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
BREAKING Alice Munro, Nobel literature winner revered as short story master, dead at 92
Nobel laureate Alice Munro, the Canadian literary giant who became one of the world's most esteemed contemporary authors and one of history's most honoured short story writers, has died at age 92.
Latest updates on air quality alerts, and when the smoke may reach Ontario and Quebec
Wildfires have led Environment Canada to issue air quality advisories for parts of B.C., Alberta, Manitoba, Saskatchewan and the Northwest Territories, as forecasters warn the smoke could drift farther east.
Are these Canada's best restaurants? Annual top 100 list revealed
The annual list of Canada's top restaurants in the country was just released and here are the places that made the 2024 cut.
Attack on prison van in France kills 2 officers, inmate escapes
Armed assailants killed two French prison officers and seriously wounded three others in an attack on a convoy in Normandy on Tuesday and an inmate escaped, officials said.
Maximum payout for LifeLabs class-action drops from $150 estimate to $7.86
Canadian LifeLabs customers who filed an application for a class-action settlement began receiving their payments this week, though at a much lower amount than initially expected.
Steal a car, lose your driver's licence for 10 years under new Ontario proposal
Repeat car thieves may face lengthy licence bans under proposed changes to Ontario’s Highway Traffic Act.
$1.6B parts plant for Honda electric vehicle batteries coming to Niagara Region
A Japanese company has announced it will build an approximately $1.6-billion plant in Ontario's Niagara Region that will make a key electric vehicle battery component as part of Honda's supply chain in the province.
B.C. brings in law on name changes on day that child killer's new identity revealed
The BC NDP have tabled legislation aimed at stopping people who have committed certain heinous acts from changing their names.
Manitoba premier to visit areas impacted by wildfire
Manitoba Premier Wab Kinew will get a close-up look at the devastation from a large wildfire burning in northern Manitoba Tuesday.