Survey reveals gap between intentions and effective actions
Almost two thirds of Canadians say they plan to save at least $10,000 over the next five years but are they taking the right steps to do so?
Not according to a new survey by EQ Bank which reveals that positive financial goals are not necessarily backed by action.
With high levels of consumer debt and rising interest rates, respondents acknowledged that they need to save more but asked what they would do with an extra $100, 27% would leave it as cash.
Just 16% of respondents would invest that spare money into mutual funds and 14% would opt for Guaranteed Investment Certificates (GICs).
"It is encouraging to see Canadians wanting to save for their future, but their habits don't necessarily match up with their goals if money is sitting in cash," says Dan Dickinson, Chief Digital Officer at EQ Bank.
Bank launches new GICs
The bank has launched some new GICs offering competitive rates and investments from $100.
"GICs play an important role in Canadians' saving strategy by offering security, peace of mind and guaranteed growth, especially during times of uncertainty in the market. And for the savvy investor, GICs can produce yields that could be superior to other investments such as fixed income mutual funds."
