A recent poll conducted by BDO Canada Limited* revealed that a large number of people in Canada believe that 2016 will be a good year for them in terms of their finances. Despite this belief, more than half of the participants said they think interest rates will increase this year, leaving many people struggling to deal with their increased monthly debt payments. Some of the other key findings of this poll are as follows:
• 44% of the participants said they think their net worth will improve by the end of 2016, while 13% said they think it will be worse. Of those who participated, 43% percent said they expect no change.
• 51% of the respondents said interest rates will increase in 2016, and 10% reported that they think rates will decrease.
• Just under half of the participants said they will have less debt overall by the time 2017 arrives, and just 11% of respondents said their overall debt levels will be worse.
• Some of the life events respondents said will challenge their financial stability this year include a family member losing their job, retirement, separation or divorce, paying for post-secondary education, and long-term injury or illness.
Having a personal wealth advisor on your side can help you manage your wealth while helping you improve your financial outlook for the year and long-term. At BlueRock Wealth Management, Inc., we offer friendly, trustworthy financial advice and can assess your financial plan based on your personal values and goals.
* Benefits Canada, Almost half of Canadians optimistic for 2016, 15 January 2016: http://www.benefitscanada.com/news/almost-half-of-canadians-optimistic-for-2016-75913