More than 40 percent of Canadians say they would only have enough money to continue paying their living expenses for four weeks or less if they lost their job or other main source of income and 19 percent say they could only do that for one week. A recent survey conducted on behalf of the Financial Planning Standards Council (FPSC) also found that more than two thirds of Canadians believe the economy – and their own financial situation – has either stagnated or worsened over the past five years, leading two out of every five Canadians to worry about money at least once a day. About one in four say they worry “almost constantly.”
“One of the best ways to reduce stress related to your finances is to have a personal financial plan tailored to your own situation to help you meet your day-to-day needs and long-term life goals,” said personal finance educator and author Kelley Keehn, who is also FPSC’s Consumer Advocate. “Financial Planning Week—November 20-26, 2016—is a great time to get started on developing your own individual plan which will make it easier for you to focus and stay on track.”
According to the survey, fewer than half (41 percent) of those surveyed feel they make more good financial decisions than bad ones and one in four (26 percent) say they are unsure of where to turn to for financial planning advice.
“Thanks to online tools such as FindYourPlanner.ca, it’s never been easier to find a certified financial planner® professional who can work with you to create the strategy that’s right for you and your life goals,” said Keehn. “That’s important, because we know from previous research that people with comprehensive financial plans report being more confident that they can deal with financial challenges in life while still having enough money for discretionary spending.”
Just over half (55 percent) of Canadians say they keep a close watch on their financial affairs. More than one third (35 percent) say they live for today and let tomorrow take care of itself.
“Having a plan is an important first step, but it won’t help to ease your money worries if you don’t follow it and keep it updated when your personal needs or life goals change,” said Keehn. “Fortunately, working with a CFP® professional means you don’t have to try to do this all on your own, which is another way to lower your stress about finances.”
About the “Canadians and Their Money” Survey
Hill+Knowlton Strategies conducted a national online survey of 855 Canadians from across the country between July 22 and August 5, 2016. Final survey data were weighted according to Census figures based on age, gender and region in order to obtain a representative sample of the Canadian population. For comparative purposes, a random sample of 855 respondents would yield a margin of error of +/-3.3%, 19 times out of 20.
About Financial Planning Standards Council
As a professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies (Certified Financial Planner® professionals and FPSC Level 1® Certificants in Financial Planning) meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. More information is available at http://www.fpsc.ca.
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