Canadians prioritizing short-term financial goals: survey

Canadians are focusing on more immediate financial goals as 26% said they are making “significant financial sacrifices” to reduce expenses, according to an Edward Jones and Gallup poll published Tuesday.

About half prioritized income for a healthy lifestyle (52%) and increasing household income (47%) while 46% wanted to reduce debt. These are all higher than more traditional long-term goals like retirement savings (44%) and saving for a home (21%).

“For many Canadians, the pressure to focus on today can make it harder to stay connected to what matters most over time,” Penny Pennington, a managing partner at Edward Jones, said in a statement.

As many Canadians cut spending, only 12% report being “financially fulfilled,” compared with 47% who reported being financially conflicted. The survey defined financial fulfillment as when a person’s income and spending aligns with what matters most to them.

Still, Canadians still feel mostly positive about their situation. Nearly half (48%) said they felt grateful when thinking about their finances. Stress was the second-most common emotion (38%).

“Even when people feel grateful, many aren’t yet experiencing the kind of confidence and freedom they want in their financial lives,” Pennington added.

The Gallup poll of 2,117 Canadians aged 21 and up was conducted from Mar. 25 to Apr. 3. The results were weighted to represent Canadian adult population demographics.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.