Photo Credit: Scotiabank

Nearly one-third of Canadians more concerned about funding their retirement than a year ago

Wednesday, January 26, 2022 10:10:00 AM

Results of the Scotia Global Asset Management (Scotia GAM) Investor Sentiment survey, released today, indicate that 32% of those surveyed are more concerned about their ability to fund their retirement than a year ago, and 45% say the COVID-19 pandemic has impacted their retirement plans. These findings are in line with Scotiabank's annual Worry Poll, released last month, which revealed that 75% of Canadians are worrying about their finances.

However, the Investor Sentiment survey also found that confidence levels are boosted when working with a financial advisor – 87% of Canadians who met with an advisor in the past six months said their advisor makes them feel confident that their investments will be OK, compared to 67% who did not meet with an advisor.

"These results indicate that while investors are concerned about meeting their retirement goals, regular meetings with financial advisors significantly alleviate those concerns. In a continually changing environment, the value of advice prevails," says Neal Kerr, Head, Scotia Global Asset Management (Canada).

The survey also finds that among those who met with their advisor in the past six months:

• 86% say their advisor keeps them on track to meet their goals, regardless of market changes
• 76% believe they are better off financially than if they managed their money on their own

Six in ten (60%) investors who work with an advisor feel additional assistance and communication from their advisor would help them feel even more confident, the survey found.

"Our purpose is to enrich our clients' financial futures with outstanding investment solutions delivered in partnership with comprehensive wealth advice. Canadian investors are craving this, as the survey results attest, and we are confident that the depth and breadth of advice they receive will continue to grow," adds Mr. Kerr.

The Scotia Global Asset Management Investor Sentiment survey was conducted by Environics Research from November 2-11, 2021. The online survey included 1,029 Canadians, 25 years of age or older with household investable assets of $25,000 or more and who participate in investments decisions for their household. The data was weighted by age, gender and region and household investable assets to reflect the population.

SOURCE: Scotiabank