And three quarters say building wealth is more difficult now than in previous generations
Almost half of Canadians in high-income households said that they expected to be wealthier at this stage of their life, according to a new survey.
An Ipsos survey sponsored by RBC Wealth Management revealed that, despite higher salaries, 48% of high-income Canadians they are not as wealthy as they expected to be. And when asked what net worth they would need to feel wealthy where they live, the average figure was $1.3 million – with Ontario residents citing the highest figure at $1.5 million and those in the Atlantic and Quebec regions citing the lowest figures at $898,731 and $925,738 respectively.
The survey also showed that high-income Canadians find wealth management topics complicated. Seventy-eight percent of respondents said that they have difficulty knowing which information and 76% find staying on top of what's happening in the financial markets to be challenging. What’s more, three quarters of survey respondents believe that building wealth is more difficult than in previous generations.
"Regardless of income, many Canadians find themselves behind on their wealth goals as many of the traditional ways we build wealth have changed over the generations," said Tony Maiorino, head of RBC Wealth Management Services. "With the added backdrop of market uncertainty, clients are voicing their concerns and looking for support using non-traditional methods of meeting their wealth goals."
"Things like tax strategies, insurance and retirement planning play a key role in building wealth today but I'm not surprised that so many respondents find them challenging,” said Howard Kabot, vice president, financial planning at RBC Wealth Management. “The financial landscape is always evolving, and people have less time to research and learn about wealth management topics. Most clients need to explore a variety of tactics through a holistic lens to build and preserve wealth."
