TORONTO, Dec. 11, 2013 /CNW/ - A national study of Canadians with more than $100,000.00 in investable assets shows that worries over health-care needs have emerged as the second most-important driver, behind retirement itself, of their investment planning.
Among investors under 50, 34% identify health care as a priority compared to the average of 46% of all respondents, but even among this younger group, health care needs emerge as a significant rationale for investments. Even among respondents with $1 million+ in investable assets, 41% identify "health-care needs" as an important investment objective.
The independent study was commissioned by Dundee Goodman Private Wealth and conducted by The Strategic Counsel between September 20th and 27th. It surveyed 311 individuals selected on the basis of their investable assets, excluding real estate, and carries a margin of error of plus or minus 5.6% 19 times out of 20.
"The findings around health care were a surprise" stated John Cucchiella, Senior Vice President and Head of Retail at Dundee Goodman Private Wealth. "We thought that priorities like travel and leaving a legacy for kids or charities would be top of mind. I think the wealth management industry in Canada may be a bit out of touch with their clients. This was definitely an eye opening experience for us."
The findings indicate that, with the boomer retirement wave about to crest, many Canadians are concerned about the financial challenges that arise from an aging population and rising life expectancy in the developed world. Health care costs increase dramatically as populations age, and many Canadians are well aware of this fact through their experience with the needs of elderly parents.
"Immediacy crystalizes priorities" observed Christopher Kelly, the Strategic Counsel Partner who designed and directed the survey. "We are all having to think realistically about what we'll need in order to get by when we stop working, and I expect that health care costs will become a priority for a growing number of us for the foreseeable future."
The survey indicates that:
The study findings also indicate that there is a need for Canadian investors at all levels to better understand their options, and that this creates an opportunity for the large, medium-sized and small firms serving them.
With more than 20 years in the retail investment advisory business, Dundee Goodman Private Wealth is home to Portfolio Managers and Investment Advisors who deliver expert advice to clients who have accumulated enough savings and investments to appreciate and value the help of an expert.
Dundee Goodman Private Wealth is a division of Dundee Securities Ltd., a member of the Investment Industry Regulatory Organization of Canada and of the Canadian Investor Protection Fund. Dundee Securities Ltd. Is a wholly-owned subsidiary of Dundee Corporation (TSX: DC.A, DC.PR.B, DC.PR.C) a publicly traded global asset management company.
PDF available at: http://stream1.newswire.ca/media/2013/12/11/20131211_C9477_DOC_EN_34809.pdf
SOURCE: Dundee Goodman Private Wealth
John Cucchiella
Senior Vice President and
Head of Retail
647 428 8225
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Branch Manager
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