Eighty per cent of Millennials and 89 per cent of Gen Z Canadians want to protect their financial future because of the COVID-19 pandemic, according to a recent survey by Sun Life.
This compares to 61 per cent of Gen X Canadians and 55 per cent of Boomers who said the pandemic made them want to focus on their financial future. The survey is based on findings of an Ipsos poll conducted between January 21 – 25.
Hit hard by job losses
However, despite their desire to protect their financial futures, 74 per cent of Gen Z and 60 per cent of Millennial respondents reported that the pandemic has made saving for the future difficult due to a loss of income or employment, the survey found.
"With a large percentage of young Canadians expressing interest in financial security, there is no better time to seek advice from a trusted advisor," stated Sadiq S. Adatia, Chief Investment Officer, SLGI Asset Management Inc. "A professional can help young Canadians determine a strategy that works for them. For instance, a target risk or target date strategy is a great option for individuals who want a well-diversified portfolio with a long-term outlook," Adatia added. "When you feel financially uncertain, talking to a professional can help you understand your options to save, build, and make sure you're protected along the way."