Help clients plan for life breaks: survey

Taking time off for vacations or leisure is common practice—and common to save and plan for. But what if a client wants to take a significant break from her job and life to pursue a passion or hobby?

A new survey from Simplii Financial, which polled more than 3,000 Canadian adults who are members of online research community Maru Voice Canada, found in October that nearly two-thirds of respondents (63%) think about taking time off or quitting their jobs to fulfill personal aspirations. Fifty percent would travel extensively, 34% would live or work abroad and 36% would start a business.

For one-quarter of those polled, thought has turned to action since they’re already putting money aside. And, for a majority (78%) of millennials (those aged 23-37) in particular, pursuing a passion is attractive.

Making a major life change may not work for everyone, but time off and life experiences remain a priority over pay, the survey suggests. Roughly half (52%) of respondents would rather get another week of vacation versus extra pay, and 81% said they get more joy out of experiences than material items.

Further, 28% said it’s not necessary to own things such as homes and cars when the sharing economy makes it easy to access them.

Still, 61% said they do go overboard in spending on everyday items. For the millennial group polled, of which 76% say they indulge, those items can include coffee, monthly subscriptions, technology and beauty care.

For more on clients’ needs and spending habits, read:

Look into, but don’t police, clients’ spending habits

Many clients want to be their own boss

Effects for clients as interest rates rise (from after BoC’s July rate hike)

Staff

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