Despite uncertainty in energy markets and volatility in the stock markets, only 10% of Albertans feel now is a bad time to invest or add to their savings, according to an ATB Investor Services’ survey.
Ninety-five percent of men and 94% of women feel investing and/or saving in the next three to six months will be better or the same as it is now. In fact, 84% of Albertans currently have some form of savings and/or investments. Younger Albertans (aged 18 to 34) tend to keep more of their savings in cash products while Albertans 35 and over prefer mutual funds, stocks and bonds.
Even with a high level of optimism, the retirement challenge is very real for Albertans with 49% of those polled saying they are saving for retirement. Of that group, 40% feel they are behind on that goal.
The lower price of oil has had an impact on Alberta investors. Of the 42% who said they have been affected by lower oil prices, 18% have stopped contributing regularly to their savings and investments while 17% have withdrawn some of their long-term savings, both due to lower oil prices.