A new survey by Co-operators has found that poor financial advice is not only costing Canadians money but may also be leaving many without adequate insurance protection, highlighting growing gaps in financial literacy and risk management across the country.

According to the report, nearly one in three Canadians (32%) said they have been negatively affected by bad financial advice. While most reported direct financial losses, many also faced emotional strain, with 26% saying it increased their stress and 16% delaying major financial goals such as home purchases or retirement planning. These setbacks, the report suggests, could have a knock-on effect on insurance coverage and financial preparedness, as Canadians struggle to balance short-term pressures with long-term protection needs.

Co-o

See Full Page