Quebecers still not taking charge of their personal finances

According to a recent SOM survey, only 16% of Quebecers have a written financial plan—but 93% of those who do are confident they’ll achieve their goals

Lévis (Qc), October 18, 2013 – Quebecers who have a written financial plan feel better equipped to reach their goals, better able to focus on their goals and better able to understand the options proposed to them by their financial advisor. This is according to a recent study conducted by SOM on behalf of Desjardins Wealth Management to coincide with Financial Planning for Retirement Month.

While only 16% of Quebecers actually have a written financial plan in place, 93% of those who do are confident that they’ll be financially capable of achieving their goals, both during their working lives and in retirement.

According to SOM, 88% of Quebecers are familiar with the concept of financial planning. However, their understanding of it is mostly limited to retirement planning and budgeting—which is not the same thing as a financial plan. A comprehensive financial plan also includes things like project financing, asset protection, education savings for children and grandchildren, tax strategies and estate planning. The study also shows that while achieving all their financial goals is a priority for Quebecers, they’re still not taking charge of their personal finances, due to a lack of time, interest or know-how.

The results of the survey speak to the importance of the wealth management services provided by Desjardins Group. “Your financial institution should be able to advise and guide you at every stage of your life,” says Denis Berthiaume, senior vice-president and general manager of Wealth Management and Life and Health Insurance at Desjardins. “We take a comprehensive and personalized approach that is designed to give our members and clients the tools, advice and expertise they need to build and manage a solid financial future. That’s where Desjardins Wealth Management comes in.”

Creating a financial plan is the foundation of Desjardins Wealth Management’s approach. It’s a simple and personalized tool that provides access to a series of key experts who are there to guide and support Desjardins members and clients. The SOM study speaks for itself: 92% of people who have a written financial plan follow all or most of their advisor’s recommendations and are more likely to achieve their financial goals. For Desjardins Wealth Management, a customized financial plan, advisory services and specialized expertise are the three pillars of a successful financial future and lead to greater independence for investors.

“Quebecers expect a lot from their financial institutions. At Desjardins Wealth Management, we’ve taken note and have a proposition for you: Sit down with your financial advisor and draw up a plan to help make your dreams and goals a reality,” said Mr. Berthiaume.

About the SOM survey on financial planning

Between September 24 and 27, 2013, SOM conducted an online survey in English and French of 1,097 internet users in Quebec. Respondents were from SOM’s Gold panel, whose members are recruited randomly by telephone. The maximum margin of error for all respondents is 3.9%, 19 times out of 20. However, this margin increases for questions involving a subgroup of respondents.

About Desjardins Group

Desjardins Group is the fifth largest cooperative financial group in the world with assets close to $205 billion. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services through its extensive distribution network, online platforms and subsidiaries across Canada. The group has one of the highest capital ratios and credit ratings in the industry, and outranks all American banks as the fourth safest and strongest bank in North America according to Global Finance magazine and Bloomberg News respectively. In keeping with their cooperative nature, Desjardins caisses’ surplus earnings are reinvested into the communities they serve.

Useful Links