The Six Financial Fears of Canadians

Sister says, "we're next in line"
The man he says, "that's okay."
And the Government says you're gonna pay, pay, pay
And you pay, still you pay.
--- Simple Minds, Soul Crying Out

What are your financial fears? Here are findings from a 2004 study of Canadians by LIMRA, a research organization established in 1916.

1. Government's ability to fund health care (88% worried)
   
2. Government's ability to continue pension plans (82%)
   
3. Cost and availability of Long-Term Care (77%)
   
4. Having enough income if critically ill (72%)
   
5. Having enough money if disabled (69%)
   
6. Having enough money for retirement (69%)
   

Sadly, there's plenty of overlap with the six basic fears that Napoleon Hill identified before most of us were born:

• poverty (was #1): all 6 but mainly from long-term care (#3), critical illness (#4), disability (#5) and retirement (#6)
  
• ill health (was #3): public health care (#1), long-term care (#3), critical illness (#4), disability (#5)
  
• old age (was #5): government pension plans (#2), long-term care (#3), retirement income (#6)
  

Even more sad are the downward trends. Concern about long-term care worsened by 9% (from 68% to 77%) in just three years. And our population continues to age.

There are tools to help. Insufficient government funding (#1-#2) can be addressed with your vote and personal savings. Insurance is available for long-term care, critical illness and disability. For many, affordability remains a problem due to stagnant family incomes.

Links and Sources

• 2004 TOPIC Tracking Opinions of the Public in Canada (LIMRA, 2005)
• The Six Basic Fears From 70 Years Ago (Napoleon Hill)
• The Four Financial Risks