Survey finds majority of Canadians concerned about recession impact
TORONTO, April 29 /CNW/ - Eight out of 10 Canadians are worried about the
economy, with many people (38 per cent) more concerned about how the recession
will impact others than themselves, according to a Leger Marketing survey
conducted on behalf of Sun Life Financial. The unease around the economy also
has many Canadians rethinking their spending habits with two-thirds of
respondents indicating that they have reduced their spending in some way with
27 per cent ensuring that they are spending less.
To help Canadians make sense of what's happening in the world around
them, Sun Life Financial has launched Today's economy,
www.sunlife.ca/todayseconomy, a comprehensive website with resources available
for people seeking help with market volatility, stress and job loss.
"We know this is a confusing and stressful time for many people, but
there are many steps you can take to stay on track to reach your long-term
financial goals even when dealing with the unexpected, such as losing your
job," said Dean Connor, President, Sun Life Financial Canada. "Our mission is
to help Canadians achieve lifetime financial security, so we created the
Today's economy website to provide people with the information and guidance
they need to take care of themselves and their families."
Today's economy goes beyond financial matters to discuss health and
well-being through a section on coping with stress - a key factor in
maintaining good health. The site also has tips about reducing day-to-day
spending, advice about dealing with job loss, and information related to
investing in a volatile market. Visitors to the site can join in the
conversation and share their views on the latest financial and economic news
via a Today's economy blog.
According to the poll, despite recent market volatility, investors are
thinking long-term with the majority (71 per cent) intent on holding onto
their investments for the long-term. Only two per cent of those surveyed plan
on selling their investments for a possible loss.
"Basic financial wisdom tells us to avoid selling when the markets are in
a downturn, so it's encouraging that many Canadians are heeding this advice
and holding on to their investments during this period," said Connor. "For
people who are unsure about what to do with their investments, they should
seek the opinion of a financial advisor. Surveys tell us that those who have a
financial advisor have much greater confidence about their financial future."
The survey was conducted using a national random sample of 1,680 adult
Canadians from Leger Marketing's Web panel. A probability sample of the same
size would yield a margin of error of +\-2.4 per cent, 19 times out of 20.
Surveys were conducted between March 25th and March 29th, 2009.
About Sun Life Financial
Sun Life Financial is a leading international financial services
organization providing a diverse range of protection and wealth accumulation
products and services to individuals and corporate customers. Chartered in
1865, Sun Life Financial and its partners today have operations in key markets
worldwide, including Canada, the United States, the United Kingdom, Ireland,
Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of
December 31, 2008, the Sun Life Financial group of companies had total assets
under management of CDN$381 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under ticker symbol SLF.
For further information:
For further information: Krista Wilson, Manager, Corporate
Communications, Sun Life Financial Canada, (519) 888-3900 x4896,