We surveyed 2,000 Canadians on money, investing, and financial goals to find out which issues investors care about most.Explore the results
According to the 2015 BlackRock Investor Pulse Survey, Canadians say they prioritize retirement, but 4 in 10, regardless of age, aren’t saving for it. Those that are saving, won’t have enough to provide the income they say they will need in retirement.
The average Canadian has 60% of his/her money in cash products. Why? Cash is convenient and feels safe but few consider that cash has lost value over time due to inflation and low interest rates. Although recognizing they have more cash than ideal, the alternatives are unclear and can be scary. Half of Canadians associate investing with “gambling” and only 44% feel comfortable making their own investment decisions. Getting unstuck requires stepping away from what is familiar and reaching out to an expert for advice.
Three quarters of Canadian's investments are invested domestically according to the 2,000 Canadians’ interviewed for the 2015 BlackRock Investor Pulse Survey. The weak economic situation has translated to lower confidence about the decisions they are making about their money and less positivity about their financial future. Why then don’t Canadians invest abroad? Familiarity is one reason, limited knowledge about international markets is another. Those who do choose to invest abroad provide good lessons for all.
For many Canadians, getting financial advice is like buying a car – you have a need, make a decision, then move on. But what prompts the decision to get advice? Surprisingly, it is often not a life event. Only 30% of Canadians say that if they received an inheritance they would seek advice and fewer anticipated other reasons that would encourage them to seek advice or to invest. But 38% of Canadians do use advisors. The current advice market is served heavily by banks and is now being reshaped by the increase in online sources to help guide investing.
67% of Canadians are concerned that the high cost of living is a threat to their financial future.
36% of Canadians 55 to 64 years of age feel financially prepared for retirement