National investor study released – How does Nova Scotia compare?

by Natalie MacLellan on October 5, 2009

in In the News

The 2009 CSA Investor Index finds that while Canadians express optimism about their personal finances and confidence in their abilities as investors, most are not seeking information or advice about investing.

Canadians are much more likely to agree (48%) than to disagree (27%) that 2010 will be a good year for them financially. In addition, most Canadians (56%) say they are confident in their ability to make investment decisions (as compared to 38% who say they are not confident). Among the 65% of Canadians who currently hold savings or investments, most say they will make no changes (52%) or will invest more in the coming year (31%), while fewer than one in ten (8%) say they will reduce their investments.

While they are optimistic and confident as investors, the findings show that many Canadians are not seeking out information or and advice on investing. For example, three in four Canadians (75%) agree that they know where to go when they need more information about investing in general, but most (66%) have not sought information about investing in the past 12 months. Similarly, two in three (64%) consider having a financial plan to be important, although only one in four Canadians (25%) say they have a formal, written financial plan. Fewer than half of Canadians (46%) say they have a financial advisor.

Local highlights include the fact that 45 % of Nova Scotians have a financial advisor. We are more likely than other Candians to stick with an advisor long term, with 14 % claiming to have worked with their current advisor for 10 years or more.

Not likely to surprise anyone, Nova Scotians are more likely than other Canadians (48 %) to agree that, “in general, people can be trusted.” Luckily, this does not appear to have disadvantaged us, as only 3% of Nova Scotians invested in what turned out to be a fraudulent investment, slightly below the Candian average of 4%.

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