Do You Have Financial Regrets?
A new poll from Edward Jones suggests most Canadians would make changes to the financial decisions made in life, despite being satisfied overall. And younger Canadians appear to be most dissatisfied with their financial decisions.
According to the poll, almost 80% of Canadians aged 65 and over are satisfied with the financial decisions they’ve made in life, compared with 65% of those under 44.
Similarly, when asked if they would make changes to the financial decisions they’ve made if they could go back in time, 82% of those under 44 would hit the reset button compared with 61% of those aged 65 and over.
“This research suggests that while the majority of Canadians are generally satisfied by the financial decisions they’ve made in life, particularly seniors, most of us still have financial regrets,” said Patrick French, director of financial and retirement planning with Edward Jones. “Younger generations won’t have the same level of financial security through defined benefit plans as older generations, so it’s even more important to have a solid financial strategy in place to save and invest for the long term.”
The poll also asked what Canadian would do differently if they could go back in time and start their careers again. Most said save more for long-term goals, pay off debt faster or build an emergency fund.
“While Canada’s seniors lead the way in terms of financial satisfaction, the good news for younger generations is they still have lots of time to put a revised strategy in place to pursue financial goals,” said French.
***article from www.smallbizadvisor.ca