Toronto, ON, Nov. 04, 2024 (GLOBE NEWSWIRE) -- In a year marked by financial uncertainty, recent polling by Advocis has revealed that Canadians continue to struggle with emergency fund adequacy and debt management, indicating potential challenges ahead. As Financial Literacy Month approaches, these survey findings shed light on common concerns raised by financial advisors and planners across the country about the pressing financial situations of their clients.
The poll highlights a lack of savings, budgeting issues, and inconsistent family discussions around financial management that point to a broad need for improved financial literacy.
Among the findings:
- 43% of respondents indicated that most of their clients have less than three months of living expenses saved.
- 60% of respondents reported that their clients either have no formal budget or struggle to manage unexpected expenses within their budgets.
- 60% of respondents noted that their clients occasionally discuss savings and spending habits with their children.
- 54% of respondents observed that clients have set financial goals and are making small but consistent progress toward these objectives.
The state of emergency savings and budget planning is an urgent issue impacting the financial health of Canadian households. When unexpected expenses arise, having a robust emergency fund and budget plan can be a lifeline. These findings reflect a need for greater financial education and support to help Canadians develop and maintain these crucial financial foundations.
Advocis conducted this poll with over 100 of its members in October, gathering insights from financial advisors and planners who regularly work with Canadian clients. These results underscore the importance of the upcoming Financial Literacy Month, which Advocis supports through various initiatives aimed at promoting stronger financial education across Canada.
“The results of this poll highlight a critical need for Canadians to strengthen their financial resilience,” says Kelly Gorman, CEO of Advocis. “Having a solid emergency fund and a realistic, adaptable budget can make all the difference in weathering financial surprises. We are committed to equipping Canadians with the tools and guidance needed to foster a strong financial foundation, especially as they navigate uncertain times.”
In line with Financial Literacy Month, Advocis will provide weekly content updates and resources through its Financial Advice for All platform, available at financialadviceforall.com, focusing on the Advocis’ 2024 theme of ‘Emergency Funds and Debt Management.’
Advocis invites Canadians to follow #FLM2024 on social media to stay informed on financial education resources and tips from a range of Canadian financial organizations.
About Advocis
Advocis, The Financial Advisors Association of Canada, is Canada’s largest voluntary professional association for financial advisors. With a commitment to continuous education, professional standards, and practice development, Advocis supports financial advisors and planners nationwide with resources to enhance financial literacy and resilience for all Canadians.
