With 58% worried about investments, the importance of financial advice shines in boosting confidence
The current economic climate is having a significant impact on Canadian investors, according to a recent survey announced on Newswire Canada.
The Scotia Global Asset Management Investor Sentiment survey, which was released today, highlights that nearly six in ten (58 percent) investors are feeling concerned, worried, or anxious about their investments.
Moreover, 60 percent of those surveyed believe that the current economic conditions have adversely affected their retirement plans.
Further insights are provided by Scotiabank's fifth annual Worry Poll, which explores Canadians' broader financial concerns.
The poll indicates a mixed trend: while fewer Canadians are spending time worrying about their finances, those who do are dedicating more hours to these concerns. The most significant worry for them is managing day-to-day expenses.
“It is very understandable to be concerned about daily expenses, particularly as we have experienced higher inflation. Trying to find a balance is key – managing short-term needs while at the same time not sacrificing the growth potential needed to meet long-term goals like retirement,” commented Neal Kerr, head of Scotia Global Asset Management.
“The good news is that regular meetings with financial advisors and having a written financial plan can help restore that balance and alleviate concerns,” he said.
The survey also sheds light on the positive impact of professional financial advice. It reveals that 80 percent of individuals who have met with their advisor in the past six months feel confident in their financial situation.
This is a stark contrast to the 61 percent who did not have such meetings. Additionally, 52 percent of those with a financial plan view the current investment climate as a favorable time to invest, compared to only 25 percent of those without a plan.
Kerr adds, “Our commitment – to enrich our clients' financial futures with outstanding investment solutions delivered in partnership with comprehensive wealth advice – remains critically important, as the survey results attest again this year.”
