Meeting with an advisor and having a financial plan
alleviates those worries
TORONTO, Feb. 28,
2024 /CNW/ - Canadians are increasingly feeling the
pressure of the current economic climate on their investments – and
professional advice and a financial plan can provide a significant
confidence boost.
Results of the annual Scotia Global Asset Management Investor
Sentiment survey, released today, indicate that nearly 6 in 10
(58%) investors surveyed say they are concerned, worried or anxious
about their investments. 60% of those surveyed believe current
economic conditions have impacted their retirement plans.
Scotiabank's fifth annual Worry Poll, which looks at how
Canadians feel about their finances more broadly, provides further
insights. Fewer Canadians spent time worrying about their finances,
but those who did spent more hours on average and were most
concerned about paying for day-to-day expenses.
"It is very understandable to be concerned about daily expenses,
particularly as we have experienced higher inflation. Trying to
find a balance is key – managing short-term needs while at the same
time not sacrificing the growth potential needed to meet long-term
goals like retirement. The good news is that regular meetings with
financial advisors and having a written financial plan can help
restore that balance and alleviate concerns," says Neal Kerr, Head, Scotia Global Asset
Management.
The survey found that 80% of those who have met with their
advisor in the past six months say they feel confident in their
financial situation compared to 61% who had not met with their
advisor in that period. For those with a financial plan, 52% are
more likely to view the current investment climate as a good time
to invest, compared to 25% for those without a financial
plan.
"Our commitment – to enrich our clients' financial futures with
outstanding investment solutions delivered in partnership with
comprehensive wealth advice – remains critically important, as the
survey results attest again this year," adds Mr. Kerr.
To read more about the survey, click here.
About the Investor Sentiment
Survey
The Scotia Global Asset Management Investor Sentiment survey was
conducted by Environics Research from November 20-29, 2023. The online survey included
1,028 Canadians, 25 years of age or older with household investable
assets of $25,000 or more and who
participate in investments decisions for their household. The data
was weighted by age, gender and region and household investable
assets to reflect the population.
About Scotia Global Asset
Management
Scotia Global Asset Management® is a business name used by 1832
Asset Management L.P., a limited partnership, the general partner
of which is wholly owned by Scotiabank. Scotia Global Asset
Management offers a range of wealth management solutions, including
mutual funds, ETFs, liquid alternatives, private asset funds and
customized investment solutions for institutions and managed asset
programs. For more information, please
visit www.scotiagam.com
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial
partner, to deliver sustainable, profitable growth and maximize
total shareholder return. Guided by our purpose: "for every
future," we help our clients, their families and their communities
achieve success through a broad range of advice, products and
services, including personal and commercial banking, wealth
management and private banking, corporate and investment banking,
and capital markets. With assets of approximately $1.4 trillion (as at January 31, 2024), Scotiabank trades on the
Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange
(NYSE: BNS). For more information, please visit
http://www.scotiabank.com and follow us on X @Scotiabank.
SOURCE Scotiabank