Lack of access to financial information highlighted in latest Financial Wellbeing Index

CKTB - NEWS - Money Canada

A new survey suggests access to credible financial information is a major hurdle for Canadians looking to improve their financial wellbeing.

The Financial Wellbeing Index by Lifeworks considered the position of 3,000 Canadians between March 22nd and April 2nd.

April's index score is -2.2, a slight improvement from February when the score came in at -2.8.

The latest survey showed 37 percent of respondents relied on family members as their primary source of financial information, 22 percent turned to friends, and 11 percent looked to social media.

People who asked their family for advice reported an index score of -5.8 while people relying on friends or social media had scores around -7.2 and -7.3.

Meanwhile people who used a financial advisor as their primary source of information fared much better, with a 4.7 score.

Negative scores show a lower level of financial wellbeing among working Canadians when compared to pre-pandemic data collected in 2019.

People between 20 and 39 are more than twice as likely to use social media as a primary source of financial information than those 40 and over.

More than half of repsondents also reported having no or limited emergency savings.