A lifetime of fund fees can cost the average Canadian Household over $323,000.
TORONTO, July 19, 2016 /CNW/ - Next to buying a home, fees paid on investments can be the single biggest lifetime expense many Canadian households will have to deal with. Over the course of an investor's life, mutual fund fees can end up costing the average Canadian household $323,654.40, according to Nest Wealth, a Toronto-based digital wealth manager (www.nestwealth.com).
"Put in context, the average Canadian household will spend $80,000 more on investment fees than they'll spend to raise their child to the age of 18," says Randy Cass, founder and CEO of Nest Wealth. "It's not surprising that Canadians feel like no matter how much they try to save, they keep falling further behind their goals."
According to a 2013 study by Environics Analytics, the average Canadian household has $229,000 in liquid assets and, according to Morningstar, the average Canadian mutual fund charges 2.35% annually. After fees are paid by Canadian investors, the amount that they are managing to save for retirement is likely far less than what they might anticipate.
To further promote awareness and education about fees among investors, Nest Wealth is today announcing the launch of a free fund fee calculator that provides the first instant investment fee check available in Canada. "As of today, any Canadian can go to www.nestwealth.com/fees and anonymously enter the funds they own to immediately see how much they are spending each and every year in fees." Cass goes on to say "We believe that the earlier we can help Canadians become informed, the more money they can save."
Nest Wealth is also kicking off #NestIsMore, which will focus on highlighting and promoting investment transparency and cost awareness so that Canadians can keep more of their own wealth. #NestIsMore is part of Nest Wealth's first media campaign, More is Better.
Nest Wealth's objective is to help investors reach their financial goals. Many Canadians aren't aware of how they pay for financial services and might not be aware of how small percentages deducted each and every year from their savings can make a huge difference in the goals they are able to achieve.
About Nest Wealth
SOURCE Nest Wealth
For further information: For general information: Randy Cass, Founder and CEO, Nest Wealth, 1.647.725.2559 x 700, [email protected]; For media inquiries: M. Corey Goldman, Goldman Communications, 1.416.322.2863, [email protected]