Investors concerned by volatility but most are not making short-term decisionsBy The IJ Staff | March 11 2020 02:24PM
Although 48 per cent of Canadians say they are concerned about recent market volatility, 90 per cent who own investments have not made any changes to their holdings because of market activity, found a new poll by CIBC.
"Our poll findings are a positive indicator that Canadians aren't making short-term decisions about their investments based on market volatility alone," said Laura Dottori-Attanasio, Senior Executive Vice-President, Personal and Business Banking, CIBC. "Whether it's saving for retirement or investing for your children's education, having a plan that supports your long-term ambitions is important to managing swings in the market and staying on track to achieve your goals."
Canadians aged 55 and older are the most worried about current market fluctuations (52 per cent) compared with 45 per cent of Canadians aged 18-34.
The bank cautioned not to make changes based on headlines. “Reacting to short-term news, good or bad, can take your focus off long-term goals and can lead to investment choices that affect your overall returns,” advised CIBC.
The bank recommends that investors talk to a financial advisor if they are concerned about the market situation. "A conversation with your financial advisor can help ensure you stay on track and have the plan that's right for you," says Dottori-Attanasio.