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Key findings:
-- Those who received comprehensive/integrated financial planning believe they are significantly better off than those who have not engaged in any financial planning. Those doing no planning, including Canadians from all net worth levels, are being left behind in significant ways.-- Those who are just taking advantage of one or two elements of financial advice rather than a comprehensive financial planning approach are also being left behind.-- The ultimate GPS to reporting higher levels of financial and emotional well being belongs to people who are more likely to reach out to a CFP professional versus those who opt for a non-certified individual.
"Having a comprehensive financial plan with the guidance of a CFP professional can provide a road map towards greater financial and emotional wellbeing. Now with three years of empirical research reinforcing the value of planning with the right professional we urge Canadians to start the year off well by taking that step and talking to a CFP professional about their goals and financial planning needs," says Cary List, President & CEO, FPSC.
Notes to Editors:
See additional study highlights in backgrounder.
Cary List, President and CEO, FPSC is available to discuss the Value of Financial Planning study. FPSC can also connect you with CFP professionals to talk about their experiences and insights delivering financial planning services to Canadians.
About the Study: The Value of Financial Planning study is a longitudinal study that was commissioned by Financial Planning Standards Council (FPSC) in 2009 and conducted by The Strategic Counsel. The research surveys the general English-speaking population in Canada (excluding Quebec) with this year's research conducted between April 30 and August 10, 2012 through a national online panel of 8,546 respondents. The study was designed and analyzed to eliminate net worth as an influencing variable while evaluating the impact of financial planning.
About Financial Planning Standards Council
Financial Planning Standards Council (FPSC®) is a not-for-profit organization which develops, promotes and enforces professional standards in financial planning through Certified Financial Planner® certification, and raises Canadians' awareness of the importance of financial planning. FPSC's vision is to see Canadians improve their lives by engaging in financial planning. Currently, there are more than 17,500 CFP professionals in Canada and 140,000 CFP certificants in 24 countries worldwide. See www.fpsc.ca for more information.
Financial Planning Standards Council is grateful to the FPSC Foundation for sponsoring a portion of the third year Value of Financial Planning study.
HIGHLIGHTS OF THE VALUE OF FINANCIAL PLANNING STUDY
FPSC's Value of Financial Planning Study, revealed that Canadians who engage in comprehensive financial planning report significantly higher levels of financial and emotional wellbeing than those who do no planning - or just limited planning. Those with comprehensive plans feel more on track with their financial goals and retirement plans; that they have improved their ability to save in the past five years -- and they are more confident that they can deal with the bumps in life. And while planning for the future is important, those with comprehensive financial plans are also able to indulge in their discretionary spending goals. Finally, Canadians who engage CFP professionals for their financial planning needs seem to be getting the extra edge in the value and benefits they experience from financial planning compared with those who engage non-certified advisors.
