At the time of writing this article, it was Financial Planning Week in Canada. In fact, this was the tenth anniversary. Launched in 2009, Financial planning Week is part of the greater effort of Financial Literacy Month in raising awareness that financial planning is fundamental to the well-being of all Canadians, young and old.
The right financial plan will help you balance what you need and want today with future goals. Let’s face it, we can’t control external forces, such as stock market volatility, that impact our daily lives, but we can control how we prepare. That preparedness leads to peace of mind and less stress when unexpected financial emergencies arise, or tough economic conditions prevail. Research conducted by Hill+Knowlton Strategies on behalf of Financial Planning Standards Council (FPSC), entitled “Canadians and their Money”, found 4 in 10 Canadians are concerned about money daily. On the other hand, 60% of Canadians with a comprehensive plan feel better prepared for emergencies. Only 28% of those without a plan feel secure. 73% of respondents with a comprehensive plan feel comfortable about how loved ones will fare in the event of their death vs 41% without a plan.
As a CFP professional I encourage all clients to go through the planning process. Needless to say, it can be challenging, perhaps even tedious at times, but it will also be rewarding.
Cameron Leith, CFP