Sask. and Manitoba residents contributed the least to investments in 2022: Survey
A survey from TD Bank reveals Saskatchewan and Manitoba have the highest number of people in the country who didn’t contribute to their investments last year.
That number is 62 per cent for 2022. More than half of the participants felt the market is too risky for any investments last year, the survey found.
“It comes down to confidence. I think half of Canadians in Saskatchewan and Manitoba through the survey told us they aren’t confident in their understanding of mutual funds and GICs,” said Pat Giles, vice president of Savings & Investing Journey at TD Bank.
With inflation in mind, 52 per cent of residents in Saskatchewan and Manitoba said they’re worried about getting through the next year financially.
“There is no question that for most Canadians, their cash flow has changed considerably in the last year. And of course, many Canadians’ goals have changed,” Giles told CTV News.
For people cutting back on expenses, it can also affect how some people look at retirement. A survey from BMO revealed Canadians now believe they need $1.7 million dollars in order to retire, a 20 per cent increase from 2020.
LINK: https://www.ctvnews.ca/business/canadians-now-expect-to-need-1-7m-in-order-to-retire-bmo-survey-1.6262927
The Saskatchewan Retiree Association (SRA) says with the pandemic, some in the province are looking to retire later.
“They’re no longer sure whether or not that’s (savings) going to take them as far as they thought. And with the market bouncing around, they just are uncertain. And so they’ve intended to just stay in the workplace,” said SRA president Randy Dove.
Dove says they’ve seen a growth rate of retirees in the province of about 10 to 12 per cent in the last five years. But in 2022, it slowed down to 8 per cent.
Giles says whether you’re saving for retirement or a rainy day, no one size fits all when it comes to saving and investing, making it even more important to speak with an expert.
CTVNews.ca Top Stories
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.