Scotiabank: "Many Canadians are reviewing their financial plans"

Wellington Financial Fund III portfolio co. Vision Critical has teamed up with Scotiabank (BNS:TSX) to take the pulse of Canadian retail investors. Here is an excerpt from a report released earlier this week:

“The current economic and market environment is prompting many investors to review their financial portfolios to address changes in their circumstances and/or risk tolerance, according to a recent Scotiabank / Angus Reid Strategies study. Among the key findings:

– 76 per cent of Canadians who follow a personalized financial plan say they have reviewed their plan within the last six months.

– 49 per cent say the review prompted them to make adjustments to their plan.

Andrew Pyle, Wealth Advisor, ScotiaMcLeod. “People should review their investment portfolio at least twice a year to ensure they have a good understanding of their various holdings and exposure to risk.

According to Mr. Pyle, it all starts with investors asking themselves the right questions:
– Have you contacted your financial advisor lately? Have you updated your advisor about major life changes?
– Do you really understand the investments that make up your portfolio?
– Has market volatility affected your education, retirement and/or estate plans?

I wonder how many of us don’t have any financial plan whatsoever.

MRM
(disclosure – we own BNS in our household)