Amid growing ‘inflation’ concerns Canadians positive about finances
MISSISSAUGA, Nov 10, (AP): Primerica, Inc. (NYSE: PRI), a leading provider of financial services in the United States and Canada, released its Canadian Financial Security Monitor - a national survey that measures how Canadian families view their finances.
Scorecard shows the value of professional financial advice. Primerica’s Canadian Monitor graded study participants based on whether they engage in five financial preparedness fundamentals, including saving for their future and protecting what they have through life insurance. The average grade was between B and C. The scorecard found that 59% of those who met with a financial professional earned a B or better, compared to just 28% of those who did not. *Percentages rounded to nearest whole number.
The survey found that while nearly two-thirds (63%) of Canadians rate their finances positively, about half (54%) say their financial situation is worsening amid the high rate of inflation and growing concerns of a possible economic downturn. Those who work with a financial professional are more positive while those without are more pessimistic - a trend that held for much of the survey. The same divide was found between high- and low-income households. Meanwhile, a majority (57%) of Canadians at all income levels rate inflation as their top concern, followed by their health (43%) and paying for food (36%).
“Canadian families are increasingly feeling the pinch of inflation and our survey data points to the benefits of having access to a financial professional, regardless of income,” said John Adams, CEO of Primerica Canada. “There is something to be said for having the ability to speak with an advisor versus relying on technology and families that are considered as low- and middle-income should not have to rely exclusively on a computer to seek financial guidance.”
Survey
“As Canadians mark Financial Literacy Month this November, the results of Primerica’s survey illustrate how middle- and low-income households are increasingly being left behind in today’s market,” continued Adams. “As economic headwinds shift and inflation continues to negatively impact Canadians, those who are less affluent should have access to more resources, not less.”
Primerica’s Canadian Monitor graded study participants based on whether they engage in five financial preparedness fundamentals, including saving for their future and protecting what they have through life insurance. The average grade was between B and C. The scorecard found that 59% of those who met with a financial professional earned a B or better, compared to just 28% of those who did not
Using Dynamic Online Sampling, Change Research polled 1,105 adults nationwide in Canada, from October 11-13, 2022 Post-stratification weights were made on gender, age and province/territory region to reflect the population of these adults based on the 2016 Canadian Census. Polling was done in both English and French. The margin of error is 3.2 percentage points.
Primerica is a leading provider of financial services to middle-income households in the United States and Canada. Licensed financial representatives educate Primerica clients about how to prepare for a more secure financial future by assessing their needs and providing appropriate products like term life insurance, mutual funds, segregated funds, and other financial products.
Primerica insured over 5.7 million lives and had over 2.7 million client investment accounts as of December 31, 2021. Primerica was the #2 issuer of Term Life insurance coverage in the United States and Canada in 2021 through its insurance company subsidiaries. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI”.