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Seventy nine percent of Canadians with a
financial plan say it has helped them cope with the current
economic environment financially
TORONTO, June 13,
2023 /CNW/ - Canadians appear to be taking greater
control of their financial situation in response to the economy,
based on the most recent results of Manulife Bank's Financial
Health Survey.
"In April 2023, we took the
pulse of Canadians and it's clear that they are taking greater
control of their finances in the face of challenging economic
times. The research revealed that most Canadians who have a
financial plan feel like it has helped them improve their ability
to cope with the current economic environment both mentally (75%)
and financially (79%)," said Lysa
Fitzgerald, Vice President of Sales, Manulife Bank.
As many as three in five Canadians admit they would have no
financial plan if it was not for their advisor (61%) or believe
that their mental health has improved, thanks to their advisor
(59%) and think they are better off financially than they were
prior to retaining the services of their financial advisor
(68%).
Generational
Shifts
Seventy nine percent of Canadians with a
financial plan say it has helped them cope with the current
economic environment financially
While Millennials and Gen Xers are the most likely to feel
worried about affordability in Canada, Baby Boomers to Gen Z are all feeling
the squeeze when it comes to rising costs of living and mortgage
rates. Many advisors are pointing to flexible and wholistic
mortgage solutions to help keep cashflow available while locking in
rates to consolidate debt in lower-interest holdings.
Of those who have an advisor, Boomers are most likely to feel as
though they are receiving good financial advice. Gen Z is most
likely to think their financial advisor turns financial negatives
into financial positives.
"Canadians from all generations are reporting that spending
levels are outpacing their income. We want to expand access to
detailed planning, professional support, and financial tools to
help people meet their savings and investment goals," added Ms.
Fitzgerald.
Get the help you need for managing your finances, preparing for
retirement, budgeting, and planning for your future. For more
information about financial planning: Find an advisor
About the Manulife Bank of Canada
Financial Health Survey
Now in its sixth year, the Manulife Bank of Canada poll surveyed 2,002 Canadians in all
provinces between ages 20 to 69 with household income of more than
$44,000. The survey was
conducted online by Ipsos between April 14th
to 20th, 2023. National results were weighted by gender,
age, region, and education. This survey has a credibility interval
of +/- 2.5 per cent 19 times out of
20, of what the results would have been had all Canadian adults
between the ages of 20 to 69 been surveyed.
About Manulife
Bank
Manulife Bank is one of Canada's original digital banks. Since our
launch in 1993, we've been designing efficient, flexible products
that fit seamlessly into our customers' lives to help make their
decisions easier and lives better. Today, Manulife Bank has over
$27 billion in assets and serves
clients across Canada in all
provinces and territories.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Investment Management, the
global brand for our Global Wealth and Asset Management segment, we
serve individuals, institutions, and retirement plan members
worldwide. At the end of 2022, we had more than 40,000 employees,
over 116,000 agents, and thousands of distribution partners,
serving over 34 million customers. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '. '945-HK' on the Hong
Kong stock exchange.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
SOURCE Manulife Financial Corporation