Buy quality tech stocks now so you don't chase them higher in 2023: John Stoltzfus
The majority of Canadians prefer to invest their money in the stock market, according to a survey by HelloSafe.
A report released last week asked respondents to choose their three top investment products out of seven options. It found over half of respondents (54.6 per cent) prefer to put their money in stocks, followed by real estate (34.7 per cent) and life insurance (11.6 per cent).
All age groups favour the stock market over other investing avenues, the survey found.
Canadians 56 and over were the most likely to prefer stocks (60.9 per cent), followed by individuals between the ages of 16 to 25 (60.1 per cent) and respondents ages 26 to 35 (58.8 per cent).
This data comes as investors continue to face ongoing market volatility. As of Nov. 22, Canada’s main stock index is down 5.35 per cent for the year. (is this year over year?)
The TSX hit a high of 22,087.22 on March 29 and a low of 18,206.28 on Oct. 12.
While the majority of Canadians prefer to put their money in the stock market, most individuals would rather make investing decisions on their own.
Almost two-thirds (65.3 per cent) of individuals would prefer to invest without the help of an expert, the survey found.
On the other hand, only 18.1 per cent of respondents invest through a broker, 11.1 per cent through their bank and 5.6 per cent look to their friends or family for advice.
CRYPTOCURRENCIES POPULAR AMONG YOUNGER CANADIANS
While less than one-out-of-10 Canadians (9.26 per cent) named cryptocurrencies as one of their preferred assets, the digital currency is still popular among younger investors.
The report found 30.1 per cent of individuals between the ages of 16 and 25 prefer investing in cryptocurrencies, followed by Canadians ages 26 to 35 (29.4 per cent).
Older investors are the least likely to put their money in digital assets, with only 0.9 per cent saying cryptocurrencies are one of their main investment options.
This study is based on the results of a survey conducted on the HelloSafe site between September 1 and November 11, 2022, to which 837 people from all over Canada responded.