Edward Jones-Gallup study finds only 12% are financially fulfilled despite widespread gratitude about finances
Most Canadians report feeling grateful when they think about their finances, but a new study suggests relatively few have achieved what researchers define as true financial fulfillment.
The report from Edward Jones and Gallup found that 48% of Canadians say they often or always feel gratitude when thinking about money, making it the most commonly reported financial emotion. At the same time, only 12% qualify as financially fulfilled under a new framework developed by the two organizations.
The research, based on a survey of 2,117 Canadian adults, classified respondents into three categories: financially fulfilled (12%), financially conflicted (47%) and financially stressed (41%).
Researchers defined financial fulfillment as a state in which finances support a person's values, goals and sense of purpose, while providing confidence, freedom and stability rather than ongoing pressure.
The findings arrive as many Canadians continue to prioritize immediate financial concerns over longer-term objectives.
More than half (52%) identified having enough income to maintain a healthy lifestyle as a high priority, while 47% cited increasing household income and 46% pointed to reducing debt. By comparison, 44% ranked retirement savings as a high priority and just 21% said the same about saving for a home.
The study also found that 26% of Canadians are making significant financial sacrifices to reduce expenses.
“What this research makes clear is that even when people feel grateful, many aren’t yet experiencing the kind of confidence and freedom they want in their financial lives," said Penny Pennington, Managing Partner, Edward Jones. "For many Canadians, the pressure to focus on today can make it harder to stay connected to what matters most over time. When people have a plan and someone to partner with them, money becomes less about tradeoffs and more about supporting the life they want to live.”
Finance and wellbeing
The report identified a strong relationship between financial fulfillment and broader measures of wellbeing. Nearly three-quarters (72%) of financially fulfilled Canadians were classified as thriving, compared with 46% of financially conflicted respondents and 16% of financially stressed individuals.
Financially fulfilled Canadians were also substantially more likely to report positive physical and mental health, stronger personal relationships and a greater sense of community connection.
The study found that financial fulfillment extends beyond income and wealth alone. Researchers identified four key components: financial alignment and freedom, positive emotions associated with finances, the absence of negative financial emotions and financial confidence.
Working with advisors
Professional financial advice emerged as a significant differentiator.
While 59% of Canadians said they relied on internet research for financial guidance during the past year, only 43% sought advice from a financial advisor.
Those who worked with an advisor reported stronger financial confidence. Among Canadians who sought advice from a financial advisor in the past year, 90% said they were confident managing their current financial needs, compared with 70% of those who did not use an advisor. Similarly, 82% of advisor users said they felt in control of their financial future, versus 60% among non-users.
The study also found that financial advisors remain the most trusted source of financial guidance. More than three-quarters (76%) of Canadians expressed confidence in advisors' expertise, compared with 64% who said the same about relatives or family members.
In the report's broader analysis, financially fulfilled Canadians were far more likely to have consulted a financial advisor during the previous year than financially stressed respondents. Researchers also found that confidence in financial advisors had the strongest positive association with financial fulfillment among all guidance sources examined.
“When financial pressures are constant, confidence can wane as decisions feel more focused on the here and now,” said David Gunn, Principal, Head of Canada & U.S. Business Units, Edward Jones. “What this data shows is that guidance can make a meaningful difference – helping people better understand their options, build a plan tailored to their short- and long-term goals, and stay on track with greater confidence and control as they navigate economic uncertainty on a path towards financial fulfillment.”
According to the study, financial fulfillment exists on a spectrum rather than as a fixed destination. While income, age and financial circumstances all influence outcomes, researchers found that planning, confidence and access to guidance play important roles in helping Canadians move from financial strain toward greater financial security and purpose.
