TORONTO, Jan. 25, 2021 /CNW/ - 55% 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.
Retirement Concerns
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.
Methodology: The 2021 Scotiabank Retail Investor
Sentiment Survey was conducted on behalf of Scotiabank by
Maru Blue from January 5 - 6, 2021. The online survey captured
the opinions of 1,523 Canadians across the country and results of
this study are weighted by education, age, gender and region (and
in Quebec, language) to match the
population, according to the most recent Census data.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.1
trillion (as at October 31,
2020), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit http://www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
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SOURCE Scotiabank