A Road Map to Well-Being: The Value of Financial Planning
Study reveals that Canadians with financial plans feel they are saving more, living well, and experiencing higher levels of overall contentment in their lives.
The results of a three-year longitudinal study which included close to 15,000 Canadians provides important insight into the potentially life changing impact of financial planning. The Value of Financial Planning, commissioned by FPSC in conjunction with the Financial Planning Foundation, provides a comprehensive evaluation of the financial planning activities of Canadians by measuring its perceived impact on emotional and financial well-being.
The study revealed that Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional well-being than those who do no planning or only limited planning.
Those with comprehensive plans feel:
- More on track with their financial goals and retirement plans
- That they have improved their ability to save in the past five years
- More confident that they can deal with financial challenges in life
- Better able to indulge in their discretionary spending goals
Regardless of net worth, Canadians who engage Certified Financial Planner® professionals for their financial planning needs report that they are experiencing significantly higher levels of financial and emotional well-being.
- On track with financial affairs: 81% of those with comprehensive financial plans feel on track with their financial affairs, versus 73% with limited planning and only 44% with no planning
- Able to save: 62% of those with comprehensive financial plans report that they have improved their ability to save in the last five years, versus 56% with limited planning and only 40% with no planning