Older Canadians are also worried about healthcare costs

TORONTO - Job security is the number one concern for 2009 among Canadians (32 per cent), followed by stock market performance (19 per cent) according to a new poll commissioned by Edward Jones. The cost of healthcare and saving for retirement were neck-and-neck at 15 per cent and 14 per cent respectively to round out the list, with 25 per cent of people over 50 identifying healthcare costs.

"It is not surprising the economic news is fueling job worries, but Canadians are worried almost as much as their American neighbours," says Michelle Kay-Scott, senior retirement planning specialist for Edward Jones in Mississauga, Ontario.

The findings mirror fears in the same Edward Jones poll of Americans, where job security ranked as the number one financial concern at 38 per cent, followed by stock market performance at 23 per cent. Cost of healthcare was the top concern of 20 per cent of Americans, while saving for retirement was the number one concern of just twelve per cent.

"Healthcare costs can jump for people 50 years of age and older and it is becoming a significant issue," says Kay-Scott. "It is a good reminder that healthcare costs should be a part of an overall financial plan for Canadians."

Kay-Scott recommends the following tips to help Canadians who might be concerned about job loss or the eroding values of their portfolios prepare for the unexpected:

- Leave yourself a cushion - set aside cash reserves or put money in shorter-term securities. Investors should always have a plan in place for dealing with unforeseen events like a job loss or sudden illness.

- Estimate expenses - try to estimate out-of-pocket healthcare expenses as "necessary expenses" and factor these into overall budgets. Consider what other expenses you might have to worry about if you leave or change your job.

- Focus on what you can control - no investment performs well under all conditions, so don't make emotional decisions based on short- term market fluctuations. Staying diversified and taking a long- term outlook can help smooth out the normal ups-and-downs of the market.

"Saving for retirement and the cost of healthcare go hand-in-hand because Canadians need to be sure they have enough money put away for their retirement to accommodate unexpected health issues," says Kay-Scott. "That's why it's important for investors to make regular RRSP contributions, maintain diversified portfolios and stay invested for the long-term."

Other key findings from the survey:

- Canadian women are more concerned with the cost of healthcare than men (18 per cent, 12 per cent respectively)

- A quarter of all Canadians 50-plus rank healthcare concerns as their number one concern in 2009

- Half of Canadians age 25-34 rank job security as their number one concern in 2009

- Overall, Albertans (38 per cent) are the most concerned about job security compared to the rest of Canada with residents of Quebec and Ontario a close second (35 per cent, 34 per cent respectively)

- Older Canadians, 50-plus, are the group most concerned with stock market performance, almost a quarter (24 per cent) say this is their number one concern, national average is 19 per cent