New research from Co-operators finds 85 per cent of financial professionals believe in today's "culture of now", too many Canadians can't envision prioritizing their future planning
The poll, conducted on the
"Right now, consumers are fatigued from the uncertainty of the past couple of years; many are searching for immediate solutions, researching online and falling into a pack-mentality fuelled by a 'fear of missing out' investing anxiety," says
Indeed, 52 per cent of advisors across the country say the most asked about topic from their clients is by far cryptocurrency. Additionally, 55 per cent are increasingly being asked to comment on information gathered from undetermined sources on the internet. Seventy-six (76) per cent of respondents hypothesize that for many Canadians living in urban centres, home ownership is increasingly feeling out of reach, and because of this, many are looking for DIY investment strategies. They are hoping to use this as a replacement for their long-term security.
Case in point: 80 per cent of the study's respondents say, when people experience financial mishaps or losses, many feel overcome with doubt, and this leads to indecision and in-action. Seventy-three (73) per cent even see a stigma of shame among many Canadians around such losses. Definitively, 65 per cent believe there is social pressure among Canadians to appear "financially savvy", and according to 57 per cent, most people feel too shy to ask questions about how RRSPs and TFSAs work.
"Herein lies the biggest problem - if we don't ask questions, we will never learn and right now, I see many Canadians trying to shoulder the emotional pressure they're feeling, all on their own," says Bowen. "This is where it is important to seek out an expert advisor, release self-judgments, and ask all kinds of questions, so as to create a plan that is designed to specifically meet long and short-term goals."
The need for these conversations is great: 93 per cent of respondents believe the majority of Canadians haven't yet maximized their opportunities with RRSP planning, TFSAs, etc. Another 90 per cent think there is a lot of confusion in the understanding of RRSPs and Canadians simply aren't saving enough.
"Now more than ever, we're encouraging Canadians to connect with their financial representative and explore together how to create an investment plan that will fit their unique and individual needs," adds Cook.
Survey Methodology: This study entitled "Canadian Attitudes on RRSPs" was commissioned by Co-operators and administered in English and French from
About Co-operators: Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. The company has more than
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