Over half of Canadians lack the skills needed to build wealth: survey
Insufficient knowledge about investing cited as a top barrier to financial freedom
Tuesday, November 3, 2009
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As uncertainty about economic recovery lingers, a new survey reveals that 52% of Canadians are not comfortable with their current financial situation and 53% feel insufficient knowledge about investing is their top wealth-building barrier.
The survey, released by real estate and investing training services firm Tigrent Inc., examined over 3,000 British, American and Canadian attitudes, definitions and self-limiting beliefs towards financial freedom and reinvention. It was conducted for Tigrent by Opinion Research Corp. from October 19 to 21.
In the survey, 77% of Canadians said they were ready to make sacrifices in the short run to accumulate enough wealth for a more secure tomorrow. Generation Y Canadians (aged 18-24) led the charge in this category at 88%. Separated, divorced or widowed Canadians were least open to making immediate changes at 67%.
“At a time when so many people are facing unprecedented economic challenges, the optimism we saw across all borders was heartening,” says Paul Gallagher, managing director, Tigrent Learning Canada Inc. “Wealth-building skills can be learned, and Canadians, especially our younger generations such as the Gen Y seem to have an invigorated vision for their financial future.”
A full 61% of Canadian respondents say that in light of the global financial crisis, they need to re-invent themselves to enhance earning power.
When asked how they would develop their wealth building skills, well over one-third (39%) of all respondents and half of those aged 18 to 34 (50.5%) said they would be willing to make an investment in their future and pay for training to become an entrepreneur, real estate investor or to launch a home-based business.
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