Canadians primarily invest by themselves, with younger people showing a preference for cryptocurrencies
HelloSafe has released a survey to determine the preferred investment solutions of Canadians in 2024.
The survey asked: “What is your favourite investment?” The options included the most popular investment products in Canada.
The stock market remains the top choice, favoured by 46.3 percent of respondents. Following closely behind, real estate is preferred by 34.5 percent. Life insurance, with 10.1 percent, and cryptocurrencies, at 4.1 percent, are less popular investment options.
The survey reveals a strong trend in self-directed investing among Canadians. A significant 65.3 percent of respondents indicated they handle their investments independently.
Those seeking external help invest either through a broker (18.1 percent), their bank (11.1 percent), or advice from a friend or relative (5.6 percent).
Investment preferences vary by age group. The stock market is popular among all age groups, despite a lower preference among 36-45-year-olds.
Cryptocurrencies rank as a top investment option for 9.26 percent of Canadians, with notable age-based differences. Younger respondents (16-35) show more enthusiasm, with about 28.5 percent listing cryptocurrencies in their top three investments.
In contrast, only 0.5 percent of respondents aged 56 or older include cryptocurrencies in their top three choices.
