Financial Planning Standards Council regularly conducts research on Canadians' knowledge, attitudes and behaviours when it comes to financial planning. These surveys help to illustrate the importance of financial planning and how all Canadians can benefit from the help of a Certified Financial Planner® professional.
WHY ENGAGE A CFP® PROFESSIONAL?
CFP 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 of 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. To find a CFP professional in your area that will help guide your financial future, use our Find Your Planner tool.
RESEARCH AT A GLANCE
This page provides a quick snapshot of all Canadian consumer research commissioned by FPSC. Click on the links below to learn more about each research study and check back often for the latest research results.
Women are still struggling when it comes to their finances, according to a national survey. The research, which was released in time for International Women’s Day (March 8), finds that nearly four-in-10 (38%) Canadian women admit they know “very little” about finances and investments.
Our lips are sealed. More than one third (34%) of Canadians admit that they are keeping financial secrets from their current romantic partner. This research also finds that nearly four-in-ten (36%) have lied to a romantic partner about a financial matter.
“Blue Monday” (usually the second Monday of January) until Valentine’s Day is considered the saddest time of year with its short, cold, bleak days. This research finds that more than half (53%) of Canadians are already feeling financially blue with the younger generations especially struggling.
Canadians’ lack of financial confidence may be preventing them from getting the financial help they need. This research finds that four-in-10 (41%) don’t feel confident when speaking about their finances, and one-in-three (34%) don’t ask for financial planning advice because they don’t know what type of questions to ask. These findings were highest among younger respondents, those earning a lower income and those with children under 18 in the household.
A significant number of Canadians are turning a blind eye to their personal finances due to confusion, a lack of knowledge or simply being overwhelmed. This survey found that four-in-10 Canadians (39%) feel they don’t have their financial future under control, while three-in-10 (29%) say they are overwhelmed with their financial options.
More than one third (38%) of parents with millennial children say those children are still financially dependent on them while one third say their millennial kids are causing a financial strain on the parents. This survey also found considerable gender differences among parents’ intentions for their children (of all ages) and some startling regional differences as well.
Money is the greatest source of stress for more than 40% of Canadians. That stress is driving Canadians to lose sleep, reconsider past financial decisions, argue with partners and lie to family and friends. Survey results show that Canadians’ experience with financial stress varies depending on age, gender and openness to discussing personal finance issues.
If you feel like your finances are out of control, you’re not alone. A global survey commissioned by the Financial Planning Standards Board in partnership with FPSC shows that people who work with a qualified financial planner, such as a CFP professional, are more likely to feel confident in achieving their financial goals.
Worries about money plague Canadians on a daily basis. More than 50% of respondents feel that the economy has gotten worse and seven-in-10 say that their financial situation has stalled or deteriorated over the past 5 years. In addition, two-in-10 Canadians admit that they would stay afloat for less than a week if they experienced job loss.
Canadians with financial plans feel they are saving more, living well, and experiencing higher levels of contentment in their lives. This study reveals the potentially life-changing impacts of financial planning as more than 80% of those with comprehensive financial plans say they feel on track with their financial affairs, versus 44% with no planning.
Global research commissioned by FPSC’s international body, the Financial Planning Standards Board, in partnership with FPSC in Canada, reveals that 79% of Canadians don’t have strong confidence that they’ll achieve their financial life goals. Only one-in-five strongly agree that they are successful in sticking with their financial strategies.
The services of financial planners can certainly be useful to many Canadians. This survey found that a significant number of Canadians (59%) feel they do not have the necessary knowledge to adequately plan their financial future and they feel that they would benefit from the help of a financial planner.