Canadians were less worried in Q3

Canadians appear to be a little less worried about their financial future than they were at the mid-point of the year, according to the Russell Financial Health Index.

The improvement might not be much to celebrate, though, as the second quarter marked the index’s lowest reading since it was launched.

“The results reflect the cautiously optimistic mood of investors, as the capital markets made positive strides. For instance the S&P/TSX Composite Index returned over 10% in the third quarter of this year,” says Fred Pinto, managing director of distribution services at Russell Investments Canada Limited.

“Things are still unsettled but we’re edging towards a recovering economy and a stock market that will continue to rebound in fits and starts. Meanwhile over half of the investment managers we’ve surveyed believe the stock market is undervalued.”

The index is based on an online calculator that asks users to gauge their level of concern on several elements of their financial lives. Canadians are most concerned with having sufficient income, remaining healthy and active and having a reliable source of income.

“Although having a reliable source of income remains a top three issue for Canadians, this area of concern actually declined since last quarter,” says Pinto. “The financial impact of medical issues and healthcare needs saw the largest drop in concern…after reaching an all time high level of concern last quarter.”

(11/15/10)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.