Today’s economic landscape is challenging for most Canadians. Inflation, elevated interest rates and high housing costs are causing people from all walks of life to experience financial vulnerability.

Regardless of income level, Canadians are struggling. Their ability to recover from a sudden financial shock, such as an unexpected expense or a substantial loss of income, has been eroded because of today’s volatile economic landscape.

FP Canada’s recent IMAGINE 2030 Progress Report that financial vulnerability is a reality for a broad cross-section of Canada’s population. In fact, among Canadians with household income greater than $100,000, more than a quarter (27%) are somewhat or very financially vulnerable.

But make no mistake – some demographic groups are hurting more than others. Indigenous respondents (49%), Canadians living with disabilities (51%), and 2SLGBTQI Canadians (56%) are feeling particularly vulnerable when it comes to their personal finances.

Tashia Batstone, President and CEO, FP Canadasupplied

Certified Financial Planner® professionals and Qualified Associate Financial Planner™ professionals came together this week to mark Financial Planning Week, an annual event aimed in part at raising awareness of the critical role financial planners play in helping Canadians from all walks of life tackle financial vulnerability. Today more than ever, it seems, Canadians need that help.

FP Canada’s annual Financial Stress Index consistently shows that working with a professional financial planner helps increase financial resilience. So did a study released over the summer by the Financial Resilience Institute, co-sponsored by FP Canada and the Institut québécois de planification financière (IQPF). It determined that financial planning professionals can help Canadians who are experiencing financial vulnerability.

These findings make it clear that professional financial planning must be accessible to all Canadians, regardless of income level, demographic or background.

The benefits of professional advice

Professional financial advice has the potential to make a meaningful difference in the lives of Canadians. As our finances become increasingly more complex, there is documented evidence that working alongside a professional can help individuals and households better withstand financial shocks.

So why aren’t more Canadians seeking professional support?

To answer that question, we need to better understand the barriers to financial planning services confronting too many Canadians. Ensuring Canada’s financial planners have diverse life experiences and come from an array of cultural and ethnic backgrounds – better reflecting Canada’s population – can enhance accessibility.

Other barriers cited by Canadians who don’t work with a professional financial planner include the belief they can handle their finances independently, or they can’t afford to work with a professional. As a result, some are seeking financial advice from robo-advisors, chatbots and generative AI like ChatGPT even though research also shows tech-savvy consumers want a human partner when it comes to their personal finances.

FP Canada is actively working to address these barriers. Our reimagined QAFP certification allows aspiring financial planners to more swiftly acquire the qualifications, education and ethical standards required to serve clients – ultimately creating a bigger pool of planners to increase access to professional planning for all Canadians.

To help more vulnerable populations, FP Canada is also:

Working to create pro bono financial planning programs and developing educational seminars to help new Canadians navigate complex financial and tax systems;
Working to increase demographic and cultural diversity by promoting the profession as a dynamic career option at post-secondary academic institutions;
Talking to federal policymakers about potential policy solutions, including a tax credit, to improve access to financial planning advice.

Building a resilient future

All Canadians deserve access to professional financial planning advice that supports their diverse needs – financial planning professionals have an important role to play in helping Canadians achieve financial well-being.

CFP professionals and QAFP professionals take a big-picture approach as they delve into their clients’ unique financial situation. They analyze income, debt, expenses and assets not just in the moment – they take the time to understand their clients’ personal values and financial aspirations over the long term.

They anticipate future costs down the line, such as health care, education and how much monthly income will be required to retire comfortably – and possibly for decades now that Canadians are living longer than ever before. The financial plans they help create evolve and are routinely modified as clients reach various milestones, from starting a new life in Canada to downsizing once the nest is empty.

Canadians don’t have to navigate this journey to financial resilience alone. With our IMAGINE 2030 initiative, FP Canada has a bold vision of the future where all Canadians achieve financial confidence and well-being by 2030, and that starts by making professional advice more accessible.

Professional financial planners can and do help Canadians withstand the many financial headwinds that will inevitably confront them over the course of their lives, particularly in times of economic turmoil like we’re experiencing today.

IMAGINE2030 is FP Canada’s vision for achieving financial wellness for all Canadians. Its goals are that by 2030:

Financial planning is a unified, recognized profession, deemed essential by society
All Canadians have the financial confidence and well-being they need
All Canadians have access to professional financial planning that supports their diverse needs

Learn more at fpcanada.ca/about/imagine2030

Canadians can get started by visiting FinancialPlanningforCanadians.ca

Advertising feature produced by Randall Anthony Communications. The Globe’s editorial department was not involved.

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The benefits of professional advice

Building a resilient future

IMAGINE2030 is FP Canada’s vision for achieving financial wellness for all Canadians. Its goals are that by 2030:

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