Greater than 1/2 of Canadians say latest financial circumstances have impacted retirement plans: Survey

Greater than 1/2 of Canadians mentioned their plans for retirement had been impacted by way of the present financial backdrop, in line with the Scotia International Asset Control Investor Sentiment survey.

The survey from Scotiabank, launched on Thursday, discovered 55 consistent with cent of respondents mentioned their retirement plans have been “impacted by way of latest financial circumstances.” 

“Those effects point out that traders have latest considerations about assembly their retirement targets; on the other hand, common conferences with monetary advisors and having a written monetary plan diminish the ones considerations,” Neal Kerr, the top of Scotia International Asset Control, mentioned in a press liberate. 

The survey additionally mentioned 59 consistent with cent of respondents had unfavourable emotions relating to their investments, which marked a 33 consistent with cent building up from a prior survey performed within the fall of 2021.

The findings aligned with a contemporary Scotiabank ballot, which discovered that Canadians are being concerned extra about their non-public funds when in comparison to the former 12 months.

The Investor Sentiment survey additionally discovered that 86 consistent with cent of respondents who met with a monetary adviser previously six months had upper ranges of self belief in investment their retirement. 

Indications of self belief larger to 95 consistent with cent amongst respondents who blended assembly a monetary marketing consultant with having a monetary plan. 

However, handiest 26 consistent with cent of Canadians who answered to the survey mentioned that they had a written plan. 

METHODOLOGY:

The Scotia International Asset Control Investor Sentiment survey used to be performed by way of Environics Analysis from January 4-10, 2023. The web survey incorporated 1,022 Canadians, 25 years of age or older with family investable property of $25,000 or extra and who take part in investments choices for his or her family. The knowledge used to be weighted by way of age, gender and area and family investable property to replicate the inhabitants.