Digital Money Trend Report in Canada
In a recent study which covered over 1000 Canadians the following are trends which emerged based on their views on mortgages, credit cards and more.
Canadians are Still Saving
From the survey made, it was evident that Canadians are still saving. The amount of the savings vastly varied, but it was observed that about 94 % of the Canadians who were surveyed were still saving.
They save for different things
The cause of savings varied on factors like age. Some were saving for retirement, while some were saving to have an emergency fund. On the other some young people were saving for travel.
The investment options they chose varied largely
In the Survey it became evident that mostly the millennial and new generation preferred to do the investment themselves for any type of investments. On the other hand the group of boomers chose to invest based on the advice given by their financial advisors. But it was also seen that many did not make any investments at all.
Canadians are not too confident about their retirement plans
From the survey it was also observed that for most Canadians retirement is not the sole focus. This was mainly owing to the lack of confidence that people have about the retirement plans which are generally available. Amongst all surveyed it was the millennial group that were least confident. Even the slightly elderly were not confident whether the amount of money they are currently saving is sufficient for retirement.
Many are not using the many tools that the government was providing
You might already be aware that the government of Canada has created many tools to help Canadians save for retirement. These include the RRSps, which is the Registered retirement Savings plans and also the Tax Free Savings Accounts (TFSAs). Both these are great financials schemes which give Canadians a chance to save for their retirement. However it became evident in the survey that not many of them were making use of such schemes.
In conclusion we, “The Accounting and Tax” have been able to provide you with a fair idea about the latest trends about money matters amongst Canadians.
