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COVID Has Canadians Growing More Concerned About Finances

Stockhouse Editorial
4 Comments| January 24, 2022

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The latest results from a survey released by one of Canada’s top banks found that people are getting more concerned about their ability to fund their retirement than a year ago.

The annual “worry poll”, released by ScotiaBank also reported that 45% say the COVID-19 pandemic has impacted their retirement plans and 75% are worrying about their finances.

While the report suggested alleviating this stress by meeting with a financial advisor, it did make other findings:

  • 48% Contributing to long-term investments
  • 16% Paying down debt
  • 12% Managing day-to-day cash flow and expenses

Last year’s worry poll stated that most Canadians (70%) admitted it was hard to know what to do when it comes to their investments in this current environment.

One thing is still true – many see an opportunity in the current market environment, and one in five Canadian investors has an increased confidence in the financial markets since the COVID-19 vaccine’s approval.

Scotiabank’s SVP, Deposits, Investments, & Payments, D'Arcy McDonald advised people to identify their goals. Be it saving for retirement, or kids’ education, maybe a big purchase, having clear goals can better help determine the right investment plan.

Do you agree, do you think this is a good time to invest? Let us know your thoughts in the comments below.



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