CANADIANS BARELY IN SHAPE FINANCIALLY
By Adnews Staff
Almost half of Canadians feel less confident about their financial situation than they did five years ago, according to a survey done by The Strategic Counsel. Although 83% believe it is important to have a formal financial plan, 61% say they don't have a formal plan. Of the 38% that do have a financial plan, only one in five are paying for the plan as a separate service. Six per cent say a plan is not a priority. Eighty three per cent of respondents say they need outside advice to prepare for their retirement while 68% need outside advice to protect their dependents in case they die. Sixty-six per cent need advice to transfer their estate to their heirs, 60% want it for health care and 53% want advice to pay for their children's education. Regionally, Canadians in Atlantic Canada are most worried about making ends meet, while 12% of respondents describe themselves as quite comfortable and accumulating wealth. Twenty-one per cent of Quebec residents describe themselves in the same position. Women are a little more worried about their finances than men, according to the poll, which found 47% of women feel they are just covering expenses or falling deeper into debt, compared to 31% of men. The survey is part of Maclean's magazine's annual year-end poll. It polled 1,000 Canadians aged 18 and over. The study was commissioned by the Manufacturers Life Insurance Company.