This Personal Finance Digest (Vol3.IS03 / Vol3.IS04) issue will explore some findings about investing, specifically how Canadians think, respond, and decide on the topic of investments. And of course, we deal briefly with the very controversial topic: artificial intelligence (AI) and how it affects the new way of investing.

CONTENTS:

• Why Some Canadians Do Not Want to Invest
• Would You Rely on AI to Invest?

Vol3.IS04

Several factors have had an impact on the way Canadians invest. These are related to inflation, interest rates, and cost of living.

Did you know that three in ten Canadians invest less? While about the same percentage of the number of Canadians indicated that the COVID-19 pandemic had an impact on their risk tolerance.

What is even more interesting is that about 10 percent of Canadians who were investing opted not to continue. While some others (with the same percentage of Canadians) have not even begun investing, for the same factors affecting the current economy.

The Financial Post article by Noella Ovid: “Why some Canadians have shied away from investing” further elaborates on these findings.

The article also highlighted “Fear” overshadowing people’s rational thinking. They feel there’s uncertainty.

Those in the age bracket between 35 and 44 have an enormous drop in the area of investing.

Some Canadians still make retirement or saving for the future as their investment goal.

Buying a home tends to be the least priority of some Canadians (as compared to the pre-pandemic period). They find the costs that go with homeownership not too reasonable, given that the Bank of Canada has aggressively raised interest rates since March 2022.

It would seem though that economic uncertainty plays a vital factor rather than people not having the funds to invest.

Read this Financial Post article to learn more.

Vol3.IS03

Have you ever anticipated the thought that you would ask ChatGPT for some advice on your financial decisions?

A CNBC survey finds that 37% of adults are inclined to use AI tools to help them facilitate and manage their money.

An interesting point though is - that many people would consult these AI tools and verify such resources with their financial consultants.

Resorting to digital advice with a human in the middle facilitating the process would be a more ideal approach. When it comes to financial decisions, many would opt to discuss their financial and investment options with a financial advisor they can trust.

Explore this topic on CNBC: “Asking ChatGPT for financial advice? Only 37% of adults are interested in AI tools to manage money, CNBC survey finds.”

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