30 per cent of Canadians don't have a formalized plan
TORONTO, Nov. 27, 2023 /CNW/ - A new poll from CIBC and FP Canada™ on financial advice has found only 25 per cent of Canadians are working with a financial advisor and 30 per cent of respondents say they don't have a financial plan at all. Those under 35 years of age are most likely to say they don't have a financial plan but wish they did (25 per cent), compared to older Canadians (12 per cent). Additionally, only half (46 per cent) of respondents say they have updated their financial plan in the last year.
Additionally, about half of respondents (46 per cent) say they are interested in receiving retirement advice from a financial professional but only three out of every 10 Canadians have actually worked with a professional on a financial plan (30 per cent), investment plan (29 per cent) or retirement plan (28 per cent).
"Working with a financial professional to develop a personalized, financial plan that takes into account your short and long-term goals can help you make more informed financial decisions and, ultimately, make your ambitions a reality," said Carissa Lucreziano, Vice-President, Financial and Investment Advice, CIBC.
The poll also found Canadians have differing definitions of a financial plan with just over half (54 per cent) defining it as a plan which details long- and short-term investment products, and nearly as many (51 per cent) defining it as a detailed plan of one's financial circumstances, goals, and strategies to achieve them.
Many (46 per cent) Canadians are interested in receiving advice around retirement, but one third feel that cost is the biggest barrier to accessing that advice, with those under 35 more likely than older Canadians to cite cost as the biggest barrier.
"At FP Canada, we know that partnering with a professional financial planner is key for Canadians to achieve financial well-being and resilience," says Tashia Batstone, President and CEO of FP Canada. "Developing and implementing a plan pays dividends because it ensures your financial goals are articulated and that you're implementing strategies to achieve them. Financial planners provide an important service to Canadians of all income levels and demographics, ultimately helping them achieve financial health."
Top criteria people look for in a financial advisor include:
- Credentials/educational background (38 per cent)
- Investment performance (35 per cent)
- Referral (35 per cent)
- Competitive fees (33 per cent)
CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.
SOURCE CIBC
Kira Smylie, CIBC Communications & Public Affairs, 416-980-2949 or [email protected]
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