Since 2015, Credo has surveyed tens of thousands of Canadian investors asking them to self-report with respect to their sentiments about nine important factors that relate to their lives. These factors include their feelings of:
- Financial Well-being
- Intellectual Engagement
- Purposeful Pursuits (read: work, whether paid or not)
- Leisure & Recreation
- Health & Physical Fitness
- Home & Location (read: your physical environment)
- Inner Growth (read: spirituality… be it religious or not)
- Community & Social Relations
- Close Personal Relationships
Together these dimensions of a person’s life comprise the majority of Credo’s Wheel of Life (WOL) framework; a tool that enables us to monitor the evolving sentiment of Canadians. The tool conveniently enables us to compare subsets (or “segments”) of the population to see where issues and problems may exist within the population.
Extending the analysis somewhat, we also ask the same Canadians a set of questions that constitute a short financial literacy test. As a result, Financial Literacy makes up the 10th spoke in Credo’s Wheel of Life (WOL). This is seen clearly in Exhibit 1 below.
Exhibit 1. WOL analysis produces a graphical depiction of Canadian Anglophone vs Francophones.
Why do we use the WOL? Ask yourself, “how smooth is the ride that my life is taking?” At times, when all of the dimensions of your life seem very well balanced, we might say you’re experiencing a “smooth ride.” However, when one or more of the spokes in your wheel are shorter (or much longer) than others, you might be experiencing a bumpy, less-than-comfortable ride.
You’d have to agree, a round wheel rolls best. And a larger wheel rolls further with each turn than a relatively smaller wheel, right? The analogy of a Wheel of Life makes sense to most. When you’re not having a smooth ride – when you’re experiencing bumps in the road – things could be better in your life; it might be time for a re-balancing of the wheel by adjusting one or more of the spokes.
Credo’s Wheel of Life (WOL) quickly and easily conveys an appreciation of the sentiment that exists within a defined segment of the population with respect to key factors that affect Canadians’ overall well-being.
Each month, 1,000 Canadians are presented with a consistent set of questions about their sentiment with respect to the “spokes” in the wheel of life. They are also presented with a series of questions to test their knowledge of financial matters. Together the data-points Credo collects enable us to enable Credo to measure and track the evolution of important aspects of Canadian society.
Exhibit 2. Conservative and NDP Voters in Credo’s WOL Framework.
Contact us if you’d like to see how a segment of the population fares with respect to the Wheel of Life.