Amid stories of users from the social media site Reddit taking on wealthy hedge funds attempting to short video game retailer GameStop, it seems like a great time to get into investing.
However, according to a recent survey from Scotiabank, the majority of Canadian investors are unsure of where to invest their money due to the unpredictable nature of the pandemic.
Based on the findings, 70 per cent of investors said they are unsure of what to do with their investments due to the current uncertainty, and 33 per cent said they are putting their investments on pause until the pandemic subsides, and things become more predictable.
However, 67 per cent of respondents said they still see an opportunity in the current market.
Additionally, 20 per cent reported increased confidence in financial markets since the announcement of the COVID-19 vaccine approval.
“As Canadians continue to deal with the financial implications of COVID-19, it’s understandable they feel unsure about how to approach their investments,” D’Arcy McDonald, senior vice-president of Deposits, Investments, and Payments at Scotiabank, said in a news release.
“Seeking financial advice has never been so important to help ensure Canadians remain on track to meet their financial goals,” he continued.