Oh to be young again.
That sentiment rings through loud and clear in a recent survey of Canadian women on the state of their financial affairs. The work was done in the run up to the end of RSP season which closed for 2019 earlier this week.
The study for CIBC shows that roughly three-quarters of the women in the study felt financial security contributed to a feeling of happiness. It’s just the getting to that point that is tricky.
The majority said they wished they had started saving sooner or earlier in their lives. That is a tale any financial advisor will tell….in the saving world, time is your friend. Starting early, even modestly, can have more impact that investing with a flourish late in life. It is all a matter of allowing any growth – things like capital gains, interest or dividends – to have time to generate returns of their own. It’s about growth-on-growth. More time means more opportunity for that to happen.
The CIBC report says the youngest cohort in their survey worry the most about saving properly and that recedes as the individuals studied aged.