Canadians' financial advice to loved ones: rely less on credit and develop afinancial plan

Sun Life Financial launches online tools and ad campaign to help Canadians create a plan that's right for them

 

To view videos of the advice Canadians wished they had received years ago regarding personal finances, along with graphs illustrating the survey findings, click here: http://smr.newswire.ca/en/sun-life-financial/canadians-financial-advice-to-loved-ones.

 

TORONTO, Oct. 5 /CNW/ - If you could give your loved ones one piece of financial advice, what would it be? According to a Leger Marketing study, conducted on behalf of Sun Life Financial, one in five Canadians would advise loved ones to rely less on credit cards. Rounding out the top choices were: developing a financial plan (19 per cent), saving for retirement sooner (17 per cent) and paying down debt (15 per cent).

Sun Life released the survey as part of the launch of a new television and online advertising campaign. The ads use music to bring humour to the topic of the importance of getting advice and creating a plan, areas consumers have said are often daunting and confusing. The television ads will be broadcast on major networks across the country.

"Having a trusted financial advisor and a personal financial plan can help you reach your goals and avoid taking missteps along the way," said Kevin Dougherty, president, Sun Life Financial Canada. "This survey tells us that Canadians are on the right track by seeking financial advice from an advisor. They know what they need to do, but they may need some help. We want to help empower Canadians to take action when it comes to their financial future so that they can start planning for whatever comes next in their lives."

The study also asked Canadians to name the one piece of advice they wished they had listened to when they were young. The number one piece of advice was saving for retirement earlier (20 per cent), especially those over age 45 (29 per cent vs. 11 per cent of people under 45).

While the majority of Canadians say the current state of the economy has not changed the amount of financial advice they seek (70 per cent), one in five respondents say they have asked for more advice. Nearly eight out of 10 Canadians believed that life and health insurance should be a part of their overall financial plan. Thirty-eight per cent of respondents say they mostly get their financial advice from financial advisors, followed by parents (22 per cent), the internet (22 per cent) and media (21 per cent).

Visitors to sunlife.ca can browse Sun Days, an e-book with accompanying webisodes based on real-life stories that illustrate how financial advisors have made a difference in many people's lives - just by providing valued advice and solutions. Canadians can also access an interactive "To Do" list where they can select from a variety of topics and create their own list to bring to a meeting with an advisor - from saving for a child's education to creating a financial plan.

"Canadians clearly recognize the importance of having a financial plan that addresses insurance, investments and health care needs," said Dougherty. "Advice is key and finding an advisor doesn't have to be a difficult process. We've developed Advisor Match Express, a fast track version of our award-winning online tool that makes it even easier to take the first step in finding an advisor that's right for you."

Find out more - create a financial to-do list, find an advisor, read the e-book or watch the webisodes at www.sunlife.ca/YourToDos2.

The survey was completed online from September 7 to September 9 using Leger Marketing's online panel, LegerWeb, with a sample of 1,528 Canadians, 18 years of age or older. A probability sample of the same size would yield a margin of error of +/-2.5 per cent.

 

About Sun Life Financial

 

Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2010, the Sun Life Financial group of companies had total assets under management of $434 billion. For more information please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

Note to Editors: All figures in Canadian dollars.

 

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