Survey reveals other top investment avenues
Most Canadians prefer to invest their money in the stock market.
In a survey conducted by HelloSafe, respondents were asked to select their top three investment products from a list of seven options in a report that was released last week. It was discovered that more than half of those polled (54.6%) preferred to invest in stocks, followed by real estate (34.7%) and life insurance (11.6%).
The poll showed that the stock market is preferred above alternative financial options by all age groups, though that preference was slightly more pronounced among Canadians aged 56 and over (60.9%), followed by those aged 16 to 25 (60.1%) and those aged 26 to 35 (58.8%).
The study by HelloSafe also found a particular bias in Canadians' financial practices as two thirds (65.3%) of respondents said they manage their own portfolios. Those that use outside assistance to invest their funds said they do so via use of a broker (18.1%), their bank (11.1%), or following a friend's or family member's recommendation (5.6%).
Investing with an advisor wasn’t included among the survey options reported.
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The results come as investors navigate continuing volatility in the markets. The main stock index in Canada is down 5.35% so far this year as of November 22, reported BNN.
On March 29 the TSX reached a high of 22,087.22 and on October 12 a low of 18,206.28.
The poll by HelloSafe also found that fewer than one in ten Canadians (9.26%) listed cryptocurrencies as one of their preferred assets, in line with its reputation as a speculative asset class.
Unsurprisingly, young investors appeared to favour the exotic asset class most among all age groups. Canadians aged 26 to 35 were the most likely to prefer investing in cryptocurrencies, with 30.1% listing digital assets as one of their most favoured investment alternatives.
On the other hand, only 0.9% of older investors say cryptocurrencies are one of their primary investment options, making them the least likely of all investor demographics to invest in digital assets.