Despite the somewhat tepid response about the importance of retirement savings, nearly 60% said they believe in financial goal setting in general but only about 40% were certain they will be able to meet those objectives.
Some 48% of Canadians hire a financial advisor to help them reach their money goals while only one in three have a formal written plan setting out what they need to do to reach their financial objectives.
Having such a document apparently helps since a significantly higher percentage of Canadians (45%) with formal written money plans are more likely to be satisfied with their ability to achieve their financial goals than those without a plan (34%). The study also found that Canadians who make monthly contributions to savings or investments are more satisfied with their ability to achieve their financial goals (42%) than those who contribute less than once per year (32%).
Asked to list their goals, paying down personal debt led the list with 77% of Canadians saying it is very important to them. Yet, only 39% of those reported that they are very close to achieving this goal.
Next on the goal list was making the best investment choices with 62% of Canadians saying it is very important. Some 29% of those indicated that they are very close to achieving this goal. Saving for retirement came in third with only 25% saying they believe they are very close to achieving that goal.
The poll was conducted February 4th and February 6th, 2003 and involved 1,000 adult Canadians.