Getting candid about finances is faux-pas for many Canadians, suggests one Ontario advisor.
Renee Rebelo of Life Coach Financial – who conducts financial motivational seminars in Canada and the U.S. – says she’s noticed an openness south of the border not emulated among Canadians.
“It’s a painful topic for a lot of Canadians,” Rebelo told WP. “Down in the States, the Americans are quite vocal about their finances. Here, it’s almost taboo.”
Rebelo – a CFP with more than 15 years in the business – attributes this resistance to the overall lack of financial literacy among our population. The greatest issue, she notes, is a fragmented perspective of financial planning … seeing the individual aspects rather than the big picture.
“I’m finding that the general population is lacking the ability to see how it (financial planning) all fits together,” she says.
And, perhaps Rebelo’s observation isn’t far off the mark, considering that Canadians appear down on their financial luck. Afterall, who likes talking about things they fear or find embarrassing? A survey, conducted by the CICA last year, found that more than 50 per cent of respondents admitted to worrying about money, with minimizing the interest paid on debt a high priority for 47 per cent of those surveyed. (continued)