Oct. 5, 2009
SAINT JOHN (CNB) - New Brunswickers are concerned about their financial future, but a recent survey suggests that few are doing anything about it.
The New Brunswick Securities Commission (NBSC) and the Canadian Securities Administrators (CSA) released results of the 2009 CSA Investor Index today to launch Investor Education Month. The study reveals that New Brunswickers, like most Canadians, are concerned about their finances, but many are not taking steps to plan for or protect their financial future.
"During tough economic times it is even more crucial that New Brunswickers take steps to understand their financial situation and put that knowledge to work," said Rick Hancox, executive director of the NBSC.
Hancox said that 61 per cent of New Brunswickers know that financial planning is important, but that a staggering 70 per cent do not have a formal, written financial plan that includes clear investment goals. They also know that their financial future is a personal obligation - 84 per cent believe that it is important to build up their personal savings and investments - yet few are taking responsibility.
Although more than half (56 per cent) are worried that they do not have enough savings to meet all of their financial needs, 41 per cent (up eight per cent from 2006) do not have any savings or investments set aside for the future.
"New Brunswickers have the knowledge and the right attitude when it comes to investing, but they need to take action," said Hancox. "It is never too late or too early to take control of your financial future, and the resources to begin planning are available and ready for you any time."
When asked about important issues when it comes to investing, almost all New Brunswickers (84 per cent) say that they need reliable, unbiased information. Other issues include the uncertainty of financial markets and knowing how to choose a financial advisor (82 per cent and 78 per cent, respectively).
The study, conducted by Ipsos Reid in July, asked more than 6,300 Canadians about their investment knowledge and behaviour, their understanding of and experience with fraud, and their awareness of securities regulators. An over-sampling in each province was also completed. Additional results from the study may be found on the NBSC website.
"We encourage New Brunswickers to contact the NBSC," said Hancox. "As the provincial securities regulator, we provide fair and objective resources and information through our invest in knowing more website."
Information on topics such as choosing a financial advisor, doing background checks, and investment planning, among others, is available free-of-charge in both official languages.
The New Brunswick Securities Commission is the Crown corporation that regulates the securities industry in New Brunswick. It is funded indirectly by investors through industry. Its mandate is to protect investors from unfair, improper or fraudulent practices, and to foster fair and efficient capital markets, as well as confidence in those markets.
MEDIA CONTACT: Michelle Robichaud, communications officer, New Brunswick Securities Commission, 506-643-7045.