Canadian Struggling with Financial Decisions

Canadians struggling with financial decisions

One in two Canadians feel personal finances are more complicated now than they were 20 years ago, survey finds

By Tessie Sanci | February 20, 2015 10:30

While 66% of Canadians are saying they could benefit from additional financial knowledge or advice, 46% of Canadians are also not planning to see a financial advisor in the next year, according to a poll conducted for CIBC.

One in four respondents also say they lack confidence in their overall financial knowledge, and 52% say they have struggled with making a financial decision because they felt they lacked the necessary knowledge.

“While the majority of Canadians generally feel confident about their overall financial knowledge, they may want to seek advice when making certain financial decision that occur less frequently, such as renewing a mortgage, or determining where to invest an inheritance,” says Christina Kramer, executive vice president of retail and business banking for CIBC.

The survey also found that 53% feel managing their personal finances is more complicated today than it was 20 years ago.

“As personal finances have become increasingly complex with greater choice available in the market and more and more information driven through technology, it’s not surprising that Canadians are feeling overwhelmed,” Kramer says.

The survey was conducted online with 1,510 randomly selected Canadian adults who are also Angus Reid Forum panelists. It took place between Jan. 16 and 17.