When it comes to saving money, many Canadians wish they had been more proactive earlier on in life, a new survey suggests.
According to a Bromwich+Smith online survey that asked 1,519 Canadians who are members of the Angus Reid Forum various financial questions between June 9 and June 12, 70 per cent of respondents indicated that they wish they could go back and tell their younger selves to be more proactive with savings and investments.
Respondents between the ages of 35-54 were most likely to feel that way, with 70 per cent indicating they wish they could go back and tell their younger self to be more proactive with savings and investments while 62 per cent of those respondents between 18-34 and 71 per cent of those 55 and above felt the same way.
Called the Economic Future Survey, it was conducted by Bromwich+Smith and Advisorsavvy between June 9 and June 12. Other notable results were that many believe they will need to rely on their own children for financial support down the road, others are questioning whether it is worth saving money at all.
According to the results, 50 per cent of respondents — including 66 per cent of those ages 18 to 34 — indicated that they will not be able to leave a legacy for their children and 18 per cent of respondents said they will need to rely on their own children for financial support when they get older.
Furthermore, 57 per cent, including more than half of those 55 and above, believe they won’t be able to afford long-term healthcare in the future, should they need it. Additionally, 22 per cent of respondents don’t see the point of saving in the current economic climate while 29 per cent worry they will never be able to pay off their debt.
“People seem to be worrying they will never be able to pay off their debt such as loans, lines of credit, and credit cards,” Laurie Campbell, director of client financial wellness at Bromwich + Smith, said in a press release. “But as with investment, there is time, and they are not alone. It is critical that Canadians realize that, especially during these extraordinary times, an investment advisor or a licenced insolvency trustee can help rebuild a person’s financial life.”
If there is one positive, perhaps, it is that the results also found that nearly half of all those polled believe they have a good investment strategy and that now is a great time to invest.
“Despite some financial fatigue, there were some very heartening findings,” said Solomon Amos, Advisorsavvy founder. “Nearly half of all Canadians across all ages feel they have a strong saving and investing strategy. And half of younger Canadians acknowledge now is a great time to make investments.”