They want more advice on investing, retirement planning, and wills among other key financial topics according to CIBC research
The big life milestones are being delayed by Canadians who feel their current financial status is inadequate.
A new poll from CIBC reveals that while 46% of respondents want to make a substantial life change such as changing their job or moving home, 55% feel that the current state of their finances is holding them back.
However, 52% said that they still feel that they will achieve their big list of ambitions, although these have been scaled back to smaller, more practical goals by three quarters of respondents in response to current macro-economic conditions.
"Many people used the pandemic as an opportunity to rethink their priorities, " said Carissa Lucreziano, Vice-President, CIBC Financial and Investment Advice. "But with the cost of living on the rise, it can be easy for Canadians to lose sight of long-term goals without the guidance of a professional to help keep them on track."
Asked about life changes made since the start of the pandemic, 62% said they are happy with them, but many said they need more advice, although just 24% said they have spoken to a financial advisor.
The top areas of financial advice that respondents said they need are:
- investing (27%)
- retirement planning (21%)
- wills or estate planning (19%)
- budgeting/saving (14%)
- paying down debt (14%)
New job for more pay
The survey also found that 12% of Canadians are planning to change their job in the next 12 months.
The main reasons include better pay (34%) or benefits (24%), need for a life change (24%), change of work environment or culture (23%), and better work-life balance (21%).
