Russell Financial Health Index survey highlights
- Economic outlook, leading a healthy lifestyle, and finding reliable
investment advice, among the fastest rising concerns among Canadian
- Men are showing less concern about the economy, leaving an
inheritance, and the financial impact of the death of a spouse or
- Perception of financial health of Canadians has declined every
quarter since 4Q2008
TORONTO, Nov. 16 /CNW/ - Women have grown more concerned about being able to ride out changes in Canada's economic performance (17.9% increase since June 30th), according to the latest quarterly results of the Russell Financial Health Index (RFHI) - an online calculator that gauges Canadian investors' perceptions of their overall financial health.
Leading an active and healthy lifestyle (15.1% increase over the last 3 months) and having reliable, trustworthy professional advice (11.2% increase since June 30th) rounded out the top three largest increases in concern.
In contrast, concern regarding needing to help grown children and aging parents with finances has declined over the same period for women. Leaving an inheritance and dealing with the financial impact of the death of a spouse or partner were two other factors that women seem to feel less worried about.
The biggest overall concern for women remained to be the uncertainty of having sufficient income for a desired lifestyle.
"Although the Canadian economy shows signs of recovery, it seems that most women who used the Russell Financial Health Index calculator remain cautious and are concerned about their finances. We also found that women using the RFHI calculator this quarter were more likely to be single, widowed, or divorced. These factors may have also contributed to their increasing concerns over Canada's long-term economic outlook and their own financial well-being," says Kathleen Wylie, a senior research analyst at Russell Investments Canada Limited.
"However, it is also encouraging to see that finding trustworthy, reliable financial advice is emerging as a growing priority for Canadians as both men and women look to professionals to help them plan for a financially healthy life."
Overall, the average Canadian financial health score using the Russell Financial Health Index continued to decline since it was launched in the fourth quarter of 2008, from 50.65 points (4Q2008) to its current level of 47.95 points. A higher index indicates that Canadians are feeling more optimistic about their financial health, where as a declining index reveals that Canadians, on average, are more pessimistic about their finances.
The calculator allows investors to compare their financial health to Canadians across the country and is available in English and French at: www.russell.com/ca.
To learn more about the Russell Financial Health Index and its results please call: 416-640-2529
About the Russell Financial Health Index
The Russell Financial Health Index gathers its data from a confidential web survey, which takes approximately five minutes to complete. Based on a user's answers, a Financial Health Score is assigned, which can be measured against the scores of other Canadian investors who have used the tool.
Each score is a result of analyzing variables that include physical health, personal finances, unexpected events and financial planning. Respondents are also asked questions related to how prepared they feel to ride out changes in their long term investment performance before and during retirement.
Findings from the Index will be used to assess and report findings, on a quarterly basis, about how Canadians perceive their financial health, as they deal with different economic environments and changes in their lives.
Russell Investments provides strategic advice, world-class implementation, state-of-the-art performance benchmarks and a range of institutional-quality investment products. With approximately $187.2 billion CDN in assets under management (as of 9/30/09), Russell Investments serves individual, institutional and advisor clients in more than 40 countries. Russell Investments provides access to some of the world's best money managers. It helps investors put this access to work in corporate defined benefit and defined contribution plans, and in the life savings of individual investors. Founded in 1936, Russell Investments is a subsidiary of Northwestern Mutual Life Insurance Company and headquartered in Tacoma, Wash. Russell has principal offices in Amsterdam, Auckland, Johannesburg, London, Melbourne, New York, Paris, San Francisco, Singapore, Sydney, Tokyo and Toronto.
Russell Investments Canada Limited is a wholly-owned subsidiary of Frank Russell Company. For more information, please go to www.russell.com/ca.
SOURCE Russell Investments Canada Limited
For further information: For further information: Thien Huynh, (416) 640-2529; Katita Stark, (416) 929-9100