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2023 IG Wealth Management Financial Confidence Index: Post-Pandemic Downturn Continues
2023 IG Wealth Management Financial Confidence Index: Post-Pandemic Downturn Continues ...
About this update from Igm Financial Inc.
[{"type":"text","content":"\n \n \n \n 2023 IG Wealth Management Financial Confidence Index: Post-Pandemic Downturn Continues\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Year-end Index stands at 50, down 1 point from 2022 and 7 from 2021\n \n \n \n \n Half of Canadians are concerned inflation will continue to increase next year\n \n \n \n \n Sixty per cent believe the country is currently in a recession\n \n \n \n \n Financial confidence of those who work with a financial advisor 29 per cent higher than those who do not\n \n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n Nov. 28, 2023\n \n \n /CNW/ - According to the sixth annual edition of the IG Wealth Management Financial Confidence Index (\"the Index\"), Canadians' financial confidence continued to decline this year, fueled by concerns over where the economy might be headed in 2024 and the ability of authorities to effectively manage it.\n \n \n \n \n \n \n \n \n \n The Index, commissioned by IG Wealth Management (\"IG\") and conducted in partnership with Ipsos Canada, tracks and reports on Canadians' overall financial confidence based on 10 survey questions relating to IG's\n \n Four Pillars of Financial Confidence (\"the Pillars\")\n \n :\n \n Personal Financial Outlook, Planning and Literacy, Trust in the Economy\n \n and\n \n Current Financial Situation\n \n .\n \n \n This year's Index found that, after an uptick in 2021 when the Index stood at 57, the downward trajectory of 51 in 2022 continued into 2023 with the Index landing at 50. Although the Index only fell by one point, this demonstrates that Canadians' faith in the health of the economy was not restored in 2023 and that anxiety about the future persists.\n \n \n Key findings include:\n \n \n \n While three of the\n \n Four Pillars of Financial Confidence\n \n remained relatively stable, despite some small dips when compared with 2022, Canadians' Trust in the Economy (down from 43 to 40) saw a significant decline.\n \n \n Sixty per cent of respondents believe the country is already in a recession, and more than two-thirds (68 per ce...