Volatile Economy Stresses HNWs
Most high-net-worth (HNW) Canadians (defined as having $1 million or more in investable assets) are feeling more stressed about the impact a volatile economy will have on their wealth and lifestyle, says a study by IG Private Wealth Management. It reveals that concerns about the economy and the impact it is having on wealth and retirement planning are top of mind among HNW Canadians. Key findings show 82 per cent are worried about the Canadian economy, including individual factors such as inflation, rising energy costs, and interest rates. They are concerned with maintaining and growing their wealth in the current economy and managing their wealth. While 74 per cent work with a financial advisor, 45 per cent of those that do have a holistic financial plan that addresses all dimensions of their financial life.