Canadians have accumulated savings of $1 trillion in mutual funds, marking the first time in their 82-year history in Canada that the funds have topped this milestone.

Assets under management for the mutual funds industry reached $1.01 trillion as of Jan. 31, 2014, an increase of $140.1 billion (16.1%) over the previous 12 months, according to the Investment Funds Institute of Canada (IFIC).

“The importance of this milestone is the increase in wealth it represents for the roughly 4.6 million Canadian households that choose to save for their financial goals through mutual funds,” notes IFIC president and CEO Joanne De Laurentiis.

Mutual funds have grown tenfold in value since 1990.

“Of the $986-billion increase since 1990,” she adds, “approximately 54% was generated by net sales, while 46% is the increase in the total value—market effect—of those savings.”

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