Insufficient knowledge about investing cited as a top barrier to
financial freedom, fueling a movement toward a 'reinvention renaissance'
TORONTO, Nov. 3 /CNW/ - Less than two years ago, no one would have imagined that banks around the world would collapse overnight. But it happened -- and it happened in our lifetime. Canadians have felt the impact of these events and, as uncertainty about economic recovery lingers, a Tigrent Inc. survey across Canada, the US and the UK has revealed that 52 per cent of Canadians are not comfortable with their current financial situation. Further, the majority of Canadians (53 per cent) feel insufficient knowledge about investing is their top wealth-building barrier.
The Tigrent 2009 Financial Independence Survey: "Reinvention, What's Stopping You?" is a multi-national survey commissioned by Tigrent Inc. (OTC Bulletin Board: TIGE, www.tigrent.com) and its subsidiary, Tigrent Learning Canada Inc. - leaders in the real estate and investing training services industry. The survey examined over 3000 British, American and Canadian attitudes, definitions and self-limiting beliefs towards financial freedom and reinvention. It was conducted by Opinion Research Corporation from October 19 to 21, 2009.
In the survey, 77 per cent of Canadians (alongside 82 per cent of Americans and 72 per cent of Brits) said they were ready to make sacrifices in the short run to accumulate enough wealth for a more secure tomorrow. It seems they want to live a fuller life, and not just work full-time in the long run. Generation Y Canadians (aged 18-24) led the charge in this category at 88 per cent. Surprisingly, separated, divorced or widowed Canadians were least open to making immediate changes at 67 per cent.
"At a time when so many people are facing unprecedented economic challenges, the optimism we saw across all borders was heartening," says Paul Gallagher, Managing Director, Tigrent Learning Canada Inc. "Wealth-building skills can be learned, and Canadians, especially our younger generations such as the Gen Y seem to have an invigorated vision for their financial future. They don't just want to survive this recession; they want to prosper so they're becoming drivers, not passengers in this economic recovery process."
On the Cusp of a 'Financial Reinvention Renaissance'
The survey findings suggest that Canada, the UK and the US seem to be on the cusp of a 'Financial Reinvention Renaissance'. A full 61 per cent of Canadian respondents (along with 57 per cent of Brits, and 72 per cent of Americans) say that in light of the global financial crisis, they need to re-invent themselves to enhance earning power. And in Canada, 66.5 per cent of those ages 18 to 34 and 70 per cent of parents seem to be leading the pack. Geographically, Maritimers were least likely to feel this way as only 56 per cent are seeking financial makeovers.
When asked how they would develop their wealth building skills, well over one-third (39 per cent) of all respondents and half of those aged 18 to 34 (50.5 per cent) said they would be willing to make an investment in their future and pay for training to become an entrepreneur, real estate investor or to launch a home-based business.
"Successful entrepreneurs know that financial independence does not happen overnight, it takes time, commitment and will," says Kurt Warner, Marketing Manager, Tigrent Learning Canada Inc. "Many Canadians may not realize there are incredibly impactful training tools out there that can transform your life financially - that this is not about fate, it's about becoming wealth intelligent and working hard for future rewards."
It appears the majority of Canadians (75 per cent) do believe that financial independence is within their realm of possibilities. This is where Tigrent comes in, with an opportunity to show individuals that financial freedom is achievable and tangible, and within this lifetime: not by trumpet-blowing but via real-life examples of like-minded trainers and customers who have walked in your shoes once upon a time but who have chosen to take action to achieve their own version of financial independence.
Additional Survey Highlights:
- More than half of all Canadians (56 per cent) believe financial
freedom means being self-employed or owning their own business
- 67 per cent of respondents agree that achieving financial
independence by building their own wealth is important enough to act
on right now
- Lack of time was ranked as the number two reason stopping Canadians
from building enough wealth to become financially independent by 48
- More than half (53 per cent) cited an inability to achieve financial
independence in their lifetime as the least important reason stopping
them from becoming financially independent
About Tigrent Learning Canada Inc.
Tigrent Learning Canada, an affiliate of parent company Tigrent Inc., (OTC Bulletin Board: TIGE, http://www.tigrent.com) is a leading provider of practical, high-quality and value-based training, conferences, publications, technology-based tools and mentoring where customers acquire learning they can apply to accumulate wealth. Through our brands - Building Wealth and Women in Wealth - we provide an innovative training model that imparts skills and knowledge in investing (real estate and financial instruments), entrepreneurship and personal finance. Tigrent Learning Canada combines a team of trainers, mentors and coaches who possess practical, hands-on experience in their areas of expertise with a rigorous instructional design methodology and proprietary content-rich advanced training courses to create rewarding customer experiences across British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Newfoundland and Nova Scotia. For more information, please visit www.tigrentlearning.ca
About the Survey
The Tigrent 2009 Financial Independence Survey: Reinvention, What's Stopping You? was conducted by Opinion Research Corporation in the US, Canada and UK using Online CARAVAN(R) from October 19-20, 2009 in the US and October 19-21, 2009 in the UK and Canada. Over 3,000 interviews were conducted among adults 18 years or older. In Canada there were 1,093 comprising of 545 men and 548 women. The online omnibus survey is conducted once a week among a census representative (age, gender, region) Canadian sample of 1,000 adults 18 years of age and older using Greenfield Online/Ciao! sample. Approximately 77 per cent of the interviews are conducted in English and 23 per cent in French. Respondents for this survey were selected from among those who have volunteered to participate in online surveys and polls. Because the sample is based on those who initially self-selected for participation, no estimates of sampling error can be calculated. Full survey results and methodology are available upon request.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include all statements other than those made solely with respect to historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results or performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. These factors include those factors which can be found in our Form 10-K for the year ended December 31, 2008 and our other filings with the Securities and Exchange Commission. Forward-looking statements in this press release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot provide any assurances regarding future results. We undertake no obligation to revise or update any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE TIGRENT LEARNING CANADA
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