The overall index score is up four points from the same period last year
Gen Z and Gen Y rebound: +5 from national average
Women continue to be disproportionately affected by the pandemic
WINNIPEG, MB , June 28, 2021 / CNW / – IG Wealth Management today released a semi-annual update to its annual IG Financial Confidence Index (the “Index”), in partnership with Ipsos Canada. The Index tracks and reports the overall financial confidence of Canadians through ten survey questions, which take into account both short and long term financial considerations.
As our National Day approaches and the country begins to emerge from the pandemic, Canadians are feeling increasingly optimistic about their personal financial situation, with the overall index score of 54 being four points higher than that of the same period last year (and four points above the three -year historical average of 50).
Young Canadians are leading the way
Young Canadians (aged 18 to 34), whose index score has been below the national average throughout the pandemic, appear to be rebounding as restrictions ease and the economy opens up . Their index of 59 is five points higher than the national average.
Notably, Gen Z and Millennials reported feeling more optimistic and confident compared to other cohorts in key areas, including:
perceptions of the economy, both national and global (+ 11% and 10%, respectively compared to the national average);
feel in control of their personal financial situation (+ 17%); and
financial literacy (+16 percent).
“As we begin to emerge from the pandemic, it is great news that Canadians are feeling more optimistic about their finances,” said Damon murchison, President and CEO, IG Wealth Management. “It is especially encouraging to see young Canadians, whose finances have been hit hard by COVID, using the events of the past year as an opportunity to rethink their approach to managing their money. “
Women feel less confident
The study noted that women were slower to recover from the financial consequences of COVID than men. According to the index, women lag behind men (51 vs. 57) and are twice as likely as men to feel highly anxious about their finances. Further:
more than half (54%) of women experienced at least one negative financial result as a result of the pandemic;
almost a fifth say their working hours have been reduced;
32 percent say they don’t have enough discretionary income; and
46% feel a little or a lot less prepared for an economic emergency.
“While from Canada the overall situation seems to be improving, it continues to be a difficult time for many, especially women, ”Murchison observed. trust.”
Mr Murchison noted that women who have consulted a financial advisor since the start of the pandemic (March 2020) had an Index score of 59 (compared to 46 for women who had not met a counselor). “Those who feel vulnerable may find it helpful to work with a financial advisor, who can take the time to assess their overall financial situation and work with them to create a holistic financial plan that matches their goals and gets them on track. to reach them. .
The IG Financial Confidence Index is part of IG Wealth Management’s community program, IG Empower your future, launched in 2018. The program aims to build the financial confidence of Canadians, especially those who need it most, including: Indigenous peoples, newcomers, seniors and youth. Visit IG Empower Your Tomorrow to learn more about the various initiatives currently supported by IG Wealth Management.
About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in providing personalized financial solutions to Canadians through a network of advisors located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has more 109 billion dollars in consulting assets in May 31, 2021 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of the from Canada main wealth management companies and diversified assets with around $ 256 billion of the total assets under management and advice at May 31, 2021.
About the IG Financial Confidence Index
The 2021 results presented in this summary report come from an Ipsos survey conducted among April 12 to April 19, 2021. A total sample of 2,601 respondents from Canada participated in the survey. Weighting was applied to the total sample by age, sex, region and level of education to ensure that the composition of the final sample is representative of from Canada adult population according to the latest census data from Statistics Canada. As the online part of the sample is not considered to be probabilistic, Ipsos cannot apply a margin of error to this survey. The precision of non-probabilistic Ipsos surveys is measured using a credibility interval. The credibility interval for a survey of 2,601 respondents is ± 2.3 percentage points, 19 times out of 20. The credibility interval will be wider among subsets of the population.
SOURCE IG Wealth Management
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