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Name | Symbol | Market | Type |
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Co Operators General Insurance Company | TSX:CCS.PR.C | Toronto | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.22 | 1.13% | 19.65 | 19.60 | 20.30 | 19.65 | 19.43 | 19.43 | 1,250 | 21:00:26 |
Co-operators survey reveals that only a quarter of Canadians are confident in their ability to choose money-making investments and signals the need for financial advice
TORONTO, May 25, 2023 /CNW/ - New data reveals that younger Canadians are feeling uneasy about investing. A survey of Canadians aged 18-44 by Co-operators, a leading Canadian financial services provider, has uncovered that only a quarter (26 per cent) are confident in their ability to choose investment opportunities that will make money. At the same time, four in 10 (38 per cent) say they don't know everything they need to know about their investing options. Nearly half (44 per cent) say they feel like they don't have enough money to invest.
"The challenges of today's economic climate, including high interest rates and cost of living, are intensified by the knowledge gap that exists for young Canadians," said Emmie Fukuchi, Chief Experience Officer at Co-operators. "It is concerning that at a time when we have so much information at our fingertips, younger Canadians do not feel empowered to make investment decisions that will help them achieve their financial goals. It's our responsibility as financial services providers to deliver credible information and engage in honest, transparent conversations about how even the smallest actions today can secure tomorrow's future."
Only a third (38 per cent) of those surveyed believe that their current investing habits are setting them up to be financially stable in the future. Roughly the same amount (37 per cent) say that recent stock market fluctuations have made them hesitant to invest.
"This lack of confidence and hesitancy truly underscores the need for professional and trustworthy financial advice," said Jessica Baker, Vice President of Co-operators Advisor Network. "Regardless of how much money they have to start, young Canadians can work with a financial professional to build a financial plan that works for them and their unique financial situation."
Those surveyed are half as likely to work with a financial advisor (26 per cent) compared to Canadians aged 55 and up (53 per cent). But of those who do work with an advisor, a majority agree that their advisor helps them feel more confident about their financial decisions (51 per cent).
The survey also uncovered additional insights about the investing habits and beliefs of Canadians aged 18-44:
For those young Canadians unsure where to start, Co-operators offers the following tips:
About the Survey
The national online survey of 1,500 adult residents of Canada was conducted between January 12-16, 2023. The sample was randomly drawn from a panel of potential survey respondents (Leger Opinion). Post-stratification weights were applied to the sample based on 2016 census population parameters to ensure representation by province, age, and gender. An associated margin of error for a probability-based sample of this size would be ± 2.5 per cent, 19 times out of 20.
About Co-operators
Co-operators is a leading Canadian financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. Co-operators has more than $58.2 billion in assets under administration. Co-operators has been providing trusted guidance to Canadians for the past 78 years. The organization is well known for its community involvement and its commitment to sustainability. Achieving carbon neutral equivalency in 2020, the organization is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co- operators is also ranked as a Corporate Knights' Best 50 Corporate Citizen in Canada. For more information, please visit www.cooperators.ca.
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Québec and the territories. Segregated funds and annuities are administered by Co-operators Life Insurance Company. Terms and conditions apply. Please refer to cooperators.ca/mutualfunddisclosure for details.
Co-operators® is a registered trademark of The Co-operators Group Limited. © 2023 Co-operators Financial Investment Services Inc. © 2023 Co-operators Life Insurance Company.
SOURCE The Co-operators Group Limited
Copyright 2023 Canada NewsWire
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