Young investors in Canada are stepping in by proving they have long-term investment goals.
Adults between the ages of 18 and 34 are entering the world of self-directed investing, and nearly 48% of young investors started during the pandemic, according to a 2022 RBC poll of 529 people in that age category.
Lori Darlington, president and CEO of RBC Direct Investing, told Black Press Media that people in this age category aren’t looking for instant gains — they’re investing for the long term.
The survey also showed that 77% of young adults surveyed take time before making financial decisions.
Darlington said she was pleased to see that 85% of respondents aim to achieve long-term financial goals, while 39% see investing as a way to support what they want now and in the future.
Young investors are looking for clearer information and better tools to invest, save, budget and manage day-to-day expenses, while saving for the future and navigating tough markets.
“I would encourage them to take advantage of all the different tools available to them,” Darlington said. “If today’s young investors can teach all of this practical advice to the generation that follows them, they will set up this next generation early to succeed financially.
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