Updated: Mar 4
Professional advice, financial plan provide significant confidence boost
More than half of Canadians surveyed are concerned about funding their retirement, according to a survey commissioned by Scotiabank.
In the latest Investor Sentiment survey, released on Thursday, 55% of Canadian respondents said their retirement plans have been impacted by the current economic conditions. Nearly 6 in 10 respondents (59%) said they also have a negative sentiment towards their investments, up from 3 in 10 (33%) in the fall of 2021.
However, investor confidence was higher in respondents who have met with an advisor and have a financial plan in place.
According to the survey, 86% of respondents who have met with their advisor in the past six months said they are confident in their ability to fund their retirement. Confidence increased to 95% for those who also have a financial plan in place.
However, only one quarter (26%) of respondents said they have a written financial plan. “These results indicate that investors have current concerns about meeting their retirement goals; however, regular meetings with financial advisors and having a written financial plan diminish those concerns,” Scotia Global Asset Management head Neal Kerr said in a release.
The Investor Sentiment survey was conducted from Jan. 4 to 10 by Environics Research. The online survey included 1,022 Canadians, 25 years of age or older with household investable assets of $25,000 or more. Online surveys cannot be assigned a margin of error.