Most Canadians feel confident reaching life milestones, but many are still putting it off

But long-term confidence doesn’t mean Canadians won’t be affected by the current economic environment. While 68% of respondents said they were confident the milestone would eventually be achieved, more than half (51%) said they were currently postponing at least one major financial goal.

How can Canadians ensure they meet program milestones? Canadian FP survey highlights There is currently a huge confidence gap between those who work with financial planners and those who don’t. Among those who work with a financial planner, 79% say they feel confident in their goals, compared with 59% of those without professional guidance.

Laura Bishop, a Qualified Financial Planner (QAFP) at IG Wealth Management, said financial planners can help Canadians of all ages and income levels prepare for life milestones with the help of experts who understand the market inside and outside. “It’s not just for the rich,” she said. “It’s for anyone who wants to make intentional decisions about their money.”

The biggest challenges facing Canadians’ financial planning come from everyday life

Canadians say the most significant challenges they face when planning for life milestones include paying off debt (31 per cent) and general economic uncertainty (35 per cent).

But what’s the biggest challenge? For 41% of Canadians, once necessary expenses are paid, there is not enough money left. For those aged 35-54, nearly half (48%) see this as their main challenge.

In other words, it’s not just wild swings in economic uncertainty or personal debt loads that are bringing financial confidence to a standstill for some Canadians. For many Canadians, Daily life is too expensive to move towards big financial plans Now.

Generational Planning Divide: Gen Z’s Travel Priorities

Today, the three most common life milestones for which Canadians save include retirement or semi-retirement (50 per cent), travel (42 per cent) and buying a home (19 per cent). But for young Canadians, travel is a priority, while more traditional goals like retirement and homeownership take a backseat.

Here are the most important milestones for Canadians aged 18-34:

• 43% are saving for travel
• 38% are saving money to buy a house
• 34% are saving for retirement

Compare these to the top milestones for the 35-54 age group:

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• 61% are saving for retirement
• 47% are saving for travel
• 25% are saving for their children’s education

For both age groups, Travel is a major financial priority, Even achieving goals like retirement, home ownership, and education.

consumption mentality

Bishop said Canadians’ love of travel is more than just a coincidence. She tied this to the COVID-19 pandemic, noting that since 2020, many Canadians have moved away from focusing solely on long-term savings goals and included short-term spending among their financial priorities.

“Since the onset of the COVID-19 pandemic,” she said, “more and more people are looking to live their best lives.”

‘It’s clarity that counts’: How working with a financial planner can build confidence in money

Bishop doesn’t want Canadians to put off working with a financial planner because they worry they’ll lose control of their finances, or think it’s a service only for the very wealthy.

Anyone can work with a financial planner, but young people in particular can benefit from the financial education and insights they can provide, she said. “It’s not about giving up control; it’s about gaining clarity.”

For Bishop, the job of a financial planner goes beyond expertise in markets or investment strategies. “Money is an emotional conversation,” she said. Many people, especially those who aren’t confident about their financial goals, won’t tell even their closest friends about their financial situation, but Bishop has honest, open conversations with her clients every day.

“A good planner will help clarify and simplify complex decisions,” Bishop says. “A good planner will integrate these decisions with your priorities, your goals, and a personalized plan created just for you.”

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About RE Holly

RE Hawley is a senior writer and editor with over ten years of combined experience in the education and insurance sectors. RE values ​​creating accessible content on complex financial topics that people can use to make informed decisions in an increasingly confusing insurance market.