As the clock strikes 12, and the new year rings in, many adults are setting their 2023 resolutions.
With high inflation and rising interest rates this past year, many of us are taking a good hard look at our personal finances.
We conducted a survey on the top financial plans for 2023 to see what Canadians are prioritizing going into the new year. Here’s what we found!
Making a will is the #1 financial resolution this New Year
While putting away a bit of extra cash or budgeting for the year are great ways to protect your financial future, according to a study by Angus Reid, the #1 financial New Year’s resolution among Canadians for 2023 is creating or updating a will. With 32% of Canadian adults planning to make their will in the next year.
Some other top goals? Saving for a large purchase (31%), building an emergency fund (32%), and budgeting (23%).
Get a head start on your resolutions with Willful. Start your will for free today →
Why should making your will be a priority this year?
For many Canadians, estate planning has never been more important. With 32% of adults including creating or updating their will as their New Year’s resolution, it’s evident that Canadians are looking to protect their financial future.
So, where does estate planning fit in as a financial task?
It protects your growing assets, gives you peace of mind—and simply because you should. Here are some reasons to make creating or updating your will a priority in 2023.
Bigger purchases means more assets to protect
31% of Canadian adults are preparing to make a large purchase in 2023, like a car or a house. And with those purchases, people are finding themselves in a position where they’re starting to add more assets under their belt.
As you age or have big life events, your wishes and the decisions you make, change. In the event of the unexpected, creating a will means these hard-earned assets will end up in the right hands.
Peace of mind
Another popular financial New Year’s resolution is building an emergency fund—with 32% of Canadian adults having it on their to-do list for 2023. No surprise given the recession looming over our heads.
But believe it or not, estate planning and creating your end-of-life documents is a financial task that can set your mind at ease.
Just as you create an emergency fund to dip into when you’re in a pinch, creating a will or a POA document ensures that your final wishes, financial assets and loved ones are protected after you pass away—leaving you with a peace of mind.
The unexpected can happen at any time
Buying life insurance makes sure that if you were to pass away, your loved ones can get the financial support they need to cover essential expenses.
Having a will means that they have a blueprint to follow when wrapping up your estate. But dying without a will can leave many adults—young or old—vulnerable to the unexpected. Which can happen at any time.
This can cause financial burdens, legal delays, and stress for your loved ones, should something happen to you. So estate planning is an important task across all ages.
In fact, 1 in 5 Canadians under 35 have creating and updating their will on their resolutions list, while 36% of adults over the age of 55+ have it as their top financial resolution in 2023!
Did you know? 47% of adults under 35 are saving money for a bigger purchase as their top New Year’s resolution. As younger adults plan to make bigger purchases, estate planning should also be a priority—even if you’re young!
Not sure when to start thinking about creating a will? Read here for more →
The Bottom Line
Needless to say, many Canadians are prioritizing estate planning as their New Year’s resolution in 2023. And having financial tasks as your New Year’s resolutions is the perfect place to start your journey to improving your peace of mind.
1 in 4 Canadians have no financial resolution at all. So if you need a high impact New Year’s resolution, consider adding ‘make a will’ to your list!
We’ll even make it easy! You can make it online from the comfort of home.
Ring in the new year with a will. Get started here →