Nearly one-third of Canadians more concerned about funding their retirement than a year ago

TORONTO, Jan. 24, 2022 /CNW/ - Results of the Scotia Global Asset Management (Scotia GAM) Investor Sentiment survey, released today, indicate that 32% of those surveyed are more concerned about their ability to fund their retirement than a year ago, and 45% say the COVID-19 pandemic has impacted their retirement plans. These findings are in line with Scotiabank's annual Worry Poll, released last month, which revealed that 75% of Canadians are worrying about their finances.

However, the Investor Sentiment survey also found that confidence levels are boosted when working with a financial advisor – 87% of Canadians who met with an advisor in the past six months said their advisor makes them feel confident that their investments will be OK, compared to 67% who did not meet with an advisor.  

"These results indicate that while investors are concerned about meeting their retirement goals, regular meetings with financial advisors significantly alleviate those concerns. In a continually changing environment, the value of advice prevails," says Neal Kerr, Head, Scotia Global Asset Management (Canada).

The survey also finds that among those who met with their advisor in the past six months:

• 86% say their advisor keeps them on track to meet their goals, regardless of market changes
• 76% believe they are better off financially than if they managed their money on their own

Six in ten (60%) investors who work with an advisor feel additional assistance and communication from their advisor would help them feel even more confident, the survey found.

"Our purpose is to enrich our clients' financial futures with outstanding investment solutions delivered in partnership with comprehensive wealth advice. Canadian investors are craving this, as the survey results attest, and we are confident that the depth and breadth of advice they receive will continue to grow," adds Mr. Kerr.

About the Investor Sentiment Survey

The Scotia Global Asset Management Investor Sentiment survey was conducted by Environics Research from November 2-11, 2021. The online survey included 1,029 Canadians, 25 years of age or older with household investable assets of $25,000 or more and who participate in investments decisions for their household. The data was weighted by age, gender and region and household investable assets to reflect the population.

About Scotia Global Asset Management

Scotia Global Asset Management includes 1832 Asset Management L.P., a limited partnership, the general partner of which is wholly owned by Scotiabank. Scotia Global Asset Management offers a range of wealth management solutions, including mutual funds, ETFs, and investment solutions for private clients, institutions and managed asset programs.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.2 trillion (as at October 31, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

SOURCE Scotiabank