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Seventy nine percent of Canadians with a financial plan say it has helped them cope with the current economic environment financially
TORONTO, June 13, 2023 /CNW/ - Canadians appear to be taking greater control of their financial situation in response to the economy, based on the most recent results of Manulife Bank's Financial Health Survey.
"In April 2023, we took the pulse of Canadians and it's clear that they are taking greater control of their finances in the face of challenging economic times. The research revealed that most Canadians who have a financial plan feel like it has helped them improve their ability to cope with the current economic environment both mentally (75%) and financially (79%)," said Lysa Fitzgerald, Vice President of Sales, Manulife Bank.
As many as three in five Canadians admit they would have no financial plan if it was not for their advisor (61%) or believe that their mental health has improved, thanks to their advisor (59%) and think they are better off financially than they were prior to retaining the services of their financial advisor (68%).
Generational Shifts
Seventy nine percent of Canadians with a financial plan say it has helped them cope with the current economic environment financially
While Millennials and Gen Xers are the most likely to feel worried about affordability in Canada, Baby Boomers to Gen Z are all feeling the squeeze when it comes to rising costs of living and mortgage rates. Many advisors are pointing to flexible and wholistic mortgage solutions to help keep cashflow available while locking in rates to consolidate debt in lower-interest holdings.
Of those who have an advisor, Boomers are most likely to feel as though they are receiving good financial advice. Gen Z is most likely to think their financial advisor turns financial negatives into financial positives.
"Canadians from all generations are reporting that spending levels are outpacing their income. We want to expand access to detailed planning, professional support, and financial tools to help people meet their savings and investment goals," added Ms. Fitzgerald.
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About the Manulife Bank of Canada Financial Health Survey
Now in its sixth year, the Manulife Bank of Canada poll surveyed 2,002 Canadians in all provinces between ages 20 to 69 with household income of more than $44,000. The survey was conducted online by Ipsos between April 14th to 20th, 2023. National results were weighted by gender, age, region, and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 to 69 been surveyed.
About Manulife Bank
Manulife Bank is one of Canada's original digital banks. Since our launch in 1993, we've been designing efficient, flexible products that fit seamlessly into our customers' lives to help make their decisions easier and lives better. Today, Manulife Bank has over $27 billion in assets and serves clients across Canada in all provinces and territories.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '. '945-HK' on the Hong Kong stock exchange.
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
SOURCE Manulife Financial Corporation
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