A new survey from FP Canada reveals that despite looming economic uncertainty, nearly 7 in 10 Canadians feel confident that they’re going to meet major financial milestones like retirement, buying a home, and travel.
But long-term confidence doesn’t mean that Canadians are untouched by the current economic environment. While 68% said they’re confident they’ll ultimately meet their milestones, over half (51%) said that they’re currently putting off at least one major financial goal.
How can Canadians make sure that they hit the milestones they’re planning for? FP Canada’s survey highlights a huge confidence gap between those who currently work with a financial planner and those who don’t. Of those working with a financial planner, 79% say they’re confident about their goals, compared with just 59% of those without professional guidance.
Laura Bishop, Qualified Associate Financial Planner (QAFP) at IG Wealth Management, says that financial planners can help Canadians of all ages and income levels prepare for life milestones with the help of an expert who knows the market in and out. “It’s not just for the wealthy,” she says. “It’s for anyone who wants to make intentional decisions about their money.”
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The biggest challenges to Canadians’ financial plans come from daily life
Among the most significant challenges Canadians said they face when planning for life milestones include paying off debt (31%) and general economic uncertainty (35%).
But the biggest challenge of all? For 41% of Canadians, not enough is left over once their necessary expenses are paid. For survey respondents aged 35-54, nearly half (48%) named this as their primary challenge.
In other words, it’s not just the big swoops and dips of economic uncertainty, or the individual burden of debt, that’s putting a pause on some Canadians’ financial confidence. For many Canadians, daily life is too expensive to make steps toward big financial plans right now.
The generational planning split: Travel comes first for Gen Z
The three most common life milestones that Canadians are saving for today include retirement or semi-retirement (50%), travel (42%), and buying a home (19%). But for younger Canadians, travel takes top priority, while more traditional goals like retirement and homeownership are taking a back seat.
These are the top milestones for Canadians aged 18-34:
- 43% are saving for travel
- 38% are saving to buy a home
- 34% are saving for retirement
Compare those with the top milestones for the 35-54 age group:
- 61% are saving for retirement
- 47% are saving for travel
- 25% are saving for their children’s education
For both age groups, travel is a major financial priority, even beating out goals like retirement, homeownership, and education.
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A spending mindset
According to Bishop, Canadians’ love of travel isn’t just a coincidence. She links it to the COVID-19 pandemic, noting that since 2020 many Canadians have shifted away from just focusing on long-term savings goals to include short-term spending in their financial priorities.
“Since COVID,” she says, “a lot more people are looking at living their best life.”
“It’s about clarity”: How working with a financial planner can build confidence around money
Bishop doesn’t want Canadians to put off working with a financial planner out of a misplaced fear that they’ll lose control over their finances—or a belief that it’s only a service 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 offer. “It’s not about giving up control; it’s about gaining clarity.”
For Bishop, the job of a financial planner is about more than expertise in markets or investment strategies. “Money is an emotional conversation,” she says. Many people, especially those who don’t feel confident about their financial goals, don’t tell even their closest friends about their financial situation—but Bishop has these honest, open conversations every day with her clients.
“A good planner will help clarify and simplify complex decisions,” Bishop says. “A great planner will align those decisions with your priorities, your goals, and a personalized plan for you.”
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Read more about financial planning:
- Having a financial plan more than doubles your retirement confidence—here’s why so many Canadians are skipping it
- How to build confidence in your financial life
- Surviving the present, investing in the future: Gen Z’s financial balancing act
- How to plan for old age when you don’t have kids
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