A poll commissioned by the Financial Planning Standards Council (FPSC) asked Canadians about their financial plans
A mixture of a lack of knowledge and general confusion has led to Canadians becoming unsure of their financial futures.
In a poll commissioned by the Financial Planning Standards Council (FPSC), four in 10 Canadians indicated they don't have their financial future under control. Meanwhile, three in 10 said they are overwhelmed with the number of financial options available to them.
In the survey, the FPSC asked Canadians aged 18 and above about their financial plans and their understanding of their own finances. Surprisingly, 39% said they are unsure of their long-term targets while an astounding 49% said they do not have any idea how much they need to save for retirement.
Even more worrying is that one in five Canadians believed having an emergency fund is unnecessary in their situations.
FPSC Consumer Advocate Kelley Keehn said the results of the poll show the need for vigilance when it comes to being informed about finances.
"A great number of Canadians lack clarity in terms of preparing financially for the next chapter of their lives," she said.
Keehn stressed that people can often get confused by all the information available to them to the extent that they shut their minds off.
The confusion was apparent in lower age brackets. For instance, 45% of Canadians aged 18-34 said they are overwhelmed with their financial options and they will just wait until they figure their choices out.
Additionally, 21% in the said age bracket said they will use credit without understanding the long-term consequences.
"It's critical to have a financial plan, yet many Canadians don't. A Certified Financial Planner professional can open your mind to what is possible and get you moving in the right direction," she stressed.
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