Canadians who have a financial advisor are far more confident about their financial futures than those without, the July 2013 Manulife Financial Investor Sentiment Index revealed.
"Having a financial plan and a financial advisor to help you is key and it's important that Canadians understand that they don't have to have a lot of money to have those things in place," said Paul Lorentz, Manulife Canada executive vice-president for retail.
"The overall index, which is +29 [points] for Canadians with a financial advisor compared with +19 [points] for Canadians without an advisor, clearly shows that having access to professional financial advice to help you stay on track can provide a certain peace of mind," Lorentz said, noting higher scores indicate greater confidence.
The survey revealed that younger Canadians are taking more care when it comes to financial planning than they had in autumn 2012. Generally, Canadian investors aged 25 to 34 are becoming more financially conscious, increasingly active in saving and in long-term financial planning.
The broad index was up two points since November 2012 at plus 22 points. Overall, index ratings were highest for the youngest cohort, Canadian investors aged 25-34, at plus 26 points. The results for affluent Canadians, those with an income of $75,000 or more and investable assets of $100,000 and up, were similar to younger investors.
The ranking marks a substantial increase over November 2012 sentiment scores when younger Canadians had the lowest overall sentiment ranking at 15 points. Today, 55% of younger Canadians, up from 46% in the last index, are more likely to say that they are in a better financial position today than two years ago while 52% remain optimistic that they will be in a better financial position two years from now.
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