Canada’s economic climate is puzzling investors, with 55% believing in their outlook retirement plan According to a recent report by the Bank of Nova Scotia, it has been affected by the current economic conditions.
of Scotia Global Asset Management investor sentiment survey1,022 Canadians were interviewed.
The top five portfolio risks perceived by investors over the next few years are economic recession (61%), rising inflation (58%), stock market volatility (46%) and rising interest rates (40%). ) was. ) and global geopolitical risk (37%).
One reason for all the anxiety is that only 26% have a written financial plan.
“These results suggest that investors are currently Concern about achieving retirement goalshowever, regular meetings with financial advisors and written financial plans mitigate these concerns,” said Neil Carr of Scotia Global Asset Management in a press release.
But there are also stark contrasts in how men and women feel about retirement.
Another survey by the Bank of Montreal found that 52% of women are confident about retiring at their target age compared to 68% of men.
BMO’s Real Financial Progress Index, which interviewed 3,401 Canadians, showed that 73% of women did not have a financial plan to reach their goals, compared to 64% of men. rice field.
“With the costs of inflation and the economic impact of the pandemic having a significant impact on many women, it is understandable that they feel the need to rebuild their savings. not confident about retiring At the age they were planning on,” Gayle Ramsay, BMO’s head of daily banking and customer growth, said in a press release.
Additionally, 87% of women reported fear of unknown expenses, and 63% were worried about paying their monthly bills.
“Financial planning and financial literacy are essential in navigating finances to ensure that our clients are making real financial progress,” says Ramsay. You report not planning, so assessing your budget, adjusting your spending habits accordingly, and committing to a savings and retirement plan can help you feel less anxious and in control of your finances. ”
Overall, only 74% of women feel in control of their finances compared to 84% of men.
One reason is the gender gap in financial literacy between boys and girls that stems from early childhood education.
The study found a slight gap between how men and women were educated about personal finance from a young age. 61% of women said they never discussed budgeting or financial planning with their families, compared to just 57% of men.
The gender pay gap is another factor that affects how much women are able to save and invest for retirement. In Canada, women earn, on average, 89 cents for every dollar men earn. Statistics Canada.
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The European Central Bank raised interest rates by 50 basis points on Thursday as promised. It ignored financial market turmoil and calls from investors to refrain from tightening policy at least until sentiment stabilized. With inflation likely to rise above its 2% target by 2025, the euro’s 20 central banks have cut deposit rates to their highest level since late 2008, in line with often-repeated guidance. raised to 3%. The ECB has raised interest rates by a combined 3.5 percentage points since July to combat record inflation. — Reuters
Prime Minister Justin Trudeau makes a housing announcement with Housing Minister Ahmed Hussen in Guelph, Ontario.
Alberta Prime Minister Daniel Smith delivers the keynote address at the second annual Premier Summit on Fairness of Newcomers.
Minister of Transport Omar Al-Ghabra. Randeep Sarai, Liberal MP for Sally Newton. Johnny Sangha, CEO of Global Agriculture Trans-Loading Inc., announces funding to strengthen his supply chain in British Columbia in Surrey.
Today’s data: Canadian industrial and raw material price indices, international stock exchanges, Teranet-National Bank home price indices.U.S. Industrial Production and Utilization Rates, University of Michigan Consumer Confidence Index, Leading Indicators
Earnings: Algonquin Power & Utilities Corp., Ballard Power Systems Inc.
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Today’s Posthaste is written by Noella Ovid and includes additional reports from The Canadian Press, Thomson Reuters and Bloomberg.
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