Canadians more careful in financial decisions

Canadians more careful in financial decisions, survey says

News Canada


Thursday, March 12, 2009


According to the 2008 Desjardins Financial Security Rethink Retirement survey, Canadians are becoming more selective about where they place their hard-earned retirement savings. Initially, the survey conducted between June and August found that the majority of Canadians felt confident about their financial security and retirement plans. However, after the recent market fluctuations, Desjardins conducted a follow-up poll this past October.

The second survey asked questions to measure whether Canadians were becoming more cautious about their financial decisions. Canadians, particularly those over forty, said the following considerations would be very important to them when selecting savings and investment vehicles over the next year:

- More consideration to their personal and financial needs (49 per cent)
- Guarantee on the capital invested (48 per cent)
- Financial strength of their institution (47 per cent)
- Returns on the capital invested (40 per cent)
- Quality of advice received (39 per cent)

"Canadians over forty are not in a state of panic, but seem to be finally paying attention to what the financial services industry has been trying to get across for many years," said Michael Aziz, vice-president of sales and business development of individual savings products at Desjardins Financial Security. "Yes, most Canadians will be able to retire one day, but they are going to have to plan and work towards that goal. And part of this work will include the careful selection of their financial institution."

More information about the survey is available online at www.rethinkretirement.ca.