A third of Canadians fear missing their financial goals says FPSC

And 1 in 3 could not cope with a financial emergency

A third of Canadians fear missing their financial goals says FPSC

The state of Canadians’ finances will be under the spotlight as Financial Literacy Month begins Thursday and it appears there’s work to do.

A lack of confidence in financial goals, planning, and coping with emergency expenses has been highlighted in a new Leger poll for the Financial Planning Standards Council.

It found that 1 in 3 Canadians would fail a bank account stress test; they doubt if they would have the funds to cope with an emergency vet bill, car repair, or other unexpected expense.

Almost a third said that they are not confident in achieving their financial life goals. This was most apparent in the Prairies (36%) and less so in Ontario (24%).

One-in-four (25%) Canadians take advantage of an employer RRSP savings matching program but 64% do not have access to such a program.

A third of respondents rarely have or never set aside savings at the end of the month and 62% rarely or never maximize their RRSP contribution each month based on eligible amounts.

Why they aren’t getting professional help
Despite these findings 65% said they have not consulted with a financial planning professional.

More than a fifth said that’s because they don’t know who to trust, and similar shares said they found it overwhelming, or were embarrassed by their financial situation.

The FPSC Cross-Country Checkup, a Leger poll of 1,527 Canadians, was conducted in advance of Financial Literacy Month and in particular Canada’s 10th annual Financial Planning Week (taking place between November 18-24).