Canadians’ financial priorities change as they look to their financial future
Nowadays, almost half (48%) of Canadians have a financial plan, and most of them (86%) say that planning makes them feel positive about their financial future.
A strong indicator that Canadians want to re-commit to their financial future is how RRSPs are resurfacing. After a seven-year downtrend (and last year’s record low of 46%), RRSPs have recovered and now more than half (53%) of Canadians have RRSPs to save and invest for retirement. Growth. Additionally, more Canadians own mutual funds (36% versus 30% earlier), stocks (20% versus 14%) and ETFs (11% versus 7%) within these RRSPs.
Another important finding from the survey is the percentage increase of Canadians making up an investment portfolio from 25% last year to 28% (up 10 points from 10 years ago). Young investors in the age group of 25-34 show the most interest in building these portfolios (32%). Since the start of the pandemic, they have focused more on the value of their investments (22%), with almost half (48%) willing to pay fees for investments with high return potential.
“When assessing value, post-fee investment performance really matters. It is encouraging to see young Canadians understand how important this is to achieving your goals. [their] financial future,” said Stuart Gray, director of the Financial Planning Center of Expertise.
