Canadians Focus on Retirement Savings
BMO Term Investments’ Fixed Income Survey found that 58% of respondents over age 50 are most interested in retirement savings, while 37% of younger respondents, aged 25 to 29, are saving for a down payment on a home or another savings goal besides retirement.
Further, security was found to be the primary investment objective for 47% of Canadians. And nearly half of the respondents look for security through a balanced, diversified portfolio using fixed-income products, equities, mutual funds and cash.
When asked how they would invest $15,000, nearly 40% would spread the amount across a variety of investment options to ensure a balanced portfolio. Almost 27% of respondents over the age of fifty would invest $15,000 in guaranteed investment certificates, while 29% would split the amount among different types of investments.
Investors are also seeking help when researching and choosing their potential investments. According to the survey:
- 43% of respondents seek financial advice from their financial institution or bank
- 33% of respondents go to an independent financial advisor
- 11% go to friends and family
- 3% go online for advice.
The survey was conducted in April 2002 among 1,000 Canadians.
BMO Term Investments is part of Bank of Montreal’s Private Client Group, which has total assets under management and administration and term investments of $281 billion.
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