A recent study from the Montreal-based Centre for Interuniversity Research and Analysis on Organizations found that those who use outside financial planning advice see their assets grow over time by 1.58 to 2.73 times more than those who act alone.
An estimated 10 million Canadians use the help of professionals working at financial institutions, brokerage houses, independent operations and environments like insurance companies to plan for their retirements and financial security.
But, interest in financial planning advice seems to grow with age. About 64% of those 50 and older use a financial advisor, while 47% of those under 50 do so.
Convincing younger Canadians, especially those with limited incomes, to plan for their futures remains challenging. But Pollack said Ottawa’s decision to delay the age when people will receive Old Age Security, and fewer companies offering DB pensions will get people’s attention.
“There seems to be a growing awareness that individual Canadians are going to be more dependent upon themselves than they have been on the government in the past,” he said.