CANADIANS DON'T TRUST GOVERNMENT
By Adnews Staff
Canadians have twice as much confidence in the investment industry than in the government in helping them secure a reasonable living standard after retirement, according to a study done for the Investors Group of Winnipeg. More than 65% of the respondents said they had confidence in the investment industry to help Canadians in their retirement, compared to a confidence level of 36% in government. Confidence in the investment industry was highest among professionals and executives with incomes over $70,000 a year. The prairie provinces had the highest level of confidence with more than 70%. Just over half the population believe the investment community does a good job of educating the public about financial planning issues. When asked whom they would trust most to give advice on the best investment choices, banks were given first mention with 37%, followed by investment companies with 21%, credit unions with 19% and trust companies with 6.6%. The popularity of RRSPs is growing according to the study. This year, 53% of the respondents enroled in such plans, compared to 48% in 1994 and 46% five years ago. Twenty-eight per cent of them invested in mutual funds. According to Statistics Canada, mutual fund investments have jumped by 90% between 1992 and 1994. The Investors Group study also shows that 18% of Canadians are fully retired, but 16% of people over 65-years-old are still working. Quebec has the most retirees at 20.5%. The survey was conducted by Gallup Canada.