Many Quebecers not saving, investing

A CROP survey finds nearly half (42%) of Quebec’s population didn’t save or invest last year.

This reality is particularly noticeable among those ages 18 to 34, of whom more than half (55%) did not save during this period.

Moreover, the survey shows that those who did invest favoured the more traditional savings vehicles, including the RRSP (36%) and the tax-free savings account (TFSA) (32%). Investments in stocks, the registered education savings plan (RESP) and real estate, for their part, represented a minor percentage; namely, 11%, 8% and 5%, respectively.

A comparison of the 2012 results for the same survey revealed that the average amount Quebecers invested in the main types of savings vehicles (RRSP and TFSA) has remained relatively stable. The RESP investment, for its part, has significantly decreased in 2014.