Canadians with financial plan less stressed

Do people feel they’re better off when they have a financial plan? Absolutely.

In fact, Canadians with comprehensive financial plans scored 62% more on emotional wellbeing than those without; 85% more on financial wellbeing and 45% more in overall contentment, reveals a study by Financial Planning Standards Council (FPSC).

Read: Many Canadians don’t have a retirement plan

Also, those with plans are more confident they’d be able to deal with an economic downturn. And working with a certified financial planner also helps, with 78% feeling their financial affairs are on track.

Read: New tools help Canadians plan for OAS changes

“Having a comprehensive financial plan with the guidance of a CFP professional can provide a road map towards greater financial and emotional wellbeing. We urge Canadians to start the year off well by taking that step,” says Cary List, president and CEO, FPSC.

Read: Financial habits of boomers, Gen X, Millenials

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.