Close to 40% of Canadians Feel Their Financial Futures Are Not Under Control
The Financial Blind Spots survey commissioned by Financial Planning Standards Council (FPSC) evaluated the financial habits and behaviour of Canadians and found a significant number are turning a blind eye to their personal finances due to confusion, a lack of knowledge or simply being overwhelmed.
The survey posed a series of scenarios to Canadians age 18 and older regarding their financial future, current understanding of their finances and their use of outside resources to clear the confusion when it comes to personal finances. According to the results of the FPSC study, 39% of Canadians admit they are unclear of their long-term financial goals, and almost half of Canadians (49%) do not know how much they need to save for their retirement. Four-in-10 Canadians (39%) feel they don’t have their financial future under control, while three-in-10 (29%) admit they are overwhelmed with their financial options. The survey also showed that nearly one-in-five Canadians (18%) believe that they do not need an emergency fund, while 15% use credit without understanding the long-term consequences.
“The results of the FPSC survey bring to light the emotional side to personal finances and a need for vigilance when it comes to being informed,” said author, personal finance educator and FPSC’s Consumer Advocate, Kelley Keehn. “A great number of Canadians lack clarity in terms of preparing financially for the next chapter of their lives.”
“People can often get paralyzed by all the information available – to the extent that they just shut their minds off,” said Keehn. “It’s critical to have a financial plan, yet many Canadians don’t. A CFP® professional can open your mind to what is possible and get you moving in the right direction.”
CFP professionals create clarity
Certified Financial Planner® professionals take a big picture view of each individual, including their lifestyle, financial needs and priorities. Without this broad approach, it’s like trying to see out a window with the curtains half-closed. It takes a full view to understand and make the right decisions about every aspect of personal finances.
About the Financial Blind Spots Survey
A survey of 1527 Canadians was completed online between July 31 to August 3, 2017 using Leger’s online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20. Leger’s online panel has approximately 475,000 members nationally – with between 10,000 and 20,000 new members added each month, and has a retention rate of 90%.
To find a CFP professional in your area who can help you identify and manage your financial blind spots, use our Find Your Planner tool.
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To learn more about setting and achieving your financial goals, read Get SMART to achieve your financial goals and Live your bucket list: 8 ways to turn goals into reality and watch Your million-dollar plan.