33% would fail a financial stress test. Are you prepared?
November is Financial Literacy Month (FLM). The goal of FLM is to encourage Canadians to take control of their finances and reduce financial stress by making a budget, having a savings and debt reduction plan and understanding their financial rights and responsibilities. The Financial Planning Standards Council did a cross-country "Financial Check Up" survey with some interesting results:
One-in-three Canadians fail the stress test, meaning they somewhat or strongly doubt their bank account can withstand a financial emergency. Nearly three-in-ten Canadians are not confident they will achieve their financial life goals.Nearly two-thirds of Canadians (64%) do not have access to an employer retirement savings matching program.Despite these trends, two-thirds of Canadians have not engaged the services of a professional financial planner because they don't know who to trust, they are too confused and overwhelmed or they are embarrassed about their financial situation.
The good news is you are not one of these Canadians!
Through THE WELLTHY Process™, we help you stay organized and focused on what’s important by developing an effective holistic plan for your health, wealth and family. For the full FPSC report click here.