“So, it’s not just thinking long-term about the impact that’s going to have on inflation over 15, 20, or 30 years of retirement. It’s still there today. I think that’s the first time we’ve seen that inflation.” The concern of the top three is what is most uncertain for them. I think the uncertainty of the last three years is definitely weighing in there as well.”
Gray said clients who have already retired or are planning to retire soon are concerned about the impact of inflation, which has hit a thirty-year high. But, employment has also changed over the past three years and 29% of respondents – and 40% of those aged 25 to 34 – said inflation is driving up their fixed costs and limiting their ability to save. 85% of the youth group also said they are most concerned about trying to balance saving today against saving for the future.
“I think it’s forcing people to think a little bit differently about what choices they’re making,” Gray said. “But it’s a deterrent to investing because there isn’t enough money to consider saving on top of living expenses at the end of the month.”
The survey revealed that 48% of respondents have a financial plan – and 86% of them have a positive outlook on their financial situation. Gray attributed this to the fact that he has got an opportunity to consider income, markets and how to deal with the pandemic shock through his plan.
The number of Canadians making up an investment portfolio has increased from 25% last year to 28%. 32% of young investors in the age group of 25 to 34 years were also interested in making them and 48% of them said they are willing to pay the fee if it gives them higher returns.
