In one of his most popular works, «Do you Really Need it?» Pierre-Yves McSween invites Quebecers to question their spending and consumption habits. But what about their abilities to put money aside?
Good news: According to a study conducted by Universitas, about three quarters of Quebec residents set money aside in 2016. 64% of families invested in an RRSP, 47% in a TFSA, and 45% in an RESP. During a time where financial planning is widespread, these positive results indicate that most families anticipate post-secondary education for their children, which will allow for them to benefit from RESPs.
Of course, every investor has distinct reasons to save. Here were the top four reasons why Quebecers put money aside in 2016:
Mitigated Risk Tolerance
Investors over the age of 55 are focused primarily on their retirement funds, yet only 9% of them admit to being ready to accept the risk of losing money now in order to generate higher returns in the future. On the contrary, long-term savings remains the priority amongst investors between the ages of 18-34, whom are less risk-averse than their older counterparts.
Amongst the different investment vehicles available, TFSAs and RRSPs remain the most popular, while RESPs have been gaining increasing notoriety over the past several years.
Lussier is here for you
In order to find the type of placement which is best suited to your needs, contact one of our advisors today. They will work with you to identify your perfect investors’ profile, propose strategies that best suit your financial situation, advise you on how to maximize your retirement income, and help you to prepare for any situation you may anticipate in the future.