Manulife Investment Management, the global brand for the global wealth and asset management segment of Manulife Financial Corporation (TSE: MFC), announced the results of its Canadian retirement survey on Tuesday.
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The survey provides insight into how participants view their well-being, general financial security, and retirement readiness. It reveals that most Canadians want to make financial decisions with more confidence and get help from their employer.
Canadians Have More Financial Stress
The survey reveals six major stressors affecting Canadian workers and their future financial plans.
Canadians’ financial situations have improved, but their stress has increased; the pandemic continues to impact mental health; financial stress is present both at home and at work; Pension plan members are taking better care of their finances; workers are concerned about their basic needs (healthcare and daily expenses) in retirement; and gender plays an important role in financial status.
Management Commentary
“Canadians are feeling the impacts of the pandemic, which include financial stress for so many. The study’s findings underscore the importance for individuals to seek, and workplaces to provide, continued financial guidance,” said Brett Marchand, Head of Retirement, Manulife Investment Management, Canada.
“Advisors and workplaces have an opportunity to help reduce Canadians’ financial stress by offering support that will help increase their knowledge of investment opportunities and confidence when making financial decisions.”
Wall Street’s Take
On January 21, RBC Capital analyst Darko Mihelic kept a Hold rating on MFC with a price target of C$29. This implies 15.1% upside potential.
The rest of the Street is cautiously optimistic on MFC with a Moderate Buy consensus rating based on four Buys and five Holds. The average Manulife Financial price target of C$31.83 implies 26.5% upside potential to current levels.
TipRanks’ Smart Score
MFC scores a 9 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are likely to beat the overall market.
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