Having a plan pays off for Canadians, and independent financial advice is the difference maker

For years, we’ve seen that having a financial plan and independent advice from professionals can really help Canadians with their finances. But the latest Manulife Bank Financial Health Survey tells a deeper story about how Canadians are taking back control of their finances after a challenging few years.

In April 2023, we surveyed thousands of Canadians and found evidence that independent advice from financial professionals like advisors and brokers is the key difference maker in helping them take control of their finances:

  • Canadians who have a financial plan feel like it has helped them improve their ability to cope with the current economic environment both mentally (75%) and financially (79%)
  • As many as three in five Canadians admit they would have no financial plan if it was not for their advisor (61%)
  • 59% believe that their mental health has improved thanks to their advisor
  • 68% think they are better off financially than they were prior to retaining the services of their advisor

The research goes even further, showing that 88% of Canadians believe they’re getting good advice, and more Canadians than last year are using that advice to take action when confronting rising costs of living and debt repayment.

Turning financial negatives into positives

72% of Canadians say their advisor can help them turn financial negatives into positives. For instance, many advisors are showing Canadians how rising interest rates can be an opportunity to take their savings to new heights.

Now could be the right time to find a savings tool with a strong everyday interest rate that keeps your money growing. Manulife Bank is offering 5.00%* interest for 4 months on new Advantage Accounts, with one of the strongest everyday interest rates in Canada (2.85%** as of May 24, 2023). And get this – the Advantage Account was just named as one of the best combined savings and everyday banking accounts in Canada by Forbes Magazine.

Fighting the squeeze on cashflow

While Millennials and Gen Xers are the most likely to feel worried about affordability in Canada, Baby Boomers to Gen Z are all feeling the squeeze when it comes to rising costs of living and mortgage rates. Many advisors are pointing to flexible and wholistic mortgage solutions to help keep cashflow available while locking in rates to consolidate debt in lower-interest holdings.

That’s where Manulife One can be a gamechanger. Having easy access to 80% of your home’s equity can be a cashflow lifeline. And the ability to lock in rates for subaccounts can be a huge help in rolling multiple debts into one, easy to manage, lower interest place. Plus, right now you can qualify for up to $4000 cash back on a Manulife One*** – here’s how.

Yes – Canadians are still feeling the pressure of rising costs, inflation, and high-interest. But that’s not where the story ends. So many are fighting back with good planning, professional support, and the right financial tools. There’s so much we can do – and finding an advisor that’s right for you may just be the best place to start.

The power of independent advice from financial professionals isn’t the only thing we learned from this Financial Health Survey. It turns out there’s a deeper story about how planning pays off personally as well as financially. Take a look:

Image about the Manulife Bank Financial Health Survey

About the Manulife Bank of Canada Financial Health Survey 

Now in its sixth year, the Manulife Bank of Canada poll surveyed 2,002 Canadians in all provinces between ages 20 and 69 with household income of more than $44,000. The survey was conducted online by Ipsos between April 14 and 20, 2023. National results were weighted by gender, age, region, and education. This survey has a credibility interval of +/- 2.5 per cent 19 times out of 20, of what the results would have been had all Canadian adults between the ages of 20 and 69 been surveyed.

Here are some useful articles with tips on managing your stress related to your mortgage and finances, setting (or resetting) your financial goals, and simplifying your own financial reboot: