For many Canadians, a barrier to seeking financial advice is stigma.
According to the quarterly survey, 39% of Canadians say they would be judged negatively by their partners if they knew about their financial issues, and 35% say they would worry about it. How bad financial situation will affect their career.
Additionally, LifeWorks reported that in the past 12 months, 70% of Canadians have not consulted with a financial advisor, while 19% have indicated a growing need for support with retirement planning, and 13% have had access to investments. Help is needed.
Canadians agreed that they needed emergency savings, although the level of importance given to the practice decreased with age. Canadians under the age of 40 are twice as likely to say they don’t need emergency savings as those over the age of 60 to say so.
Two-thirds (67%) of all Canadians say they need more than three months of emergency savings. This contributed to the group having a financial well-being score of +3.6, nearly six points above the national average.
On the other hand, 7% said they do not consider emergency savings essential; This group had a financial well-being score of -17.3, which was 15 points lower than the national average.