Canadians more optimistic about the future of Canada's economy than they were in 2011
TORONTO, Nov. 13, 2012 /CNW/ - A recent Scotiabank poll found that while Canadians' overall economic outlook is more optimistic, they are still hesitant when it comes to their personal investment strategies in the fluctuating economic environment. Canadian optimism for the economy moved to 49 per cent, up significantly from last year (39 per cent). Despite the rise in optimism, 62 per cent of Canadians viewed maintaining their current market position as the wiser investment strategy for the remainder of this year. Additional findings on Canadians' economic mindset include:
- The top two factors having the greatest impact on Canadians' decisions to add to their investments this year were the state of the economy (72 per cent) and fluctuating market conditions (71 per cent).
- While economic optimism is up, 63 per cent of Canadians say it's a concern when it comes to their investments - unchanged from last year.
- Twenty-nine per cent looked to safer investment categories as their preferred financial strategy for the rest of this year.
"With the increased volatility in global markets earlier this year and unpredictable developments going into 2013, it's not surprising that many Canadians continue to take a more cautious approach to their investment decisions," said Andrew Pyle, ScotiaMcLeod Wealth Advisor. "In any economic environment, the best practice is to regularly review your risk assessment with respect to your investments. Sitting down with a financial planner can help you see where you are and where you need to go in a way that suits your tolerance level and lifestyle goals."
About the polling data
The Scotiabank Mega Poll was conducted through Harris/Decima's telephone omnibus, teleVox from June 18 through 28, 2012. A total of 2,013 surveys were conducted nationally with Canadian respondents 18 plus years of age.
Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 81,000 employees, Scotiabank and its affiliates serve some 19 million customers in more than 55 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.
BACKGROUNDER: Canadian Mindset on the Economy
- Albertans are most optimistic than nearly all others about the Canadian economy (68 per cent).
- When asked what their wisest investment strategy is for this year, only nine per cent of Canadians said they would increase their investment into the market, with men (13 per cent) more likely than women (six per cent) to follow this approach.
- Albertans (19 per cent) are most likely to increase their investment into the market as part of a wise investment strategy.
- When it comes to investing, older Canadians are more likely to agree that they are concerned about the fluctuating economy specifically among 45-54 years olds and 55+ year olds (66 per cent each) as compared to Canadians between the ages of 18-34 years (54 per cent).
- Quebecers and Ontarians (74 per cent each) are more likely than Albertans (63 per cent) to report the state of the economy impacting their investment decisions while there are no regional differences on how fluctuating market conditions have impacted such decisions.
- Sixty-three per cent of Canadians cite risk of short term loss as having an impact on their investment decisions.