Opportunity Amidst Crisis: Many Canadians Responding to Financial Challenges by Practicing Good Financial Habits and Planning

Canadians who have a financial plan say it has helped them cope with the uncertain economic environment both mentally (75%) and financially (79%)

Toronto, ON, June 13, 2023 – In the midst of economic stress, financial planning can be a tool to improve outcomes, both financial and emotional, according to a new Ipsos poll conducted on behalf of Manulife. The data reveals that having a financial plan, and a financial planner to help navigate uncertain waters, is linked to more positive outcomes in various facets of life, according to Canadians.

Among Canadians with a financial plan, strong majorities say it has helped them improve their overall happiness (78%); their ability to cope with the current economic environment both mentally (75%) and financially (79%); their overall financial health and wellness (79%); and, among those who are married, even their relationship with their spouse (73%).

Strong majorities of Canadians who have a financial advisor also think they are getting good financial advice from their advisors (88%) and feel better about their financial situation owing to their financial advisors (79%). Baby Boomers (94%) are significantly more likely to feel their advisor provides them with good advice compared to younger generations (85% Gen X, 84% Millennials, 81% Gen Z).

Those who retain financial advisors believe that their financial advisor turns financial negatives into financial positives (72%), significantly higher among Gen Z (90% vs. 73% Millennials, 69% Boomers, 67% Gen X).

Seven in ten say their financial advisor has changed their mindset as it relates to financial planning (70%), significantly higher among men (76% vs. 64% women) and Gen Z (82% vs. 74% Millennials, 69% Boomers, 62% Gen X). Almost the same number of people think they are better off financially now than they were prior to retaining the services of their financial advisor (68%).

The survey also reveals that almost six in ten Canadians feel that their mental health has improved owing to the work done by their financial advisors with their finances (59%) and if it was not for their financial advisors, they would not have any financial plan (61%). Agreement that their financial advisor has helped improve their mental health is higher among Gen Z (77%) and Millennials (66% vs.53% Gen X, 51% Boomers). Similarly, those in younger generations are more likely to say they would not have a plan if not for their financial advisor (77% Gen Z, 72% Millennials, 58% Gen X, 46% Boomers).

About the Study

These are the findings from an Ipsos poll conducted on behalf of Manulife Bank. For this study, Ipsos surveyed 2,002 Canadians in all provinces between ages 20 and 69 with household income of more than $40,000. The survey was conducted online by Ipsos between April 14 and 20, 2023. National results were weighted by gender, age, region, and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 and 69 been surveyed.

For more information on this news release, please contact:

Sean Simpson
Senior Vice President, Ipsos Public Affairs
+1 416 324 2002
[email protected]

About Ipsos

Ipsos is the world’s third largest market research company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).

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