Posted on Monday 06 June 2016
When you're contemplating whether to save or invest, you have to weigh the option that's most suitable for your financial situation. Of course, you can do both at once. However, there are times when you can only do one at the moment. Suppose you have a great job, good benefits, and excess in funds, perhaps investing some of that excess is right for you. However, if you work a traditional job, have very little left over after bills, and perhaps still take short term loans to meet basic needs—saving the little you get might be the smarter choice.
60% of Canadians appear to be saving more for their retirement, in comparison to others who are choosing to invest. Remember though, some Canadians don't have enough money left over to do much of anything with, but this can be changed too. BlackRock, a well known global investor recently polled 2000 Canadians and 52% of those saving for retirement were between 25 to 34 years of age. Small business owners in the age range should also consider investments to maximize their funds.
Older Canadians are saving for retirement as well, but out of these groups, none are really saving wisely, or seriously weighing in on investment plans. When it comes to investing, it seems that a lack of investment knowledge is the problem. Below, you'll find various considerations to make when it comes down to choosing to save or invest.
It is important to point out that age is one of the primary reasons for so many Canadians not going the investment route. It is considered too risky. No one wants to lose their life savings to an investment gone wrong, especially if they are already growing old. However, if you invest in what you've researched, and what seems almost certain to give you a return—you'll find this is a smart financial decision! The tips below will possibly help you find some solid footing when you're debating what is right for you.
And if your savings are running low and you don't want to touch your investments, we can help you out with fast access to online payday loans. We're just one click away!