Canadians are feeling less confident about their financial health, and women are more concerned than men, the Russell Financial Health Index shows.

The index from Russell Investments, which allows investors to compare their financial health to other Canadians across the country, recently dropped three points from 53.8 to 50.7 as the economic and market downturn impacted Canadians’ perceptions about their financial health.

The index finds that females are more concerned than males regarding financial matters, French Canadians are less concerned about their finances than English Canadians and retired investors are less concerned about all financial factors listed in the survey.

The survey also finds that younger investors (25 to 34 years old) are more concerned than older ones (55 years old and over) on income related factors. Their key concerns involve their ability to lead desired lifestyles in the future, and longer-term factors related to inheritance and dependent aging parents and children.

In addition, Canadians who are married, and those who have higher investable assets felt more comfortable about their financial standing.

Overall the 11 key questions featured on the calculator, which ranging from lifestyle choices to thoughts on the economy, indicate that income and the ability to lead an active and healthy lifestyle are the main issues concerning Canadians about their financial health.

Areas of least concern relate to family issues in the future, such as inheritance and the financial impact of death of a spouse or partner.

Russell also finds that investors who work with advisors tend to be more confident about their financial situation.

“The key to a secure and financially healthy future is to plan ahead by working with an advisor. Investors who work with an advisor tend to be more financially secure and do not have to worry about the possibility of outliving their money in retirement,” said Irshaad Ahmad, president of Russell Investments Canada Limited. “Now more than ever, investors need advice to get a clear understanding of what is going on in the market.”