Nearly a quarter of young Canadians have stopped saving for tomorrow
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Adults 35-54 wish they could ‘tell their younger selves’ to save/invest more: Bromwich+Smith and Advisorsavvy
TORONTO, June 27, 2022 (GLOBE NEWSWIRE) — Canadians, who have weathered a series of financial crises since 2000 (9/11, the 2008 financial meltdown, the Covid-19 pandemic) are less than optimistic about their financial stability according to a new economic survey.
Almost a quarter of young Canadians (23%) surveyed said they see no point in saving/investing in this economic environment. The Economic Future Surveythe second in a series of economic studies by Bromwich+Smith and Advisorsavvy, finds that young people are cynical about their economic future.
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Significantly, 30% of Canadians aged 18 to 34 believe they will have to rely on their own children for financial support when they are older. In addition, two-thirds of young adults fear that they will not be able to leave a financial legacy for their children. Additionally, nearly two-thirds of young Canadians (63%) believe they would not be able to afford long-term health care if needed, leading the country.
Canadians aged 35 to 54 have their own apprehensions, with nearly eight in 10 wanting to go back and tell their young people to be more proactive about saving and investing.
“Despite some financial strain, there have been some very encouraging results,” said Solomon Amos, founder of Advisorsavvy. “Nearly half of Canadians of all ages believe they have a solid savings and investment strategy. And half of young Canadians agree that now is the perfect time to invest.
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| my economic future | Total | Canadians 18-34 | Canadians 35-54 | Canadians 55+ | ||||
| I don’t see the point of saving/investing in this economic environment | 22% | 23% | 20% | 23% | ||||
| I wouldn’t be able to afford long-term health care if I needed it | 57% | 63% | 60% | 54% | ||||
| I will have to rely on my children for financial support when I am older | 18% | 30% | 18% | 15% | ||||
| I fear that I will never be able to repay my debt (loans, lines of credit, credit cards) | 29% | 32% | 35% | 25% | ||||
| I’m afraid I can’t leave a financial legacy for my children | 50% | 66% | 59% | 43% | ||||
| I wish I could go back and tell my younger self to be more proactive about saving/investing | 70% | 62% | 77% | 71% | ||||
| I feel like I have a solid savings/investment strategy | 48% | 47% | 44% | 51% | ||||
| It’s the perfect time to invest now | 42% | 48% | 49% | 36% | ||||
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“People seem to be worried about never being able to pay off their debts such as loans, lines of credit and credit cards,” said Laurie Campbell, director of client financial wellbeing at Bromwich + Smith. “But as with investing, there is time, and they are not alone. It is essential that Canadians realize that, especially in these extraordinary times, an investment counselor or licensed insolvency trustee can help rebuild a person’s financial life.
Investment habits
In the past month, when asked if they had been able to save or invest their money, 55% of all Canadians said yes and 45% said no. However, one in five had to dip into their savings, investments or savings (including things like RRSPs, TFSAs, savings and investment accounts).
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| IInvesting habits of Canadians *During the last month |
Total | Canadians 18-34 | Canadians 35-54 | Canadians 55+ | ||||
| Sold/collected in investments | 19% | 15% | 16% | 22% | ||||
| Investments made/increased | 28% | 35% | 34% | 21% | ||||
| Dipped in my “nest egg”/emergency fund | 23% | 22% | 28% | 21% | ||||
| Added to my “nest egg”/emergency fund | 15% | 19% | 17% | 12% | ||||
| Canceled automatic bill payments | seven% | 11% | 8% | 4% | ||||
| I spoke to someone at a financial institution about my finances | 22% | 17% | 19% | 25% | ||||
About Economic future Investigation
From June 9-12, 2022, an online survey was conducted with a representative sample of 1,519 Canadian Angus Reid Forum members. For comparison purposes, the sample design would include a margin of error of +/- 2.5 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding.
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About Bromwich+Smith
At Bromwich+Smith, our dedicated team of Licensed Insolvency Trustees and Debt Relief Specialists are committed to rebuilding the value of our clients, while helping to ease the crushing financial and emotional burden they bear. Beyond the financial well-being of our clients, Bromwich+Smith strives to restore the personal well-being and self-confidence of each client. Whether it’s a consumer proposal, bankruptcy, advice or budget, our clients trust us to work with them to find personalized solutions to restore them. With offices in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and New Brunswick, Bromwich+Smith helps thousands of Canadians rebuild their worth every year.
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Bromwich+Smith debt relief specialists are available for a free, confidential, no-obligation initial consultation by phone at 1-855-884-9243 or via www.bromwichandsmith.com.
About Advisorsavvy
Advisorsavvy is a free service that helps consumers find, compare and rate local investment, finance and insurance professionals in good standing through a knowledge base of online reviews and ratings.
Advisorsavvy helps Canadian consumers connect confidently with great financial advisors and offers free tools and calculators to help answer people’s retirement planning questions.
Contact for interviews or inquiries
Morgana Lewis
MAVERICK Public Relations
M 416-618-0443
Email: [email protected]
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