Investors around the world are focused on reducing debt and saving for retirement.
In fact, when asked what they would do if they earned an extra $200 more per month, women and men would save more (45% vs. 38%) and pay off debt (28% vs. 23%), finds a BlackRock survey. Also, about half agree, “I am not willing to take any risks with my money.”
Mary Anne Wiley, managing director, Head of iShares, BlackRock Canada, says “Developing a strong action plan for the future is a must, and with Canadians living longer than ever before, longevity is key issue that cannot be ignored.”
Some Canadian findings include:
- 19% of women and 33% of men are comfortable investing in the stock market;
- Two-thirds say a risk-averse attitude is keeping them on the sidelines when it comes to investing; and
- 7% of women allocate take-home income to investing, compared 12% of men.
In the U.S. retirement is also a priority; 47% of men and 46% of women say funding a comfortable retirement is an important financial goal. Also, 55% of men say they understand how much they need to save for retirement, compared to 45% of women. And 53% of women have begun to save, compared with 62% of men.
Global findings include:
- Job security remains a top threat, say 31% of women and 25% of men;
- Top financial priorities include: paying off the mortgage on their homes (30% women vs. 26% men), paying off other debts (49% women vs. 42% men), saving a deposit for a new home (15% vs. 11%), and financing their children’s educations (21% vs. 18%).