CSA Investor Index
The 2009 Canadian Securities Administrators Investor Index is out. The full report is available online as a pdf file.
Some interesting highlights.
Most Canadians (85 per cent) believe that it is important to build their personal savings and investments. However, one-in-three (35 per cent) do not have any savings or investments. Six-in-ten (60 per cent) Canadians worry that they do not have enough savings to meet their financial needs.
Only one-in-four (25 per cent) Canadians have a formal written financial plan that includes clear investment goals, despite the fact that two-thirds (64 per cent) agree that having one is important.
A majority of parents (78 per cent) agree that teaching children financial skills is among the most important things a parent can do for their child. Yet, only 46 per cent of Canadian parents have taught their children about finances and investing.
Hi Richard,
What do you think about the other part, ‘and only one in five (20 per cent) consider a parent to be the most responsible for teaching young people about personal finances and investing (compared to 51 per cent who consider a financial advisor to be most responsible).’
Do you think that Canadian investors are too dependent on advisors? Should we be?
Hi Chris,
The report indicates that 46 percent of the Canadians surveyed have a financial advisor. And that 48 percent rely on the advice provided by their financial advisor.
More than half of Canadians do not have an advisor and presumably are not reliant on the advice from an advisor.
Based on the survey results, the numbers do not suggest an unhealthy dependency on advisors.
Speaking for myself, I believe that I am fully responsible for my financial decisions and that any significant financial decision should be an informed decision. Generally this would require input from a qualified professional (e.g., lawyer, accountant, broker, financial planner) depending on the nature of the decision.
But, in the end, I have to take accountability for whatever decision(s) I make with my money.
Cheers,
Richard