don’t believe they have access to financial...
Transcript of don’t believe they have access to financial...
When it comes to making financial decisions, online resources aren't enough.
Middle-income Canadians want help...
The Financial Anxiety of Middle-Income Households
The Financial Security Scorecard
What Drives Anxiety...
would feel more comfortable with a financial professional over any other source for information about financial issues.
who haven’t met with a financial professional think they would gain important benefits from it.
who have met with a financial professional would recommend one to others.
Pay for their child’s
college/university
tuition:
...But over a third don’t believe they have access to financial professionals.
37% don't know a financial professional with whom they feel comfortable.
65%
75%
90%
26%
Prefer making decisions based on online resources
12%
Make student debt
payments:
64%
Prefer meeting a professional in-person
Surprisingly, Millennials are less
comfortable performing major
finance tasks such as investing online than
older generations.
Afford an emergency
expense:
10%
52%
65%65%
38%
Many people are somewhat or very worried about…
Financial Confidence LevelThe percentage of Canadians who are confident they can…
Anxiety About Uncontrollable Events
The financial security fundamentals of those who got an ‘A’:
• Make more than the minimumpayment on their credit cardbills every month;
• Have $50,000 or more in lifeinsurance coverage;
• Put at least some money intosavings every month;
• Invest some of their savingsin accounts other than cash;
• And have saved enough tocover at least three monthsof expenses if their primarybreadwinner loses his orher job.
Meeting with a financial professional can help you take on a more active role over your finances.
3 out of 4 people who have yet to meet with a financial professional have Financial Security Score of a ‘C’ or less.
Well over half of people who met with a financial professional earned an ‘A’ or ‘B.’
ABCDF
About the Survey
This survey was conducted by Golfdale Consulting on behalf of Primerica. The nationally-representative online survey polled 1,000 Canadians in February 2019. Respondents were ages 18 and older and had total annual household incomes between $20,000 and $100,000. The margin of error is about 3 percent.
Financial Anxiety & Preparedness Among Middle-Income Canadians
According to Primerica's 2019 Canadian Financial Security Monitor middle-income Canadians’ financial anxieties are tied to concerns about their long-term financial security. But most aren't taking the necessary steps to build a more secure future.
Financial Security Score
30%
25%
20%
35%
40%
15%
10%
0%
5%
36%
ONLY
About 4 in 10 middle-income Canadians have more than $1,000 in credit card debt – with the average debtover $3,000. 48% ofthose with debt are notpaying off the balanceeach month as expertsrecommend, and 11% aremaking only the monthlyminimum payment.
think they are saving enough for retirement
47%
fear not saving enough for retirement — more than...
Dying: 31%
Losing a job: 30%
Going to the dentist: 18%
61%
have made at least one costly financial decision, and the average loss reported was
$29,000
Retirement Planning High Credit Card Debt
Have not met with a financial professional Have met with a financial professional
Per
cent
of S
urv
ey R
espon
den
ts
Major out-of-pocket Medical
Expenses
Losing the Primary Earner
Big Financial Mistakes
Major Recession