Financial Planning Standards Council

Financial Planning Standards Council

September 28, 2010 08:45 ET

October 4-10 is Financial Planning Week: It's Time to Get Over Just 'Getting by'...

5 Reasons for Canadians to Put More Financial Planning into Their Lives

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2010) - Although many people intrinsically know financial planning is good for them, barely than two out of ten Canadians have a financial plan. Financial Planning Standards Council (FPSC) has declared October 4–10 as the second annual Financial Planning Week in Canada, as part of an ongoing campaign to make financial planning more a part of Canadians' lives.

On October 4, FPSC will release additional research from its Value of Financial Planning study (via press release). A full slate of activities are also scheduled for the Week, including Financial Planning Week Health Check Ups conducted by CFP professionals across Canada, and the Financial Planning Vision 2020 Symposium.

FPSC executives and CFP® professionals will be available for interviews throughout the Week.

Here are five reasons why Canadians should put more financial planning into their lives — with support from FPSC's Value of Financial Planning study results:

#1 Stop struggling; Have peace of mind:

According to the Value of Financial Planning study commissioned by FPSC, 83 per cent of Canadians who engage in comprehensive financial planning* said they feel in control of their finances and 61 per cent said they have peace of mind. Meanwhile, more than half (57 per cent) of those who do not engage in any financial planning said they barely get by every month.

#2 Live the life you want and achieve more of your life goals:

Seventy per cent of Canadians with financial plans said they feel closer to achieving some of their life goals as a result of financial planning. More than half (55 per cent) feel close to having enough discretionary income to lead the life they want compared with only 21 per cent of those without plans.

#3 Be ready for the unexpected and prepared to deal with tough economic times: More than half (54 per cent) of Canadians who engage in comprehensive financial planning said they feel prepared in the event of an unexpected financial emergency compared with only 22 per cent of those without financial plans. And 64 per cent with financial plans feel prepared to manage through tough economic times compared to only a third (33 per cent) without plans.

#4 Retire from work, not life:

Only 13 per cent of those without financial plans felt they will be able to retire in the lifestyle they wanted compared with more than three times that proportion (41 per cent) for those with financial plans.

#5 Get on track with your financial affairs:

Seventy-six per cent of Canadians who deal with a Certified Financial Planner (CFP) professional said they feel more 'on track' with their financial affairs, compared with only 35 per cent of those without an advisor.

"Far too few Canadians – less than 20 per cent – have a comprehensive financial plan, which means most are being left behind and missing out on the opportunity to improve their financial and overall wellbeing," says Cary List, President & CEO, FPSC.

"Never has there been a better time for Canadians to put more financial planning into their lives and we hope to reach as many people as possible with our message that financial planning is imperative for both the financial and personal wellbeing of individuals and our society as a whole," says List.

New research affirming financial planning is for everyone – not just for the affluent: On Monday, October 4, FSPC will be sharing additional research from its Value of Financial Planning study. More than 7,000 Canadians participated in the study, which was designed to eliminate net worth as an influencing factor as it explored Canadians financial planning behaviours and the impact of financial planning on people's emotional and financial wellbeing. The results affirm financial planning can benefit everyone – not just those with high net worth.

*The study defined 'comprehensive, integrated financial planning' as that in which one's main financial advisor has provided financial planning for major life goals and events, or at least three of the following planning components: household budgeting, tax, retirement, estate planning, investing, debt or risk management.

NOTES TO EDITORS:

1. *Statistics are from FPSC's Value of Financial Planning study. Learn more about the study and other news in the media section at www.fpsc.ca.

2. FPSC executives are available for interviews to discuss: Financial Planning Week, the Value of Financial Planning study, and other topics of interest.

3. CFP professionals from various regions throughout Canada are available for media interviews to offer insight on various financial planning topics.

4. See additional story ideas at the Financial Planning Week website.

About Financial Planning Week: Financial Planning Standards Council (FPSC) has declared October 4–10 as Financial Planning Week as part of an ongoing campaign to make financial planning more a part of Canadians' lives.

The goal of the Week is to raise awareness of the importance of financial planning and provoke a call to action to all stakeholders so that we can enhance financial planning throughout Canada, for the benefit of all Canadians.

Stay up–to–date with Financial Planning Week! Look for updates on Financial Planning Week 2010 at www.financialplanningweek.ca / Twitter @FPWeek, and join us on the LinkedIn and Facebook group pages for Financial Planning Week in Canada.

About Financial Planning Standards Council

Financial Planning Standards Council (FPSC) is a not–for–profit organization dedicated to ensuring the financial planning needs of Canadians are well served. We develop, promote and enforce professional standards in financial planning through CFP® certification, and raise awareness of the importance of financial planning to Canadians. FPSC has received ISO 17024 accreditation from the Standards Council of Canada (SCC) for its role as the certifying body for the CFP® certification program in Canada. FPSC licenses the CERTIFIED FINANCIAL PLANNER® marks in Canada. There are currently more than 17,500 CFP professionals in Canada and more than 126,000 individuals who have earned CFP certification in 23 countries around the world. These individuals are licensed to use the registered marks: CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)®. See www.fpsc.ca for more information.

CFP®, CERTIFIED FINANCIAL PLANNER® and CFP (with flame logo)® are trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Standards Council is the marks licensing authority for the CFP Marks in Canada, through agreement with FPSB.

Copyright 2010 Financial Planning Standards Council. All rights reserved.

Contact Information

  • To Arrange Media Interviews or for Further Information,
    Contact:
    Chadnick Communications (for FPSC)
    Eileen Chadnick
    416.631.7437
    eileen@chadnick.com
    or
    FPSC
    Heather Mills
    416.593.8587 x 235
    hmills@fpsc.ca