Creating a financial plan can more than double your retirement confidence — which is why so many Canadians skip it

adminOctober 9, 2025

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Creating a financial plan can more than double your retirement confidence — which is why so many Canadians skip it

That’s a huge gap, and it’s growing as more Canadians rethink their financial strategies. The survey of 1,045 Canadians found that 52 per cent said economic uncertainty has prompted them to consider creating a financial plan or overhauling existing plans.

Making a plan is obviously beneficial, so why don’t more people do it? According to the investigation, there are three main culprits: cost, complexand confusion About what is financial planning.

Barriers holding Canadians back

Nearly half (45%) of survey respondents had not worked with a professional planner before:

43% said they were unsure about the process or whether it was worth the money
42% think it is too expensive
Only 44% have a “very clear” understanding of what financial planning means

But here’s the thing: 55% of Canadians have worked with a professional planner; 56% said the value was totally worth it. Another 37% said it was somewhat worth it, leaving 93% feeling their money was well spent.

KPMG report shows 53% of Canadians find financial planning “extremely valuable” But it seems misunderstandings about cost and complexity are holding them back from taking the next step.

Also read: First time financial planning? The Single Income Woman’s Guide

A DIY plan is better than no plan, but professional guidance wins

Among survey respondents, there were three categories: 55% had a professional plan, 25% created their own plan, and 20% had nothing at all. Those who went the DIY route were significantly more confident than those who didn’t (72% vs. 36%), but they still lagged behind those who sought help from a professional planner.

Generational differences in technology

Age also appears to affect how Canadians view financial planning:

54% of Gen Z (ages 25-30) prefer self-service digital tools to human advisors
41% of Millennials (ages 31-45) need tools and human support
Generation X (ages 46-60) is evenly distributed across all three options
56% of baby boomers (ages 61-79) want to work only with human advisors

Everyone of every age group agrees on one thing: 72% want real-time access to their financial plans, saying it would enhance their experience.

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bottom line

The survey data seems compelling: Professional financial planning leads to measurable results. But, ultimately, Some Plan better than No plan. If cost or complexity is holding you back, or you simply prefer to do things yourself using online tools, try creating your own plan. You can always ask a financial advisor for feedback and advice to help boost your confidence and ensure you’re on the right track for a comfortable retirement.