Survey reveals 53 per cent of Canadians lack the skills needed to build wealth
Insufficient knowledge about investing cited as a top barrier to financial freedom, fueling a movement toward a 'reinvention renaissance'
TORONTO - Less than two years ago, no one would have imagined that banks around the world would collapse overnight. But it happened -- and it happened in our lifetime. Canadians have felt the impact of these events and, as uncertainty about economic recovery lingers, a Tigrent Inc. survey across Canada, the US and the UK has revealed that 52 per cent of Canadians are not comfortable with their current financial situation. Further, the majority of Canadians (53 per cent) feel insufficient knowledge about investing is their top wealth-building barrier.
The Tigrent 2009 Financial Independence Survey: "Reinvention, What's Stopping You?" is a multi-national survey commissioned by Tigrent Inc. and its subsidiary, Tigrent Learning Canada Inc.. The survey examined over 3000 British, American and Canadian attitudes, definitions and self-limiting beliefs towards financial freedom and reinvention. It was conducted by Opinion Research Corporation from October 19 to 21, 2009.
In the survey, 77 per cent of Canadians (alongside 82 per cent of Americans and 72 per cent of Brits) said they were ready to make sacrifices in the short run to accumulate enough wealth for a more secure tomorrow. It seems they want to live a fuller life, and not just work full-time in the long run. Generation Y Canadians (aged 18-24) led the charge in this category at 88 per cent. Surprisingly, separated, divorced or widowed Canadians were least open to making immediate changes at 67 per cent.
"At a time when so many people are facing unprecedented economic challenges, the optimism we saw across all borders was heartening," says Paul Gallagher, Managing Director, Tigrent Learning Canada Inc. "Wealth-building skills can be learned, and Canadians, especially our younger generations such as the Gen Y seem to have an invigorated vision for their financial future. They don't just want to survive this recession; they want to prosper so they're becoming drivers, not passengers in this economic recovery process."
On the Cusp of a 'Financial Reinvention Renaissance'
The survey findings suggest that Canada, the UK and the US seem to be on the cusp of a 'Financial Reinvention Renaissance'. A full 61 per cent of Canadian respondents (along with 57 per cent of Brits, and 72 per cent of Americans) say that in light of the global financial crisis, they need to re-invent themselves to enhance earning power. And in Canada, 66.5 per cent of those ages 18 to 34 and 70 per cent of parents seem to be leading the pack. Geographically, Maritimers were least likely to feel this way as only 56 per cent are seeking financial makeovers.
When asked how they would develop their wealth building skills, well over one-third (39 per cent) of all respondents and half of those aged 18 to 34 (50.5 per cent) said they would be willing to make an investment in their future and pay for training to become an entrepreneur, real estate investor or to launch a home-based business.
"Successful entrepreneurs know that financial independence does not happen overnight, it takes time, commitment and will," says Kurt Warner, Marketing Manager, Tigrent Learning Canada Inc. "Many Canadians may not realize there are incredibly impactful training tools out there that can transform your life financially - that this is not about fate, it's about becoming wealth intelligent and working hard for future rewards."
It appears the majority of Canadians (75 per cent) do believe that financial independence is within their realm of possibilities. This is where Tigrent comes in, with an opportunity to show individuals that financial freedom is achievable and tangible, and within this lifetime: not by trumpet-blowing but via real-life examples of like-minded trainers and customers who have walked in your shoes once upon a time but who have chosen to take action to achieve their own version of financial independence.
Additional Survey Highlights:
- More than half of all Canadians (56 per cent) believe financial
freedom means being self-employed or owning their own business
- 67 per cent of respondents agree that achieving financial
independence by building their own wealth is important enough to act
on right now
- Lack of time was ranked as the number two reason stopping Canadians
from building enough wealth to become financially independent by 48
- More than half (53 per cent) cited an inability to achieve financial
independence in their lifetime as the least important reason stopping
them from becoming financially independent