Almost half are concerned about managing their wealth, and 82% are worried about the economy, especially inflation (84%), energy costs (72%), and interest rates (49%).
Most survey respondents (74%) work with a financial advisor to manage and grow their wealth and help them mitigate adverse effects of the economy; but just 45% of those have a holistic plan that covers all aspects of their financial life.Â
“Much like other groups, high-net-worth Canadians are concerned about where the economy is going and its impact on their personal situation,” said Damon Murchison, president and CEO, IG Wealth Management. “With wealth comes increased complexity so it’s especially important, during these times, to not only seek out the help of a qualified financial advisor who can put things in perspective but also to select one who will work with you to develop a holistic financial plan that’s stress-tested and keeps pace with your evolving situation.”
Delaying retirement
Among the most concerning aspects of the survey is that, while 92% of respondents have some idea what their retirement will look like, less than half have a detailed plan.
Most said they are confident that they will have enough money for their retirement but almost half reported changes to how much money this will be.
