Edward Jones poll shows financial wealth-health imbalance in Canada

Financial planning trade-offs are hindering Canadians overall financial well-being

TORONTO, ON, October 12, 2023 – Eye-opening polling data from Edward Jones Canada reveals Canadians are stuck in a chaotic whirlwind of personal financial stress.

• 88% (nine in-ten) Canadians say personal finances are impacting their overall well-being.
• More than half (54%) of respondents feel overwhelmed when it comes to making financial decisions.
• Women (60%) feel the financial pressure more intensely than men (49%).

When it comes to seeking help to alleviate the stress:

• Only 33% of Canadians work with a financial advisor
• Still, 60% believe a financial advisor can help them feel better about their finances.

Other Top Concerns

• Saving for retirement (65%)
• Preparing for an unexpected event (63%)
• Saving for education (26%)
• Saving for a house down payment (47%)

On the question of debt:

• 43% of respondents were concerned about paying off credit card debt.

"Money matters should not be avoided", says Julie Petrera, Senior Strategist Client Needs with Edward Jones Canada. "The poll clearly shows that Canadians are so preoccupied with just getting through the day, that the idea of paying debt feels like a distant dream.

Overall, those who work with a financial advisor admit they are:

• Less likely to feel overwhelmed when making financial decisions (45 per cent, compared to 59 per cent); and,
• More confident about their ability to make financial decisions (89 per cent, compared to 82 per cent).

"As financial professionals, we can help understand what is causing the feelings of overwhelm or pressure – is it debt, an upcoming mortgage renewal, uncertainty about retirement – we can help you understand the root cause, explore options to address this, and decide which financial strategies would work best for you", says Petrera.

The poll also comes on the heels of the recent Edward Jones brand campaign in Canada called We Do Money Differently. The campaign outlines how wealth management is more than money and assets and why Canadians are more interested in finding a balance between wellness and wealth.

Online Polling Methodology

Between September 7th to 10th, 2023, 1,526 Canadians, 18 years of age or older participated in the online survey by Pollara Strategic Insights. A representative sample of this size would be considered accurate to within ±2.5%, 19 times out of 20. Results have been weighted using the latest Stats Can data to be representative of the Canadian population.

About Edward Jones Canada

Edward Jones is a full-service investment dealer which provides a range of investment products, services, and solutions to retail investors. We have 850 financial advisors in Canadian communities from coast-to-coast. A member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund, the firm is also a participating organization in the Toronto Stock Exchange. Edward Jones has been ranked #1 nine times in the last 11 years in the J.D. Power Canada Full-Service Investor Satisfaction Study. For more information, visit edwardjones.ca.

Media contact:

Yana Bayanova, Edward Jones
Head of Public Relations
yana.bayanova@edwardjones.com

Adam McPhail, Proof Strategies for Edward Jones
amcphail@getproof.com