The Co-operators Group Limited is the latest firm to survey Canadians to determine their feelings about financial planning and life’s expenses. The results are sobering: Nearly half worry about covering basic expenses.
The survey of 1,500 adult Canadians, conducted in January 2023 found the majority have no financial plan. “It’s clear that credible financial advice and education is needed now more than ever to empower Canadians,” said the Co-operators president and CEO, Rob Wesseling.
The company uses the survey results to make the case for financial planning, as the results show that those with a financial advisor were twice as likely to feel positive about their current financial situation in general. Of those served by an advisor were 42 per cent more likely to say they are able to cover basic expenses and set money aside.
“Of those who work with a financial advisor, a majority agree that their advisor helps them feel confident about their financial decisions and worry less about their financial situation,” the company states in its announcement about the results.
A look at the wider survey as a whole, however, reveals a starker picture: As record inflation and affordability challenges persist, 45 per cent of those surveyed said they are worried their income won’t keep pace with their basic expenses in the coming year.
