Half of Canadians say that personal finances have become more complicated over the last 20 years, and two-thirds say that they could use more financial knowledge or advice.
In a poll conducted for CIBC last month, Angus Reid asked 1,510 randomly-selected Canadian adults about how confident they were in their financial abilities. Although 75% of the respondents said they were confident about their overall level of knowledge, 53% felt that financial decisions are more complicated today than they were 20 years ago, and 66% thought they could still benefit from additional financial knowledge or advice.
While the poll also revealed that 52% of Canadians have struggled with making financial decisions because they lacked knowledge, only 38% of those surveyed plan to meet with a financial advisor this year.
“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,” comments Christina Kramer, executive vice president of retail and business banking at CIBC. “Having a quick conversation with an expert can help demystify the possibilities and ensure that you are making the best decisions to meet your personal financial goals and objectives.”