The IQPF is proud to share the results of the
"Self-Efficacy, Financial Stress, and the Decision to Seek
Professional Financial Planning Help" study.
You can consult the
study brochure or the working paper.
This study was funded by the Financial Planning Foundation, which the IQPF
supports since last June. The Foundation funds and promotes
financial planning research and education for the benefit of the
public, financial planners, academia and industry.
Researchers at Toronto’s York University completed
the study. They were looking to answer the following questions:
What motivates an individual to seek professional financial advice?
Beyond wealth and income, which have long been linked to the use of
professional financial help, what role is played by the behavioural
aspects of financial planning like financial stress and
self-efficacy (the belief in one’s own ability to succeed)?
With the value of financial planning fairly widely
known among Canadians, this research provides an important clue as
to why some consumers feel motivated to take the important step to
start to plan for their financial futures. And just as importantly,
it helps us understand why some don’t take that step, even when
they are in real need of financial planning expertise.