Canadians’ lack of financial confidence might prevent them from getting appropriate financial help, reveals a survey by the Financial Planning Standards Council (FPSC).

Survey results suggest that advisors must thoroughly question clients to ascertain what advice they’re looking for.

For example, 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.

Unsurprisingly, those numbers jump for those without financial planners: 42% don’t ask for advice because they don’t know what questions to ask, and 48% aren’t confident speaking about finances.

Overall, those who aren’t confident about finances tend to be younger, with lower incomes, and with children under 18.

Title regulation needed

The survey also finds that four in 10 Canadians use a financial planner.

Read: Who recognizes the CFP credential

Since the title isn’t regulated, “anyone can call themselves a financial planner without meeting any standards of competence, ethics or practice,” says FPSC’s consumer advocate, Kelley Keehn, in a release. “This leaves people confused and at risk.”

Read: Ontario on track to regulate advisor titles. Are you ready?

Previous FPSC research shows that half of Canadians think financial planners are regulated, she adds.

The survey finds that those using a financial planner tend to be older and have higher levels of income and education.

For more details, read the full survey.

About the survey: 1,527 Canadians from Leger’s online panel, LegerWeb, completed an online survey between July 31 to August 3, 2017.

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SIPA to regulators: Fix advisor registration sites, titles