Majority of Canadians would make changes to the financial decisions made
in life, despite widespread satisfaction; Seniors most likely to feel
good about life's financial decisions.
MISSISSAUGA, ON, Nov. 19, 2013 /CNW/ - You may not want your grandparents' advice on choosing your next smart
phone, but when it comes to creating a financial strategy, a new poll
from Edward Jones suggests we should listen to our elders. According to
the poll, almost 80 per cent of Canadians ages 65+ say they are
satisfied with the financial decisions they've made in life, compared
to 65 per cent of those under 44.
Similarly, when asked if they would make changes to the financial
decisions they've made if they could go back in time, 82 per cent of
those under 44 would hit the reset button compared to 61 per cent of
those ages 65 and over.
"This research suggests that while the majority of Canadians are
generally satisfied by the financial decisions they've made in life,
particularly seniors, most of us still have financial regrets," says
Patrick French, Director, Financial and Retirement Planning with Edward
Jones. "Younger generations won't have the same level of financial
security through defined benefit plans as older generations, so it's
even more important to have a solid financial strategy in place to save
and invest for the long-term."
If Canadians could go back in time and start their careers again, what
would they do differently?
Save more for long-term goals - 56 per cent vs. 47 per cent among
Pay off debt faster - 30 per cent vs. 26 per cent among seniors.
Build an emergency fund - 30 per cent vs. 22 per cent among seniors.
"While Canada's seniors lead the way in terms of financial satisfaction,
the good news for younger generations is they still have lots of time
to put a revised strategy in place to pursue financial goals," says Mr.
French. "By working with an advisor to review your financial situation
and put an investment strategy in place, you too can be satisfied with
your financial decisions."
To help you achieve satisfaction with your financial decisions, Edward
Jones provides the following smart money tips:
Build a budget. Calculate your monthly fixed costs and prioritize your goals for the
next five, 10, 25 years and beyond. Do you want to travel or buy a
house or retire at 60? Maybe you want to do all three. The EJ Savings
Mobile Calculator (ejsavingscalculator.com) is a quick tool that helps you assess what you could reduce from your
day-to-day expenses to save more for your long-term goals.
Pay yourself first. Plan for a certain amount of money to go into savings each month. Pay
off your debt first, and then start to build your emergency and
long-term goals funds. If you are just starting to work, begin saving
by putting $50 a month into savings and increase that amount as you
build your career.
Build, review and rebalance your savings. Meet with an advisor to determine the best saving vehicles for you.
Depending on your goals, an advisor will recommend a strategy that is
tailored to your risk tolerance and consists of investments like mutual
funds, stocks and/or bonds, designed to help your money grow.
Be patient. Investing is a long-term process. It generally takes decades of
patience, perseverance and good decisions for investors to save enough
for their long-term goals.
Data in this news release was gathered via an online survey of a
representative sample of 1,501 Canadians between August 6 and August 8,
2013. A probability sample of the same size would yield a margin of
error of +/- 2.5 per cent, 19 times out of 20.
About Edward Jones
Edward Jones is a full-service investment dealer with one of the largest
branch networks in Canada. It is a member of the Investment Industry
Regulatory Organization of Canada and the Canadian Investor Protection
Fund, and a participating organization of the Toronto Stock Exchange.
Including its affiliate, Edward Jones serves nearly 7 million
individual investors in Canada and the U.S. from more than 11,000
Edward Jones is a limited partnership in Canada and is a wholly owned
subsidiary of Edward D. Jones & Co., LP, a Missouri limited
partnership. Edward D. Jones & Co., LP is a wholly owned subsidiary of
The Jones Financial Companies, LLLP, a Missouri limited liability
SOURCE: Edward Jones
For further information:
Katie O'Dell, firstname.lastname@example.org, 416-969-2725