finances and outlook, not only compared to last year, but even as of June 2021.

The latest index found that respondents’ overall financial confidence stood at 57 points, up from 50 a year ago and three points compared to mid-2021. (IG’s mid-year study was conducted between April 12 and 19 and published in late June.)

The increase was led by those aged 55 and over and 65 and over as well as new Canadians, each of the groups reporting a confidence of more than 60 points, and is generally dominated in each group. of age by the richest people.

When it comes to making a major purchase, people’s comfort has dropped from 50% to 56% between June and now. In addition, 56% of those surveyed said they feel good about the economic situation of their respective communities, compared to 47% previously.

Personal income has also increased for the majority of Canadians in recent months, with 59% of respondents reporting being confident, compared to 53% in the first half of the year.

Despite these positive indicators, the economic outlook for 2022 was less optimistic.

Almost a quarter of those polled (22%) suggested that the stock markets would improve, but that result fell from 29% in June. People were more optimistic about the Canadian economy (26%) than the global economy (22%), but both results were lower than the previous percentages (31% and 28%, respectively).

Confidence is also low when it comes to economic factors such as inflation, affordability of consumer goods and real estate (14%, 16% and 12%, respectively) – all new questions added for the last investigation.

There was also a gender gap in financial confidence.

While women’s confidence in their short-term financial situation has improved since the first wave of research in 2021, only one in two women felt they were better off from the pandemic. In contrast, 60% of men felt that their situation had improved after the pandemic.

One factor was that 44% of women felt less prepared than a year ago, compared to 36% of men. And, 57% of women said their financial future looked less clear, compared to 49% of men.

However, women are now less concerned or anxious about managing their money than they were closer to the start of the year. For example, 16% of Canadian women said they could enjoy life because of the way they manage their money, up from 12% in June, closer to the 19% of men who said the same, like 18 % previously.

In a regional breakdown, the index suggested that while the overall confidence scores were similar across Canada, the top provinces were Quebec and British Columbia at 59 points. The least optimistic region was Atlantic Canada at 50.

Results related to the index were collected through an online survey conducted with October 8 To October 14. A total sample of 2,601 respondents from across the country participated, and weighting was applied based on age, gender, region and level of education to ensure the final sample was representative of from Canada adult population. Read the full report.

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