Sixty-nine per cent of Canadians are not feeling financially healthy due to recent economic conditions, according to a survey by IG Wealth Management and Pollara released Oct. 27. 

The study also found that 44 per cent of those surveyed say they are getting by financially but could be better off, and the same percentage worry they are not handling their finances in the best way possible. 

Working with an advisor 

Meanwhile, 31 per cent of Canadians who do not work with a financial advisor say they are worried about their finances, while this number drops to 16 per cent among those who do work with one, found the study. 

"It's understandable that so many Canadians are feeling insecure about their personal finances given everything they're seeing out there, whether it be market volatility, inflation or rising interest rates," said Christine Van Cauwenberghe, Head of Financial Planning, IG Wealth Management. "In many cases, people may feel overwhelmed and uncertain of how to navigate current market conditions. It's not a surprise that those who take advantage of the advice provided by a qualified financial advisor are less likely to be concerned about their situation."  

Van Cauwenberghe adds that it is important for Canadians to work with a financial advisor who has the knowledge and expertise to ensure they have a holistic financial plan. 

"When you're choosing a financial advisor, verify their credentials to ensure that they have expertise in financial planning. You should also make sure that they take the time to get to know your personal situation and identify your individual objectives before immediately recommending specific products. Some advisors are only capable of providing investment advice and will start suggesting specific investment solutions before they've asked you many questions – that's a flashing red light that they are more concerned about selling a product than creating a plan that meets your needs."