A financial plan may matter more than how much money you have

Long version

Most Canadians would say they want to feel better about their finances. Fewer have taken the step most likely to get them there.

A financial plan is a consistent factor separating Canadians who feel in control of their financial lives from those who don't. That's the central finding of a major new study by Gallup and Edward Jones, which surveyed 2,117 Canadian adults earlier this year. And the data makes a compelling case that planning is a good strategy to move the needle.

The numbers tell a clear story. Among Canadians who feel genuinely fulfilled in their financial lives, 97% have emergency savings and 83% have a retirement plan. Among those experiencing financial stress, those same figures fall to 41% and 30% respectively. Having funds set aside for major life expenses shows a similar divide. These aren't just correlations — the research found that planning behaviors are strongly and independently associated with fulfillment, even after accounting for income and net worth.

That last point is worth dwelling on. Two Canadians with identical incomes and identical debt loads can experience their financial lives in completely different ways, depending on whether one has a clear plan and the other doesn't. Once fulfillment is factored in, net worth alone has no independent effect on overall life satisfaction. A plan, in other words, does something that money by itself cannot: it creates the confidence and clarity that make financial life feel manageable.

The difference between financially fulfilled and financially stressed Canadians is striking when it comes to confidence. Among financially fulfilled Canadians, 92% report feeling confident in their ability to manage their current financial needs. Among those who are financially stressed, that figure is 3%. More than half of financially stressed Canadians say their finances control their life, while just 2% of financially fulfilled Canadians feel the same way. A plan shifts that dynamic — it puts the person back in charge.

Equally important is what a plan protects against. Regardless of their level of fulfillment, many Canadians remain vulnerable to unexpected financial changes. Half of Canadians say they can pay "very little" or "not at all" toward an unexpected $10,000 expense.

Financially stressed adults are more than twice as likely to have faced a large, unplanned expense in the past year, indicating that significant financial shifts can be deeply impactful to one’s financial state.

The encouraging part of this research is that progress doesn't require perfection. All forward movement on a fulfillment journey is associated with meaningful improvements in wellbeing. The plan doesn't have to be complete to start making a difference.

Financial advisors are uniquely positioned to help with this. The study found that working with a financial advisor is the strongest driver of fulfillment of any guidance source tested, outperforming internet research, family advice, social media and artificial intelligence tools. And that relationship holds across all income and age groups.

If you don't yet have a financial plan, or haven't revisited yours in a while, contact [LOCAL ADVISOR NAME] at Edward Jones in [CITY]. Reach [ADVISOR NAME] at [PHONE/EMAIL] or visit [WEBSITE].

Gallup and Edward Jones conducted the "Money and Meaning" study by surveying 2,117 Canadian adults age 21 and older from March 25 to April 3, 2026. Results are weighted to be nationally representative

This content was provided by Edward Jones for use by (FA's NAME), your Edward Jones financial advisor at (branch address or phone #).

Edward Jones, Member - Canadian Investor Protection Fund 

Number of words: 570

Radio version

30-second version

A financial plan is a consistent factor separating Canadians who feel in control of their financial lives from those who don't. Among Canadians who feel financially fulfilled, 97% have emergency savings and 83% have a retirement plan. Any progress toward a more structured approach makes a real difference.

This content was provided by Edward Jones for use by (FA's NAME), your Edward Jones financial advisor at (branch address or phone #).

Edward Jones, Member - Canadian Investor Protection Fund

Number of words: 79

15-second version

New research shows a financial plan is a consistent factor separating Canadians who feel in control of their financial lives from those who don't.

This content was provided by Edward Jones for use by (FA's NAME), your Edward Jones financial advisor at (branch address or phone #).

Edward Jones, Member - Canadian Investor Protection Fund

Number of words: 55