Most Canadians know that financial planning is good for them, yet far too many fail to act on their best intentions. Why is that?

Financial Planning Standards Council (FPSC) asked Certified Financial Planner (CFP) professionals to weigh in on this question. With Financial Planning Week just around the corner (November 19-25), FPSC is sharing the results to highlight some of the key issues that prevent Canadians from engaging more fully in financial planning.

“Confusion, procrastination and some long-standing myths continue to be serious roadblocks standing in the way of Canadians bringing more financial planning into their lives,” says Tamara Smith, vice president of marketing and consumer affairs, FPSC.

Earlier this fall, FPSC surveyed CFP professionals across Canada inviting them to share why they think too many Canadians fail to engage in financial planning. The following are the seven highest ranked statements in which CFP professionals provided a rating of seven or higher on a 1-10 scale (with 10 indicating very strong agreement):

  1. They think financial planning is only about investing or retirement, 86%
  2. They are too busy and fail to make it a priority, 85%
  3. They don’t realize the value financial planning could have on their life, 83%
  4. They procrastinate and think they have plenty of time, 82%
  5. They think financial planning is about ‘numbers’ and don’t realize it’s for life goals, 80%
  6. They think they have to be wealthier to merit having a financial plan, 75%
  7. They think if they have an RRSP or some investments then they have a financial plan, 74%

“Each year in FPSC’s Value of Financial Planning study, we see that those Canadians who engage in comprehensive financial planning feel further ahead in their financial and emotional wellbeing than those who do not. The more than 3 million Canadians who work with CFP professionals can likely attest to this experience but it’s the Canadians who have not yet embraced financial planning that we need to reach,” says Smith. New results for the third year of FPSC’s longitudinal study will be released during Financial Planning Week.