Study report: What motivates someone to seek professional financial advice?

Date : 14 December 2015

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.