When it comes to creating a financial strategy, a new poll from Mississauga, Ont.-based investment dealer Edward Jones suggests we should listen to our elders.
According to the poll, almost 80 per cent of Canadians ages 65+ say they are satisfied with the financial decisions they’ve made in life, compared to 65 per cent of those under 44.
Similarly, when asked if they would make changes to the financial decisions they’ve made if they could go back in time, 82 per cent of those under 44 would hit the reset button compared to 61 per cent of those ages 65 and over.
“This research suggests that while the majority of Canadians are generally satisfied by the financial decisions they’ve made in life, particularly seniors, most of us still have financial regrets,” says Patrick French, director, financial and retirement planning with Edward Jones. “Younger generations won’t have the same level of financial security through defined benefit plans as older generations, so it’s even more important to have a solid financial strategy in place to save and invest for the long-term.”
If Canadians could go back in time and start their careers again, what would they do differently?
> Save more for long-term goals – 56 per cent vs. 47 per cent among seniors;
> Pay off debt faster – 30 per cent vs. 26 per cent among seniors; and
> Build an emergency fund – 30 per cent vs. 22 per cent among seniors.
Survey data was gathered via an online poll of a representative sample of 1,501 Canadians between August 6 and 8. A probability sample of the same size would yield a margin of error of +/- 2.5 per cent, 19 times out of 20.