Most Canadians are confident they can achieve life milestones, but many are still putting them off – MoneySense

But long-term confidence does not mean Canadians will remain unaffected by the current economic climate. While 68% say they are confident they will eventually meet their milestones, more than half (51%) say they are currently putting off at least one important financial goal.

How can Canadians ensure they reach the milestones they plan to? FP Canada’s research points to one There is a huge gap in trust between those who currently work with a financial planner and those who do not. Of those who work with a financial planner, 79% say they are confident in their goals, compared to just 59% of those without professional guidance.

Laura Bishop, Qualified Associate Financial Planner (QAFP) at IG Wealth Management, says financial planners can help Canadians of all ages and income levels prepare for life’s milestones with the help of an expert who knows the market inside and out. “It’s not just for the rich,” she says. “It is for anyone who wants to make conscious decisions about their money.”

The biggest challenges to Canadians’ financial plans come from everyday life

The top challenges Canadians say they face when planning life milestones include paying off debt (31%) and general economic uncertainty (35%).

But the biggest challenge of all? For 41% of Canadians, there is not enough left after necessary expenses are paid. Of respondents aged 35 to 54, almost half (48%) cited this as their main challenge.

In other words, it’s not just the big booms and busts of economic uncertainty, or individual debt burdens, that are undermining the financial confidence of some Canadians. For many Canadians it is everyday life is too expensive to take steps towards big financial plans now.

Generational planning is divided: travel comes first for Generation Z

The three most common life milestones that Canadians are saving for today are retirement or partial retirement (50%), traveling (42%) and buying a home (19%). But for younger Canadians, travel is the top priority, while more traditional goals like retirement and home ownership take a back seat.

Here are the key milestones for Canadians aged 18 to 34:

• 43% save for travel
• 38% are saving to buy a house
• 34% are saving for their pension

Compare these with the most important milestones for the 35-54 age group:

• 61% are saving for their pension
• 47% save for travel
• 25% save for their children’s education

For both age groups travel is a major financial priority, even defeating goals like retirement, home ownership, and education.

A spending mentality

According to Bishop, Canadians’ love for travel is not just a coincidence. She links it to the COVID-19 pandemic, noting that since 2020, many Canadians have shifted from focusing solely on long-term savings goals to including short-term spending in their financial priorities.

“Since COVID,” she says, “a lot more people are looking to live their best lives.”

“It’s About Clarity”: How Working with a Financial Planner Can Increase Confidence Around Money

Bishop doesn’t want Canadians to put off working with a financial planner out of a misplaced fear that they will lose control of their finances – or out of the belief that this is a service only for the very wealthy.

Anyone can work with a financial planner, she says, and young people in particular can benefit from the financial education and insights they provide. “It’s not about giving up control; it’s about gaining clarity.”

For Bishop, the work of a financial planner is about more than just expertise in markets or investment strategies. “Money is an emotional conversation,” she says. Many people, especially those who lack confidence in their financial goals, don’t tell even their closest friends about their financial situation, but Bishop has honest, open conversations with her clients every day.

“A good planner will help clarify and simplify complex decisions,” says Bishop. “A good planner will tailor those decisions to your priorities, your goals and a personalized plan for you.”

Read more about financial planning: