It feels like it’s hard to plan for the future right now. While that’s likely been true for most years, the current moment feels especially challenging, amid recession and tariff concerns and more. In light of that, a new Edward Jones survey reveals Canadian investors are redefining what financial success means to them.
While traditional milestones like homeownership and early retirement remain important, a growing number of investors, particularly Millennials and Gen Xers, are redefining success to include a more holistic view. Nearly half of Canadians (47%) note having the freedom to pursue their passions as the key goal in their pursuit of a financially fulfilled life, followed by worrying less about money (38%) and spending more time with family and friends (35%).
“It’s really encouraging to see the resilience of Canadians,” David Gunn, principal, and head of U.S. and Canada business units at Edward Jones, said in a statement.
“More than ever, Canadians are seeking deep, personal, trusting relationships with their advisors so their financial plan reflects their version of fulfilment – supporting both today’s aspirations and tomorrow’s ambitions. This allows them freedom to pursue meaningful experiences now, whether that’s travel, hobbies or quality time with loved ones.”
Navigating financial uncertainty
There are a number of obstacles to achieving financial security, whatever that may look like for different groups of Canadians. The survey also reveals that two-thirds of Canadian investors view the rising cost of living as their most significant challenge toward achieving financial fulfillment. Other key concerns include insufficient income or savings (31%), unexpected financial setbacks (29%), and health-related issues (23%).
Not surprisingly, these challenges vary by generation: Millennials are relatively more likely to say they are affected by income and savings shortfalls, while health concerns become more prominent with age, particularly among Boomers.
Yet, despite these pressures, many Canadians are taking proactive steps toward financial fulfillment. Investors report a strong willingness to adapt, with 38% open to cutting back on discretionary spending, 31% willing to pay down debt, and 25% interested in improving their financial literacy.
The majority of respondents (56%) are focusing on saving enough for retirement, 34% want to maintain emergency savings, while 20% cite leaving a legacy for loved ones. Gen X and Boomers prioritize retirement readiness and estate planning, while Millennials also focus on home ownership and achieving income milestones.
Going without guidance
Despite these various goals for Canadians, the survey shows a significant portion of Canadian investors are navigating today’s financial landscape without professional guidance. Nearly one in three identify as self-directed investors, a figure that rises to 37% among Millennials. Even more striking, two in five investors either lack a financial plan or are unsure if they have one.
Advisors note that what clients value most isn’t just performance, it’s trust (59%), personalized advice (45%) and strong personal relationships (41%). Advisors’ relationships with clients are evolving to provide behavioural coaching that helps investors stay grounded, avoid impulsive decisions and maintain confidence during uncertain times.
“In an era where financial choices are increasingly complex and emotionally charged, this study reaffirms the notion that the advisor’s role is evolving,” says Tracey McLennan, director, client consultation group, Edward Jones Canada. “Advisors are not just guiding investment strategies, they are helping clients filter out the noise, keeping the focus on what truly matters, and making decisions aligned with their short- and long-term goals in mind.”
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.