Primerica, Inc. (NYSE: PRI), a leading provider of financial services to middle-income families In North America, today released its 2019 Canadian Financial Security Monitor which found many Canadians remain anxious about their long-term financial security. Based on a survey of 1,000 middle-income Canadians with household incomes between $20,000 and $100,000, the Monitor found that many families are not taking the essential steps necessary to secure their financial future.
Primerica’s Monitor provides a detailed snapshot of middle-income Canadians financial preparedness, habits, and concerns. It revealed that only one-third of respondents feel confident in their understanding of general financial concepts such as budgeting, saving, and investing. Those who have met with a financial professional showed stronger financial knowledge and preparedness based on the Monitor’s Financial Security Scorecard. Not surprisingly, when given the choice between meeting with a licensed professional in-person or doing their own online research to make a major financial decision, the majority (64%) of participants would choose to talk with a professional.
Retirement savings is the number one financial concern for middle income Canadians (62%). However, the majority don’t view retirement savings as a critical element of success until after age 50, leaving less time to set aside funds needed to secure a comfortable retirement. Many are concerned that their family might not be able to pay their bills if they die (52%).
“Primerica has spent over three decades serving Canada’s middle market, and we were not surprised that the Monitor revealed that most working families don’t feel confident enough to take the steps necessary to achieve financial security,” said John Adams, CEO of Primerica Canada. “Every day, Primerica’s representatives are focused on helping middle-income families across the country. We break down financial concepts into straightforward language and provide a roadmap to help them determine the right next steps toward a more secure financial future.”