A majority of Quebecers, or 68%, believe that they do not have all the knowledge necessary to adequately plan their financial future, reveals a survey by the Institut québécois de planification financière (IQPF). To counter this problem, 67% consult a relative… who does not necessarily have more skills than them.
Managing their personal finances is a headache for many Quebecers who feel they are inadequate to do so. Among those under 35, this perception is even greater. It climbs to 74%. What is more, a third of Quebecers do not have a plan for their financial future.
“The number of people who do not have enough knowledge in personal finance has been maintained from year to year since 2014. It’s almost always the same thing,” said in an interview Chantal Lamoureux, President and CEO of the IQPF, who encourages Quebecers to invest a few hours a year to obtain information from reliable sources in order to be able to make good financial choices.
PHOTO EDOUARD PLANTE-FRÉCHETTE, ARCHIVES THE PRESS
Chantal Lamoureux, President and CEO of the IQPF
Financial well-being depends more on knowledge than on having. It is not necessarily the amount of our assets that will make us feel good, but having the right knowledge to be able to make choices that are relevant to us.
Chantal Lamoureux, President and CEO of the IQPF
Quebecers plan to retire on average at age 63, and 52% plan to retire fully.
Although young people often have a distant and abstract view of retirement, the survey reveals that some are already thinking about semi-retirement. Among 18 to 24 year olds, almost half, or 46%, plan to take semi-retirement, while all age groups combined, 30% have this intention.
This high percentage of young people aspiring to semi-retirement is probably explained by the fashionable concept of financial independence, encouraged by several authors.
“More and more, we are hearing about financial independence rather than retirement,” explains Chantal Lamoureux. Maybe it appeals to the younger generations. ”
Advice from your brother-in-law
When it comes to seeking advice from a loved one, a reflex that 67% of survey respondents say they have, Chantal Lamoureux warns that there is a risk despite good intentions.
Money is still taboo. We don’t tell each other everything. People will brag about their good stuff and ignore the bad guys. Maybe they will tell you things that are irrelevant to your situation. A financial planner will provide a complete picture of your situation.
Chantal Lamoureux, President and CEO of the IQPF
The survey also reveals that few Quebecers are aware of the adoption, in June 2020, of Bill no.o 18 (An Act to amend the Civil Code, the Code of Civil Procedure, the Public Curator Act and various provisions relating to the protection of persons), under which the mandate of incapacity will become a protection mandate.
Once in force, from June 2022, the new law will in particular oblige the agent appointed in a protection mandate to produce an account.
In this regard, nearly a third of respondents said they had drafted a protection mandate in the event of incapacity, and 50% of those aged 55 and over.
The survey was conducted online by SOM on behalf of the IQPF with 1,016 respondents across Quebec, from October 25 to 1er November 2021. The maximum margin of error for the survey is 3.6%, 19 times out of 20.
Consult the basic training capsules offered by the IQPF Consult the new law on protection mandates Participate in the free webinar of the Curateur public du Québec on December 2