Canadians report being “moderately” confident in their financial circumstances, according to a new index to measure financial confidence launched by Winnipeg-based IG Wealth Management with Ipsos Canada.
The first reading of the index, which is based on a survey of 1,000 Canadians that was carried out between Oct. 20 and 22, puts the average confidence score at 59 out of 100.
IG reports that 43% of respondents say they “feel anxious” about their finances, and 81% anxious respondents say they are worried that they will outlive their money.
Additionally, the survey finds that among those who report having lower confidence in their finances, 51% say that they haven’t tried hard enough to manage their finances, and 35% report that they avoid thinking about money.
“Results from this first iteration of the IG Financial Confidence Index demonstrate that Canadians’ confidence in their financial future is directly proportional to their self-assessed level of effort at managing their finances,” says Sébastien Dallaire, senior vice-president at Ipsos Canada, in a statement. “Data also show that those who got professional advice are both more confident and less anxious.”
IG Wealth also announced the launch of a new investor education initiative that will focus on several groups that, it says, could benefit most from education: new Canadians, seniors, Indigenous peoples and youth. The company will work with community organizations “to develop and execute seminars, events and programs focused on increasing the financial confidence of these key groups,” it says in a news release.
“Through our day-to-day business and ongoing community involvement, we recognize the opportunity to enhance the financial literacy and education of Canadians, leading to a better financial future for those who need it most. We are excited to launch the IG Empower Your Tomorrow platform and become the national champion for Canadians’ financial confidence,” says Jeff Carney, president and CEO of IG Wealth.