Young Canadians more likely to invest poll reveals

Young Canadians more likely to invest poll reveals

Young Canadians more likely to invest poll reveals Around a third of Canadians don’t have an investment account but young adults are more likely to make investments.

A poll by Tangerine Investments has found that 70% of non-investors say they can’t afford to invest while a quarter are worried about losing money and a fifth say investing is too complex.

It seems that non-investors would like to break down these barriers though as more than two-thirds of respondents said investing should be a priority even when they have debts.

Half of respondents said they want to invest for retirement funds, 36% want to grow their money faster and 29% want to use investments to save for a big purchase including a child’s education or a house.

"Unfortunately, there's a misconception out there that you need to be an expert with a lot of money to start investing, and this simply isn't true," said David McGann, Director of Tangerine Investments.

Younger Canadians are more likely to have considered opening an investment account (33% of those aged 26-36 years) than older adults (24% aged 40-54).

The quest to invest among younger adults is confirmed by those that are already investing; 72% said they started before the age of 34.

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