People who work with an advisor feel more financially secure
A recent Sun Life survey indicates that nearly half of all Canadians (45%) feel less financially secure since the COVID-19 pandemic struck. However, those working with an advisor feel more financially secure and are experiencing fewer mental health impacts than those managing their finances on their own.
Among those who said their mental health has been negatively affected by the pandemic, those who use an advisor (35%) are less likely to report financial health concerns as a major factor weighing down their mental health. That figure rises to 47 per cent among those who manage their investments themselves.
Despite identifying financial concerns, only six per cent of Canadians surveyed began using an advisor since the pandemic began.
Canadians need to have wealth and health protections in place
"With a large percentage of Canadians feeling less financially secure as a result of the pandemic, there is no better time to seek advice from a trusted advisor – one who knows you and your personal goals," said Rowena Chan, president, Sun Life Financial Distributors. "It's important for Canadians to have health, wealth and protection solutions in place.”
Across the population, younger Canadians appear to be feeling the impact of the pandemic the most with 49 per cent feeling less financially secure. More than half of young Canadians surveyed (55%) report having made changes to their financial goals and plans due to the pandemic with 29 per cent saying they have had to dip into their savings during COVID-19.
"Working with an advisor can help build a new level of confidence and a lifetime of financial security and well-being,” said Chan. “Sustainable investing, increasing financial security and fostering healthier lives are part of our approach to sustainability.”