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.