After the initial shock of the global financial crisis and its impact on people's portfolios, Canadian investors are now taking a closer look at their financial plans, according to a Scotiabank survey released Wednesday.
The survey conducted by Angus Reid Strategies found that 76% of Canadians who follow a personalized financial plan say they have reviewed their plan in the last six months. That's slightly lower than the 78% of Western Canadians who have reviewed their plans.
"With the summer holidays upon us, now is a perfect time for investors to do a mid-year review if they haven't already done so," said Andrew Pyle, a wealth advisor at ScotiaMcLeod. "People should review their investment portfolio at least twice a year to ensure they have a good understanding of their various holdings and exposure to risk."
The likelihood of Canadians reviewing their plans increases with age, with 80% of Canadians over 55 having reviewed their financial plans, compared with 74% of those aged 35 to 54 and 64% of those 18 to 34 years of age.
Those with bigger household assets were also more likely to have reviewed their plans in the past six months with 84% of Canadians with assets between $250,000 and $500,000 having done so, compared with 74% of those with assets between $100,000 and $250,000 and 71% of Canadians with $50,000 to $100,000 in assets.
The survey also found that the review of their plans and portfolios prompted roughly half of Canadians to make adjustments. Western Canadians and those with assets between $250,000 and $500,000 were the most likely to have modified their plans in the past half year.