Canada’s wealthy don’t think they’re wealthy and they don’t believe they have exceptional investment knowledge either, according to an RBC Investments/Ipsos-Reid wealth management poll.

According to the poll, the wealthiest 20% of the Canadian population don’t consider themselves to be wealthy. Of those Canadians, 57% think of themselves as having average or little financial knowledge and 81% seek professional advice when making personal investment decisions. Yet only 46% have written financial plans, 79% of which were developed with the assistance of a financial advisor.

As for financial goals, 86% identify saving for a comfortable retirement is their most important financial objective. “Canadians aren’t likely to boast about their wealth,” says Matt Varey, senior vice-president, Financial Planning. “The majority of wealthy Canadians desire the same thing most Canadians do which is enough money for a comfortable retirement.”

The survey participants among affluent Canadian households are more likely
to be male (56%) and to be between 35 and 54 years old (53%). Of those with
$1 million or more (4% of Canadians), 79% are male and 58% are over 55.

Based on the survey results, 34% access their investment accounts online and 33% use the Internet to research investments. As for the investing preferences of affluent Canadians, 85% hold mutual funds, while 51% list mutual funds as the top investment in their portfolios. Individually held stocks are the top investment for 17% of
wealthy Canadians. However, the number is significantly higher, at 37%, for people with $1 million in assets.

These findings are from an Ipsos-Reid/RBC Investments poll conducted between February 7 and February 24. The poll is based on telephone interviews with 1,000 Canadians 18 years of age or older with more than $100,000 in household financial assets excluding principle residence, property, jewellery, or art work. With a sample of this size, the results are considered accurate to within (+/-) 3.1%, 19 times out of 20.