Most Canadians lack a financial plan, but advised investors feel more optimistic about their future
Canadians with a financial plan report higher confidence about their future—69 percent compared to just 48 percent without one—while 66 percent of advised investors say they feel positive, versus 58 percent of those without ongoing guidance.
Despite this, nearly one in three (30 percent) Canadians describe themselves as self-directed investors, a figure that rises to 37 percent among Millennials.
Two in five investors either lack a financial plan or are unsure if they have one.
New survey findings from Edward Jones and Cerulli Associates show most Canadian investors are optimistic—61 percent say they feel positive about their financial futures.
That number climbs to 72 percent among Boomers but drops to 53 percent for Millennials. Optimism remains strong despite ongoing market uncertainty.
The report, The Pulse of North America, reveals how Canadians define and pursue financial fulfilment.
While 56 percent prioritise saving for retirement, others focus on emergency savings (34 percent), buying a home (21 percent), or leaving a legacy (20 percent).
Millennials emphasise home ownership and income milestones, while Gen X and Boomers focus more on retirement and estate planning.
The research highlights that Canadians now define financial fulfilment more broadly.
Nearly half (47 percent) say the freedom to pursue passions is most important, while others value worrying less about money (38 percent) and spending time with family and friends (35 percent).
Retirement remains a goal for many, but early retirement is more common among Gen X (44 percent) and Millennials (36 percent), while just 24 percent of Boomers prioritise legacy-building.
Amid shifting definitions of success, advisors report adapting their role.
Today, 88 percent say they provide financial coaching, helping clients manage volatility and stay focused on long-term goals.
According to these advisors, clients value trust (59 percent), personalised advice (45 percent), and strong personal relationships (41 percent) above portfolio performance.
David Gunn, principal and head of US and Canada Business Units at Edward Jones, said Canadians are seeking “deep, personal, trusting relationships with their advisors.”
He added that this helps ensure their financial plans align with both current goals and future needs, including activities such as travel, hobbies, or time with loved ones.
Challenges remain. The top concern for two-thirds (66 percent) of Canadian investors is the rising cost of living.
Other challenges include insufficient income or savings (31 percent), unexpected financial setbacks (29 percent), and health-related issues (23 percent). Income shortfalls are more likely to affect Millennials, while health issues are a bigger concern for Boomers.
Investors are responding by adjusting their behaviour.
Thirty-eight percent are open to cutting discretionary spending, 31 percent aim to reduce debt, and 25 percent want to improve financial literacy.
These shifts suggest that financial fulfilment is increasingly tied to a proactive mindset and intentional planning.
Tracey McLennan, director of the Client Consultation Group at Edward Jones Canada, said advisors are “helping clients filter out the noise.” She added that they also assist in aligning decisions with both short- and long-term goals.
