Thu, Nov 24, 2022 5:00 PM GMT
Canadians with access to a financial adviser feel more positive about their financial future.
That’s according to financial services provider Primerica, Inc. in its Canadian Financial Security Monitor, a national survey that measures how Canadian families view their finances.
The good news is that 63 per cent of Canadians surveyed rate their finances positively; still, about half (54%) say their financial situation is worsening because of inflation and fears of an economic downturn.
In both high and low-income households, those working with a financial professional were more positive, and those without were more negative.
Canadians rated their top three concerns as inflation (57%), their health (43%) and paying for food (36%).
John Adams, CEO of Primerica Canada, noted the benefits of having access to a financial adviser.
He said families considered low and middle-income “should not have to rely exclusively on a computer to seek financial guidance … As economic headwinds shift and inflation continues to negatively impact Canadians, those who are less affluent should have access to more resources, not less.”
The financial security monitor found in its survey that about half of Canadians are positive about their ability to save for the future — even though 65% believe they will be worse off financially next year.
Middle and low-income families report using their savings (or retirement funds) to manage, while those with family income between $60,000 and $120,000 report an increased use of credit cards and taking loans.
More than half surveyed said they were not comfortable investing online without an adviser, and about 40% would not get a mortgage that way.
Reference: Canada News