Why a Financial Plan Doubles Retirement Confidence for Canadians

A recent KPMG survey found a dramatic difference in retirement confidence between Canadians who have professional financial advice and those who do not. Eight in 10 Canadians with a professionally prepared financial plan say they feel confident they can retire when they want. By contrast, only 36% of those without a plan feel the same way.

That gap is significant, and it comes at a time when more Canadians are reassessing their financial approach. The survey of 1,045 adults reports that 52% are rethinking their financial strategy because of economic uncertainty, with many considering creating a financial plan or revising an existing one.

So if planning increases retirement confidence so markedly, why don’t more people have one? The KPMG findings point to three main obstacles: cost, perceived complexity, and a general lack of clarity about what a financial plan actually entails.

The barriers holding Canadians back

Nearly half (45%) of respondents have never worked with a professional planner. The survey highlights several reasons people avoid professional advice:

• 43% say they’re uncertain about the planning process or whether it justifies the cost.
• 42% believe professional planning is too expensive.
• Less than half—only 44%—say they have a “very clear” understanding of what a financial plan involves.

Despite these concerns, those who do engage a professional tend to value the experience. Among the 55% who have worked with a professional, 56% said the value they received completely justified the cost, and another 37% said it somewhat did—meaning 93% felt the investment was worthwhile.

The report also shows that 53% of Canadians consider a financial plan to be “extremely valuable.” This suggests that while many people recognize the benefits, misconceptions about cost and complexity prevent them from taking the next step.

Also read: Financial planning for the first time? A guide for women on a single income

DIY plans beat no plan, but professional guidance wins

The survey divides respondents into three groups: 55% have a professional financial plan, 25% created their own plan, and 20% have no plan at all. Those who created a do-it-yourself plan report considerably higher confidence than people with no plan (72% vs. 36%), which shows that taking any planning action helps. However, DIY planners still lag behind Canadians who worked with professional advisors, underscoring the added value of tailored, expert guidance.

The generational split on technology

Preferences for how to access financial planning vary by age, with technology playing a clear role:

• 54% of Gen Z (ages 25–30) prefer self-service digital tools over human advisors.
• 41% of Millennials (ages 31–45) want a hybrid approach—digital tools supported by human advice.
• Gen X (ages 46–60) is evenly split among self-serve tools, hybrid models, and working exclusively with an advisor.
• 56% of Baby Boomers (ages 61–79) prefer to work solely with a human advisor.

Despite these differences, all age groups agree on one point: 72% say having real-time access to their financial plan would improve their experience and make them feel more in control.

The bottom line

The KPMG data is persuasive: professional financial planning is associated with stronger retirement confidence. Still, the survey makes another clear point—some planning is always better than none. If worries about cost or complexity are holding you back, or if you prefer online tools, start with a DIY plan to establish goals and a basic roadmap. Later, you can consult a professional for feedback, adjustments, or more sophisticated strategies to boost your confidence and keep you on track for a secure retirement.

Read more about financial planning:

• How to build confidence in your financial life
• Surviving the present, investing in the future: Gen Z’s financial balancing act
• How to plan for old age when you don’t have kids