Canadians more optimistic about the future of Canada's economy than they were
TORONTO, Nov. 13, 2012 /CNW/ - A recent Scotiabank poll found that while
Canadians' overall economic outlook is more optimistic, they are still
hesitant when it comes to their personal investment strategies in the
fluctuating economic environment. Canadian optimism for the economy moved to
49 per cent, up significantly from last year (39 per cent). Despite the rise
in optimism, 62 per cent of Canadians viewed maintaining their current market
position as the wiser investment strategy for the remainder of this year.
Additional findings on Canadians' economic mindset include:
-- The top two factors having the greatest impact on Canadians'
decisions to add to their investments this year were the state
of the economy (72 per cent) and fluctuating market conditions
(71 per cent).
-- While economic optimism is up, 63 per cent of Canadians say
it's a concern when it comes to their investments - unchanged
from last year.
-- Twenty-nine per cent looked to safer investment categories as
their preferred financial strategy for the rest of this year.
"With the increased volatility in global markets earlier this year and
unpredictable developments going into 2013, it's not surprising that many
Canadians continue to take a more cautious approach to their investment
decisions," said Andrew Pyle, ScotiaMcLeod Wealth Advisor. "In any economic
environment, the best practice is to regularly review your risk assessment
with respect to your investments. Sitting down with a financial planner can
help you see where you are and where you need to go in a way that suits your
tolerance level and lifestyle goals."
About the polling data
The Scotiabank Mega Poll was conducted through Harris/Decima's telephone
omnibus, teleVox from June 18 through 28, 2012. A total of 2,013 surveys
were conducted nationally with Canadian respondents 18 plus years of age.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 81,000 employees, Scotiabank
and its affiliates serve some 19 million customers in more than 55 countries
around the world. Scotiabank offers a broad range of products and services
including personal, commercial, corporate and investment banking. With assets
of $670 billion (as at July 31, 2012), Scotiabank trades on the Toronto (BNS)
and New York Exchanges (BNS). For more information please visit
Did you know? November is Financial Literacy Month, to learn about
Scotiabank's Financial Literacy Strategy please read the related press release
on the Scotiabank Newsroom at www.scotiabank.com.
BACKGROUNDER: Canadian Mindset on the Economy
-- Albertans are most optimistic than nearly all others about the
Canadian economy (68 per cent).
-- When asked what their wisest investment strategy is for this
year, only nine per cent of Canadians said they would increase
their investment into the market, with men (13 per cent) more
likely than women (six per cent) to follow this approach.
-- Albertans (19 per cent) are most likely to increase their
investment into the market as part of a wise investment
-- When it comes to investing, older Canadians are more likely to
agree that they are concerned about the fluctuating economy
specifically among 45-54 years olds and 55+ year olds (66 per
cent each) as compared to Canadians between the ages of 18-34
years (54 per cent).
-- Quebecers and Ontarians (74 per cent each) are more likely than
Albertans (63 per cent) to report the state of the economy
impacting their investment decisions while there are no
regional differences on how fluctuating market conditions have
impacted such decisions.
-- Sixty-three per cent of Canadians cite risk of short term loss
as having an impact on their investment decisions.
Diana Hart Scotiabank P: 416-866-7238 E:firstname.lastname@example.org
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NI: FIN ECOSURV
-0- Nov/13/2012 13:00 GMT
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