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canadian facts feature Canada: No comfort in wealth by Shelley Brennan Source: Ipsos/Reid Canada's wealthiest top 20% do not feel wealthy or even particularly knowledgeable about their investments, according to a poll by Ipsos/Reid conducted in February this year. Out of 1000 respondents with assets from $100K to $1M+, an unspectacular 5% thought themselves wealthy, 85% comfortable, 9% maintaining a basic standard of living, and 1% struggling. Surprisingly, 2% of the Canadian millionaires surveyed felt that they were 'just able to maintain a basic standard of living'. [Note: Canadian living IS expensive, you know] The respondents' perceived knowledge of investments showed that a scant 5% felt 'sophisticated', 38% felt 'above average', 48% felt 'average', and 9% felt that they had 'little or no investment knowledge'. The poll showed that 36% use a full-service investment advisor/broker, 46% have a formal written financial plan, and 68% have disability/loss of income insurance. Demographically, 56% of the affluent were male and 44% female, while that gap widened the most at the $1 million plus range, with 79% male and 21% female. 58% of respondents with $100K - $499K were between the ages of 35 and 54, while 60% of respondents between $500K and $1M+ were over 55. The wealth management poll also discovered that of the affluent: 34% go online to access their investment account information 36% use a full-service investment advisor/broker 85% hold mutual funds 39% have Canada/provincial savings bonds 31% own investment property 20% invest in offshore assets The financial goals of the respondents were to: For the report in its entirety: http://www.angusreid.com/media/dsp_displaypr_cdn.cfm?id_to_view=1503 © Copyright 2001. Galt Western Personnel Ltd. Unless otherwise specified, you may reprint this article, quote from it, use it in research or projects, duplicate it or distribute it. Credit of authorship and source MUST be given to galtglobalreview.com. Ownership of Copyright remains with Galt Western Personnel Ltd.  Business News / Business Roundup - Australia / Canada / Europe / United States / Careers / Classified / Information Technology / New Technology / Education News / World Facts / Book Reviews / Archives/Research