Wealthy Feeling Financial Security


    High-net worth Canadians believe they are more financially secure today than they were before the 2008 recession, says a study by BMO Harris Private Banking. The study found that 54 per cent of Canadians with investible assets of $1 million surveyed feel they are better off now, with only 11 per cent saying they are worse off and 36 per cent reporting that their financial situation is unchanged. This compares with 61 per cent of high-net worth Americans reporting they are better off and only seven per cent stating they are worse off. The study also revealed that 47 per cent of high-net worth Canadians expect Canada’s economy to improve in 2013; meanwhile 61 per cent are optimistic about what the future holds for the U.S. economy. Fifty-five per cent expect to see gains in Asia and one-in-five (19 per cent) expect the financial situation in Europe to improve. The study also found that 86 per cent of high-net worth Canadians say they are quite comfortable with their current savings and investment plan. Seventy per cent expect stocks to generate the most solid returns over the next five years, well ahead of real estate (39 per cent), bonds (24 per cent), and cash (19 per cent).