Nearly everyone (92%) with a written financial plan follows all or most of their advisors’ recommendations, finds a survey by Desjardins Wealth, and they are more likely to achieve their financial goals.
The survey, which focuses on Quebec, also shows that while achieving all their financial goals is a priority for the province’s residents, they’re not taking charge of their personal finances, due to a lack of time, interest or know-how.
Quebecers who have a written financial plan feel better-equipped to reach their goals, better able to focus on their goals and better able to understand the options proposed to them by their financial advisor, the survey finds.
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Sixteen percent of Quebecers have a written financial plan, and 93% of those with a plan are confident that they’ll be financially capable of achieving their goals during their working lives and in retirement.
Nearly 90% of Quebecers are familiar with the concept of financial planning. But their understanding is mostly limited to retirement planning and budgeting—which is not the same thing as a financial plan. A comprehensive financial plan also includes project financing, asset protection, education savings for children and grandchildren, tax strategies and estate planning.