Half of non-investors would like to have their money working for them but say they lack knowledge and confidence.
By Jennifer Hughes
Putting money aside for your retirement is an important part of retirement planning, and investing that money is another. When you invest your money, you get it working for you to make you more money. But a lot of Canadians who would like to be investing aren’t.
A recent national survey by the Investment Industry Regulation Organization of Canada (IIROC) found that 49% of respondents identified as “aspiring investors” (people who’d like to invest but don’t) say they avoid investing because they don’t know enough about it; 60% said they lacked confidence in their ability to make good investment decisions. Most aspiring investors are over 40 (68%) and have a post-secondary education (70%). Almost half (45%) are currently working.
Given that 65% said they don’t know what sorts of investment products and services are available, some financial advice would seem to be in order, but 41% said they didn’t think they had enough to invest to get advice and 28% thought they couldn’t afford professional advice.
The report also found that current investors are a lot more optimistic than non-investors; 80% of those currently investing said that they’re confident with their investment decisions.
“The more people can access advice, the more people can save and invest for their retirement and other financial goals,” Kathy Engle, IIROC’s vice-president of strategy, said in a statement.