“As they look two years out, people see that the dollars they have invested or saved may not be as valuable in the future as it is today,” says Rob Shields, chief marketing officer at Questrade. “In the short term, they are also concerned about their mortgage costs because a Bank of Canada policy rate hike could have an immediate impact, especially on those with convertible mortgages.”
According to the survey, Canadians who aren’t saving for retirement are generally slightly more likely to be concerned about inflation than those who don’t. Those with an RRSP or TFSA were also more likely to say they were not concerned about the growth of inflation in Canada.
From a demographic perspective, Shields said respondents aged 35 to 54 were most likely to say they were very concerned about inflation, which they attributed to their wealth-taking compared to those younger than that age. You can go ahead in the construction journey. To a lesser extent, female respondents were also more concerned about inflation than men.
But while inflation concerns are running high, the survey found that only a quarter of respondents (23%) have made changes to their budgets and investments to combat inflation. Of those who changed their investing habits, just 8% said they were contributing less to their investments or portfolio, and 7% said they were contributing more.
Of those who changed their investments, 19% said they were investing in dividend stocks, while 16% reported investing in equities. Another 13% said they were investing in cryptocurrencies, while 8% reported investing in gold.