TORONTO, March 2, 2023 /CNW/ - Canadians are feeling the pressure of the current economic climate on their investments – but professional advice and a financial plan provide a significant confidence boost.
Results of the Scotia Global Asset Management Investor Sentiment survey, released today, indicate that 55% of those surveyed say their retirement plans have been impacted by current economic conditions. Nearly 6 in 10 (59%) surveyed feel negative about their investments, up from 33% in the Fall 2021 survey.
These findings are in line with Scotiabank's fourth annual Worry Poll, which reveals that Canadians are worrying more about their finances compared to last year.
The good news is that meeting with a financial advisor can boost confidence – the Investor Sentiment survey found that 86% of those who have met with their advisor in the past 6 months say they feel confident in their ability to fund their retirement.
Having a financial plan as well as meeting with an advisor increases those feeling confident to 95%. However, only 26% of those surveyed have a written financial plan.
"These results indicate that investors have current concerns about meeting their retirement goals; however, regular meetings with financial advisors and having a written financial plan diminish those concerns," says Neal Kerr, Head, Scotia Global Asset Management.
"Our focus – to enrich our clients' financial futures with outstanding investment solutions delivered in partnership with comprehensive wealth advice – becomes even more important during challenging market conditions, as the survey results attest," adds Mr. Kerr.
About the Investor Sentiment Survey
The Scotia Global Asset Management Investor Sentiment survey was conducted by Environics Research from January 4-10, 2023. The online survey included 1,022 Canadians, 25 years of age or older with household investable assets of $25,000 or more and who participate in investments decisions for their household. The data was weighted by age, gender and region and household investable assets to reflect the population.
About Scotia Global Asset Management
Scotia Global Asset Management includes 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs.
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as at January 31, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @Scotiabank.