For the first time in history, Canadians have $1 trillion in mutual funds, says the Investment Funds Institute of Canada.
Investments topped $1.01 trillion at the end of January, an increase of $140.1 billion, or 16.1%, over the past 12 months.
The money comes from about 4.6 million Canadian households.
“Mutual funds have grown tenfold in value since 1990 and are a cornerstone of Canadians’ retirement savings,” says IFIC president and CEO Joanne De Laurentiis. “Of the $986 billion increase since 1990, approximately 54% was generated by net sales, while 46% is the increase in the total value (market effect) of those savings.”
Read: Canada’s top funds are…
“Research shows that advised households are twice as likely to save regularly for retirement across all age groups,” De Laurentiis adds.