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Canadians Are Prioritizing Financial Wellness, Yet Aren’t Seeking Professional Advice

(CNW Group/Money We Have)

Two years after the global pandemic began disrupting the lives of Canadians including their finances, a new CIBC study finds that a majority of Canadians (75 per cent) are making their financial wellness a priority in 2022, yet 82 per cent of Canadians did not have a retirement planning discussion with a professional this year, including only 5 per cent who expect to have such a conversation this year, putting their long-terms plans at risk.

“After a challenging few years with the pandemic, it’s great to see Canadians focusing on their financial wellness, however there is value in long-term planning and professional advice that many Canadians are missing out on. Financial advisors can help Canadians to prioritize their goals and achieve their future ambitions, no matter the time horizon,” said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice.

Doubts about retirement more prevalent among women

The survey also found that the vast majority of non-retirees (88 per cent) do not have a formal or detailed retirement plan, and less than half (43 per cent) of Canadians are confident they are saving enough for their future retirement, with women (38 per cent) more likely than men (29 per cent) to indicate that they do not have an investment portfolio.

More than one-third (35 per cent) of women don’t know how much savings they need to retire and 32 per cent don’t know at what age they’ll hang up their working hats for good. These numbers are lower for men, with 21 per cent responding they don’t know how much savings they will need and 23 per cent don’t know when they will retire.

“No one wants to be a financial burden to their loved ones in their retirement years, yet many are not confident they are saving enough to retire how and when they want. This tells us many Canadians, especially women, can benefit from a conversation with a financial advisor,” added Ms. Lucreziano.

Upcoming virtual event

To help Canadians gain confidence with their finances and broader life goals, CIBC is hosting a free webinar (in English and French) on March 30th. The event will feature leading experts sharing evolving trends impacting women today, advice on navigating your career, steps to grow your savings and investments and goal setting tips to help transform your mind, body and life.

To register for Empowering women in our new normal, visit the website here: https://www.cibc.com/en/special-offers/national-client-events.html

CIBC Poll Key Findings

SOURCE CIBC

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