The results of the second annual IG Financial Confidence Index were recently released and they revealed some common habits of financially confident Canadians that we can all learn from.
About the Index
The IG Financial Confidence Index is conducted annually in partnership with Ipsos Canada to understand Canadians’ attitudes and levels of confidence towards their personal finances. IG is proud to support this effort as part of our Empower Your Tomorrow program, which builds the financial confidence of Canadians through financial literacy by conducting workshops and providing resources to groups in communities across Canada.
What the results say about financial confidence
The Index provides some great insights into how Canadians feel about their finances. The results show that having financial confidence is tied to having a plan, reviewing it regularly, and proactively adjusting it to keep up with life’s changing circumstances. The financially confident demonstrate these three habits:
- 87% regularly review their finances
- The point of a regular review is to make sure you always know what is in your plan and how it is performing. By staying on top of things, you eliminate surprises. And that leads to improved confidence.
- 84% feel they are securing their financial future
- Having a financial plan helps you manage finances today and keeps you on track to secure your future. Confidence comes from the knowledge that you are progressing toward your goals. An IG Living Plan is designed to synchronize all six dimensions of your financial life so that you can see progress in each one.
- 86% feel they are making good financial decisions
- Every purchase, every payment, and every investment is an example of a financial decision. It’s easier to feel confident about each one when there is a plan guiding all of your choices.
Your financial confidence and well-being
IG believes that we all benefit from greater financial literacy and the confidence it can bring. From the proactive service we provide to our clients to the workshops we conduct in communities across the country, to the charities we support, our goal is to give everyone the tools they need to enjoy all of life’s possibilities.
That’s also why we created the IG Living Snapshot This easy-to-use online tool is for people who do not yet have a comprehensive financial plan but are keen to understand their level of financial well-being. Encourage family and friends to take the quiz so they can see where they stand today and how they can be more financially confident tomorrow.