Modest-Income Quebec Consumers and Financial Management: Who to Turn to?

Author

Union des consommateurs

Organization

Union des consommateurs

Published

2013

Summary

Quebec consumers currently have a wide variety of complex and constantly changing financial products to choose from. Instead of relying on professionals of that sector for advice on sound management, consumers usually choose to obtain financial advice piecemeal, according to the products and services they acquire. And yet, an assessment of an individual’s overall personal finances and objectives is often necessary for giving him good advice on a given aspect of his finances, such as an investment choice.

It requires substantial financial expertise to assess a need in relation to an individual’s overall financial management, to understand the short and long term impacts of a financial decision, and to know the different options and the most appropriate one in the individual’s context and taking into account his objectives. Also required is knowledge of insurance, estate management, or taxation. In addition, the professional must be impartial in his recommendations; so that the consumer may rely on an expertise he does not have himself.

Union des consommateurs' research sought to verify if such an offer of advice exists and if it is accessible to medium income Quebecers.

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OCA Funded Research
This research received funding support through the Office of Consumer Affairs' Contributions Program.

Contact information

Source: Consumer Policy Research Database