According to a recent MoneySense/Quicken Personal Finance Omnibus Survey, many Canadians would choose not to invest any money in the stock market – even if they had CDN$10,000 at their disposal.
This is in dramatic contrast to a similar survey conducted last year, when only 5% of respondents would have avoided the market. This year, 44% of respondents said they would.
The survey found that Canadians are placing a strong emphasis on saving for their futures. In fact, nearly 90% of respondents indicated they were saving for the future in some form. Overall, 40% of respondents said their highest priority was saving for retirement.
Slightly more than a quarter of Canadians, 26%, reported a contribution of between one and 5% of their income to a retirement savings plan. However, almost one third of Canadians, 31% are still not allocating any of their income towards retirement savings