5% of Canadian investors are feeling optimistic about their financial future, but despite dealing with the pandemic for almost a year, most Canadians (70%) admit it’s hard to know what to do when it comes to their investments in this current environment, according to a recent Scotiabank Survey.
The results of Scotiabank’s 2021 Retail Investor Sentiment Survey, which looks at how Canadians are feeling about their investments, found that 67% still see an opportunity in the current market environment, and one in five Canadian investors (20%) reporting having increased confidence in the financial markets since the COVID-19 vaccine approval. Despite the optimism, many investors remain cautious with 33% saying they are holding off on investing entirely right now due to the uncertainty they feel caused by the pandemic.
“As Canadians continue to deal with the financial implications of COVID-19, it’s understandable they feel unsure about how to approach their investments,” said D’Arcy McDonald, SVP, Deposits, Investments, & Payments at Scotiabank. “Seeking financial advice has never been so important to help ensure Canadians remain on track to meet their financial goals.”
According to McDonald, the top two things Canadians can do to help manage the uncertainty they’re feeling about their investments during this time include:
- Identify your goals. Are you saving for retirement, your kids’ education, a big purchase? Having clear goals will better help determine the right investment plan.
- Seek financial advice. Your advisor will discuss your goals, risk tolerance, time horizon, investment options and can develop a plan that’s tailored specially for you.
The pandemic has caused Canadians to rethink their retirement. The majority of Canadians who have not yet retired are worried they are not saving enough for retirement (72%), one third (32%) say they won’t be able to retire when they had planned because of the pandemic, and 28% report they won’t be able to pay off their debt before retirement.
“When it comes to your financial future, it’s important to make sure your money is working for you,” added McDonald. “Sitting down with an advisor will help you assess your current financial situation and create a plan to help meet your goals as well as manage any uncertainty you may be feeling.”
Scotiabank provides several in-person and online tools to help Canadians prepare for their financial futures.
- Advice+ Financial Planning. Scotiabank advisors are available in every branch to help you understand, plan, and execute the right financial plan. Advisors will stay connected with you as your plan develops and changes, making sure you’re always on track for your financial goals.
- Scotia Advice+ Centre is a new online hub that provides a comprehensive self-help approach to financial planning, with the option to book an in-person appointment with a Scotia advisor for more personalized, tailored advice.
- Scotia Aria® Retirement Program helps Scotiabank advisors determine how long your predicted investments may last during your retirement.
- Portfolio Analyzer helps our advisors determine if you currently have a suitable risk profile, sector weighting and regional exposure for your timeline, objective and risk profile.
- Investing in Uncertain Times Virtual Panel is a free online discussion where Scotiabank’s top financial experts answer the most frequently asked questions from Canadians during the COVID-19 pandemic.
For more insights, read the Scotiabank 2021 Retail Investor Sentiment Report here.Tweet