This is a simple, bellwether statement that we put in front of more than 12,000 Canadians during 2016 and we asked them to indicate their level of agreement.1

When we analysed the results, we discovered that more than 1 in 6 Canadians have strong agreement with the statement… an indication of concern about their long-term financial security. In fact, more than 1/2 of Canadians indicated at least some degree of concerns about the matter.

We looked for regional differences and found that Ontarians are significantly more fearful than residents of Quebec. (We almost invariably find Quebec residents differ psycho-socially from other Canadians!) Still, the differences are small, regionally, and concern is found consistently across the country.

There may be a degree of consolation in the fact that more than 40% of Canadians appear to not have this concern. And we’ve found that this concern dissipates to some degree with age. Still, the fact that so many Canadians indicated a strong concern that they might outlive their finances should be of great concern to the financial community and to all levels of Canadian government. At the very least, this is a renewed call for efforts to build financial literacy and investor confidence. This remains a time to build and strengthen financial advice systems and to make appropriate advice services available to all Canadians.


  1. Credo Consulting Inc. and Investment Executive.  Financial Comfort Zone Study. Toronto, Canada. December 2016