Read more: Most Canadian retail bank customers seek advice for failing financial health
Another 44% of respondents feel they are not managing their money as effectively as they should be. And while a third of Canadians (31%) who do not consult a financial expert are concerned about their finances, this percentage falls to just 16% among those who do work with one.
“It’s understandable that so many Canadians are feeling insecure about their personal finances given everything they’re seeing out there, whether it be market volatility, inflation or rising interest rates,” said Christine Van Cauwenberghe, Head of Financial Planning, IG Wealth Management.
According to Cauwenberghe, it is crucial for Canadians to consult with a financial advisor who has the knowledge and experience to analyze every element of their financial lives and make sure they have a comprehensive financial plan so they can make better decisions and feel more secure.
Cauwenberghe also emphasized the significance of understanding that while many financial institutions may have staff members who can complete transactions, not all may be able to offer the full extent of required financial planning services, including the capacity to provide thorough advice.
