The survey found that only one-third of middle-income Canadians feel confident with general concepts such as saving and budgeting, and fewer than two in 10 could explain the concept of compound interest or how to invest in a financial product.įor more details, read the Primerica report.Ībout the poll: Conducted by Golfdale Consulting in February 2019, the online survey polled a representative sample of 1,000 Canadians aged 18 and older with household incomes between $20,000 and $100,000.

Working with a financial professional might be particularly important considering Canadians’ low rates of financial literacy.

Of those who had met with a financial professional, only 22% had failed to invest.įurther, a greater proportion of those who met with a financial professional scored a C or higher on various financial behaviours, such as saving and investing, relative to those who didn’t (82% versus 54%). The poll found that client outcomes are better for those who receive financial advice.įor example, 56% of middle-income Canadians who hadn’t met with financial professionals had also never invested their savings. Most of those surveyed who haven’t seen a financial professional believe they would benefit from seeing one (75%), and they’re likely right. Also, about half (47%) fear they aren’t saving enough for retirement. The poll found that 61% have made at least one costly financial decision, with an average loss of $29,000. What is clear is that the lack of access to professional advice is a problem. (Trust isn’t the issue: in line with other research, the poll revealed overwhelming trust in the information provided by financial professionals.) No insight is offered, however, on why the lack of access exists. (The poll defines middle income as having a household income between $20,000 and $100,000.) As the industry continues to examine whether an advice gap exists in Canada among mass market households, a new poll finds that a significant proportion of middle-income households aren’t working with financial advisors, with negative results.Ī poll conducted for Primerica found that more than one-third (37%) of middle-income Canadians don’t have access to a financial professional they feel comfortable with.

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