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When asked “what is the ideal way to save”, close to 3-in-5 (58%) of Canadians aged 18 to 49 said they would pay down debt first and then save.
Saving on a regular basis can have a significant impact on your personal balance sheet. The easiest way to make this commitment to your future self is to enrol in a pre-authorized chequing (PAC) plan.
A quarter (25%) of Canadians with debt have turned to family/friends for advice and guidance on debt management, while only 14% have approached a financial advisor.
At AGF, we have always been strong advocates for the value of advice. These results remind us that working with a financial advisor is the key to understanding the barriers to saving.
It also supports research that shows the measurable value financial advisors provide their clients. For example, investors who work with financial advisors accumulate 2.5 to 3 times the wealth of those who do not over a 15-year period.*
*Source: CIRANO, The Value of Advice Report, 2012.
The 2016 AGF Investor Survey was conducted online among a sample of 1,210 Canadian household financial decision makers, ages 18 and older. Data findings are weighted by age, gender and region where necessary to bring them in line with their actual proportions in the Canadian adult population. The survey was administered from July 29 to August 10, 2016 by Harris Poll. Because the sample is based on those who agreed to participate in the Harris Poll panel, no estimates of theoretical sampling error can be calculated.
The information contained in this material is designed to provide you with general information related to investment alternatives and strategies and is not intended to be comprehensive investment advice applicable to the circumstances of the individual. We strongly recommend you to consult with a financial advisor prior to making any investment decisions.
This is not intended to provide tax advice. AGF Investments Inc. strongly urges investors to consult with a tax advisor to discuss their particular circumstances.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in share and/or unit value and reinvestment of all dividends and/or distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated.
Publication date: October 3, 2016