A recent survey conducted by investment dealer Edward Jones Canada revealed a split among Canadians when it comes to investing. The survey, which polled 1,003 Canadians aged 18 and older, found that 43% believed that now is a good time to invest in things like stocks, bonds, and tax-free savings and RRSP accounts. On the other hand, 40% had a negative outlook on investing, with many choosing to pay down debt instead. The survey also found that Canadians with long-term goals like retirement and education were more likely to be in favor of investing, while economic uncertainty and a desire to focus on debt repayment were reasons cited by those who were hesitant to invest.
The survey results showed a regional divide in Canada, with Quebec having the highest percentage of residents (51%) who felt positive about investing, while Alberta had the lowest positive outlook at 29%. The numbers varied among other provinces as well, with Ontario and British Columbia feeling fairly confident in investing at 43% and 47%, respectively, while residents of Atlantic Canada, Manitoba, and Saskatchewan were more hesitant, with only 35% having a positive outlook on investing. The survey also revealed that 36% of Ontarians and British Columbians, and 46% of Atlantic Canadians, had a negative view on investing.
Despite the split opinions on investing, the survey found that a significant percentage (54%) of those with a negative outlook would consider entering the investment market if economic conditions improved. Ontarians were among those most likely to consider investing in the future, with 62% stating they would likely enter the market if conditions improved. It was suggested that Canadians interested in investing should consult a financial adviser to understand their goals, assess the impact of inflation on their finances, consider tax-advantaged accounts like RRSPs, and determine the best course of action based on their individual situation.
Overall, the survey highlighted the factors influencing Canadians’ decisions on investing, with long-term goals like retirement and education being a key motivator for many. The survey also shed light on the regional differences in Canada, with residents of Quebec feeling the most positive about investing and those in Alberta being the most hesitant. Economic uncertainty and a focus on debt repayment were common reasons cited for a negative outlook on investing, but many individuals were open to reconsidering their stance if conditions improved. Ultimately, seeking guidance from a financial adviser was recommended to make informed decisions about investing in the current economic climate.
