Ontarians not planning for their financial future



    - New investorED.ca survey also shows that some investors may need to
    improve relations with their financial advisors -

    TORONTO, Oct. 9 /CNW/ - According to a new study from investorED.ca, a
significant portion of Ontarians don't have a road map for their financial
future.
    The study shows that nearly one half (46%) of Ontario adults have never
had a financial plan to save for retirement. In addition, 58% of parents don't
have a plan to save for their children's education while close to nine out of
ten adults (88%) have never had a financial plan to save for a home.
    investorED.ca is a uniquely independent, unbiased resource that's helping
people to make smart and informed decisions about their investments - whether
they invest on their own or they're looking for good, professional advice.
    "The survey results are alarming," says Tom Hamza, president of the
not-for-profit Investor Education Fund, developers of the investorEd.ca
website. "Without a financial plan, people run the risk of spending too much
today, while failing to consider their future needs."
    The investorED.ca survey also showed that some Ontario investors'
relationships with their financial advisors may need improvement. One quarter
(24%) of individuals who have both investments and a financial advisor
indicate that they don't ask a lot of questions of their advisors, citing
reasons such as a lack of confidence or knowledge. In addition, more than one
in ten (13% or close to half a million investors across the province) admit to
speaking with their advisor or broker about the financial performance of their
portfolios less than once a year or not at all.
    "One of the first rules of investing is to never put your money in
something you don't understand," offers Hamza. "When their advisor recommends
a certain strategy, investors need to understand it and how it fits their
goals. They also need to track how their investments are doing, at least on an
annual basis."
    The investorED.ca survey also shows that many people who have investments
in Ontario are willing to go it alone without professional financial advice.
While six in ten Ontarians have investments (60%), four in ten of these
investors (330/546 = 39.6%) do not have a financial advisor.
    According to Hamza, financial planning doesn't have to be difficult or
expensive. There are a number of online tools available to help investors plan
for their future. investorED.ca helps investors ask the right questions before
making key financial decisions. Some of the most valuable sections of the site
offer information that investors won't learn on commercial sites, such as
their responsibilities as an investor and what they should expect when working
with a financial advisor. Case study examples show the effects of financial
decisions including how much is needed to retire comfortably. Easy to use
worksheets help consumers quickly create retirement plans and budgets.

    About the Survey

    These are the findings of an investorED.ca/Ipsos Reid poll conducted from
Sept. 3rd to 7th, 2007. A representative randomly selected sample of 905 adult
Ontarians was interviewed online. The results are considered accurate to
within +/-3.3 percentage points, 19 times out of 20.

    About Investor Education Fund

    The Investor Education Fund offers trustworthy and unbiased investment
education to the general public via www.investorED.ca and to students through
its Taking Stock in Your Future teacher program. The organization also
provides funding support to not-for-profit and community organizations. The
Investor Education Fund was established in 2000 by the Ontario Securities
Commission (OSC), Ontario's investment industry regulator and is funded
through OSC enforcement settlements.





For further information:

For further information: Kathryn Boothby, (905) 330-0943 or (519)
875-2994, or kathryn@polarisprinc.com

Organization Profile

Investor Education Fund

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890