More than one-third of Canadians (35%) are seeking more financial advice today than they did a decade ago, according to a survey for Mackenzie Investments.
The survey, which polled 1,500 Canadians, was conducted last fall by Leger’s online panel, LegerWeb. It also found 46% are seeking the same amount of advice, while 16% are getting less.
Many Canadians also find themselves better off than in 2007, when 37% of those polled said they wouldn’t be able to afford their lifestyle a decade later. This time around, the survey says 65% of respondents indicated their lifestyles have remained stable or changed for the better over the past 10 years.
And, looking ahead, 63% predicted they would have the same or better lifestyle a decade from now.
When it comes to spending, new technology has made dropping dollars easier, according to 89% of respondents who cited online shopping (53%), fast-pay technology (46%) and instant discounts (33%) as factors.
Hurdles to consider
Even while some Canadians are seeking more advice, advisors will have to work hard for new business–if they work in legacy businesses like banks, at least.
According to separate poll results from CGI, today’s consumers are looking for a broad range of services, which can include advice, rewards and personal finance management. Unsurprisingly, investors also want digital services such as robo tools, and protection against fraud and identity theft.
Another challenge is some people may be nervous when it comes to working with financial advisors. An FPSC survey from November 2017 says more than one-fifth of Canadians with financial planners say they might not ask for advice because they don’t know what questions to ask (22%). Further, 30% aren’t confident speaking about finances.
For those without planners, the numbers are higher: 42% don’t ask for advice because they don’t know what questions to ask, and 48% aren’t confident speaking about finances.