Survey finds majority of Canadians concerned about recession impact
TORONTO, April 29 2009 – Eight out of 10 Canadians are worried about the economy, with many people (38 per cent) more concerned about how the recession will impact others than themselves, according to a Leger Marketing survey conducted on behalf of Sun Life Financial. The unease around the economy also has many Canadians rethinking their spending habits with two-thirds of respondents indicating that they have reduced their spending in some way with 27 per cent ensuring that they are spending less.
To help Canadians make sense of what’s happening in the world around them, Sun Life Financial has launched Today’s economy, www.sunlife.ca/todayseconomy, a comprehensive website with resources available for people seeking help with market volatility, stress and job loss.
“We know this is a confusing and stressful time for many people, but there are many steps you can take to stay on track to reach your long-term financial goals even when dealing with the unexpected, such as losing your job,” said Dean Connor, President, Sun Life Financial Canada. “Our mission is to help Canadians achieve lifetime financial security, so we created the Today’s economy website to provide people with the information and guidance they need to take care of themselves and their families.”
Today’s economy goes beyond financial matters to discuss health and well-being through a section on coping with stress – a key factor in maintaining good health. The site also has tips about reducing day-to-day spending, advice about dealing with job loss, and information related to investing in a volatile market. Visitors to the site can join in the conversation and share their views on the latest financial and economic news via a Today’s economy blog.
According to the poll, despite recent market volatility, investors are thinking long-term with the majority (71 per cent) intent on holding onto their investments for the long-term. Only two per cent of those surveyed plan on selling their investments for a possible loss.
“Basic financial wisdom tells us to avoid selling when the markets are in a downturn, so it’s encouraging that many Canadians are heeding this advice and holding on to their investments during this period,” said Connor. “For people who are unsure about what to do with their investments, they should seek the opinion of a financial advisor. Surveys tell us that those who have a financial advisor have much greater confidence about their financial future.”
The survey was conducted using a national random sample of 1,680 adult Canadians from Leger Marketing’s Web panel. A probability sample of the same size would yield a margin of error of +\-2.4 per cent, 19 times out of 20. Surveys were conducted between March 25th and March 29th, 2009.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection, wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2008, the Sun Life Financial group of companies had total assets under management of CDN$381 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF. For more information on Sun Life Financial, visit www.sunlife.ca.