What’s shaping the financial outlook for canadians?

For many Canadians, confidence in their financial future is being tested by a perfect storm of economic challenges. Inflation is leading the pack, with nearly three-quarters (72%) saying it’s negatively impacting their outlook. Rising housing costs (47%) and an uncertain job market (43%) are also weighing heavily on minds across the country.

Even though half of Canadians are actively investing, more than a quarter (27%) say they simply don’t have the extra money to do so right now.

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The advisor advantage: Why guidance matters

There’s a striking difference in optimism between those who have professional support and those who don’t. Among Canadians who work with a financial advisor, 67% feel optimistic about their financial future. Compare that to just 44% of those going it alone. And when it comes to confidence in making financial decisions, those with an advisor are more than twice as likely to feel very confident.

Advisors aren’t just helping with investment choices, they’re acting as a steady hand during times of economic and global uncertainty. Many Canadians credit their advisor with helping them stay on course through recent volatility.

Still, trust remains a barrier. Nearly half (43%) of Canadians admit they don’t know who to trust for financial advice, and only one in three is currently working with a financial advisor.

Younger generations in particular are feeling vulnerable: Only 26% of Gen Z and 22% of Millennials feel confident they could handle a major, unexpected expense.

Looking back, 58% of Canadians say they wish they had started planning their finances earlier. And it seems that those who have taken that step are seeing results, as more than half (52%) of Canadians who work with a financial advisor believe they’re on track to meet their financial goals, compared to just 26% of those without guidance.

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Nicholas Sokic Contributor

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

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