Saving Or Investing: What Is Right For Canadians?

You have to weigh what is going to give you the best return for your financial future.  If you have a great job, good benefits, and an excess in funds, perhaps investing some of that excess is right for you.  However, if you work a traditional job and have very little left over after bills and other necessities--saving that extra might be the smarter choice.  60% of Canadians appear to be saving more for their retirement, in comparison to others who are choosing investing.  Remember though, some Canadians don't have enough money left over to do much of anything with, but this can be changed too. BlackRock, a well known global investor recently polled 2000 Canadians and 52% of those saving for retirement were between 25 to 34 years of age.  Older Canadians are saving for retirement as well, but out of these groups, none are really saving wisely, or seriously weighing in on investment plans.  When it comes to investing, it seems that a lack of investment knowledge is the problem. Below, you'll find various considerations to make when it comes down to choosing to save or invest.  It is important to point out that age is one of the primary reasons for so many Canadians not going the investment route.  It is seen as too risky.  However, if you invest in what you know, what you've researched, and what seems almost certain to give you a return--you'll find this is the wise decision!  The below tips will possibly help you find some solid footing when you're debating what is right for you.

Tips To Help Canadians Make The Right Financial Choice

1. A middle-class Canadian couple should begin by crunching their numbers and determining what it is they are going to need to have a comfortable retirement .  If they are already in the income bracket of $42,000 to $72,000 should easily be able to invest and still have a nice nest egg for retirement at the same time.  So, again, beginning to analyze finances is the first tip that should dramatically make a difference.
2. Weigh in on low interest rates and consider inflation !  These are critical key factors when you're trying to choose between saving and investing.  What is going to give you the better return, and what is going to secure your retirement comfortably?
3. You do need to consult with a financial adviser if you're not meeting your target goals! Too many think it would be a waste of time, but the fact is only 38% of Canadians utilize a financial adviser, which is a huge mistake.  This is especially true when looking at the economic disappointments so many feel burdened by.
4. Pay attention to your personal economy! This is often overlooked--more to the point, commonly overlooked. The economy can tell you a lot about what direction to go in financially.  So, think about your job, your earnings and where you want to be in 20 years!