Canadians continue to invest despite the economic slowdown
22 avril 2009
TORONTO — During bad economic times, people are generally more cautious about their spending, especially when it comes to investing. However, global market research firm Synovate has released results from its latest retail banking survey showing that Canadians are continuing to invest despite the economic downturn. Among those who are investing, people making deposits of $300k or more have had the largest drop in their investing activity while those making deposits of $10,000 to $99,999 have had the biggest increase in activity.
According to Adrian Murphy, Vice President of Syndicated Research for Synovate in Canada, "Some Canadians think that now is actually a good time to invest since stocks are more affordable. While the percentage of people with at least one deposit has generally held steady during the current economic crisis, the impact of falling portfolio values can be seen by the lower number of people investing $300,000 or more.
These findings were gathered from Synovate's Customer Service Index (CSI), a quarterly tracking survey covering all aspects of personal banking, with results based on responses from more than 36,000 nationally representative households per 12 month period.
The chart below shows the percentage of Canadians making deposits of a certain dollar amount between September 2008 and February 2009.
| Sept - Nov 08 | Dec 08 - Feb 09 | Difference | |
| % of people investing stated dollar amounts – Total Canada | |||
| No investment / deposit activity | 16.0% | 15.3% | -0.7% pts. |
| $1 - $9,999 | 30.5% | 30.4% | -0.1% pts. |
| $10,000 - $99,999 | 30.0% | 31.3% | +1.3% pts. |
| $100,000 - $199,999 | 10.6% | 10.5% | -0.1% pt. |
| $200,000 - $299,999 | 5.1% | 5.2% | +0.1% pt. |
| $300,000 or more | 7.8% | 7.2% | -0.6% pts. |
The latest CSI survey shows that 85% of Canadians currently have deposits or investments at any type of financial institution compared to 82% who did a year ago. This includes chequing / savings accounts, GICs, RRSPs and mutual funds.
Among customers of various financial institutions, 88% of credit union customers have at least one investment or deposit with their provider as do 85% of Big 5 Bank customers.
Another recent Synovate study covering the economy indicated that the biggest economic concern for Canadians is losing money from their investments. Twenty-three percent said this, the highest of any market surveyed, showing that this topic is of particular concern to Canadians
Learn more about Synovate's economy study.
Contact(s) for this press release
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Henrietta Sung
Marketing Manager |
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Telephone: +1 416 964 6262 ext. 165 |
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Customer Service Index (CSI) is Synovate's retail banking survey measuring the performance of Canada's retail banking industry to satisfy the needs of its customers. The surveys are sent to over 30,000 Synovate panel members each quarter, yielding a rich database of information on individual financial institutions of all types across every region in the country.
About Synovate
Synovate, the market research arm of Aegis Group plc, generates consumer insights that drive competitive marketing solutions. The network provides clients with cohesive global support and a comprehensive suite of research solutions. Synovate employs over 6,400 staff across 62 countries.
For more information on Synovate visit www.synovate.com.