Canadians are committed to retirement savings, long-term investing

Questrade survey also found disinterest in using AI in investment decisions

Canadians are committed to retirement savings, long-term investing
Steve Randall

Canadians are taking the long view of their investments, revealing a commitment to future financial goals.

The Questrade Investment Survey 2024, conducted by Leger, reflects the challenges faced by investors in the current economic and market environment, but also highlights how much they value retirement planning.

Close to three quarters (73%) of respondents say that sticking to long-term investment strategies is the right course to reach their financial goals, specifically retirement, while 62% say retirement is a key priority even as budgets are stretched by the cost of living.

That said, the share of poll participants who are maintaining or increasing regular retirement contributions is a minority 43% while slightly less than half are investing about the same or more as they were a year earlier. Those that are, either want to continue to follow their long-term investment strategy or say their personal financial situation allows them to invest more.

Younger respondents and renters are more likely to say retirement savings are not a priority right now with around half of both of these cohorts saying they don’t think they will ever be able to achieve retirement.

The study also found that while 60% believe they are financially literate with most getting financial education and information from their financial institution, 43% say their knowledge could be improved but are unsure how to do this.  Most say there are good resources in Canada for this.

Technology is playing a key role in wealth building, the survey found, with younger Canadians in particular believing emerging tech is trustworthy (44% of 18-34s said so) and that they will use it to help with investment decisions (42%).

However, specifically on artificial intelligence, 69% said they are not interested in using it to inform their investment decisions.

The survey was conducted in November 2023 using Leger’s online panel and included 1,510 Canadians aged 18 or over.