Many millennials are hesitant about investing and as part of Investor Education Month, the Financial and Consumer Services Commission wants to help shift those attitudes. Throughout the month, FCNB will be sharing tools and resources to help millennials – New Brunswickers aged 23 to 38 – understand why now is a good time to start their investing journey.
Studies have shown that millennials are hesitant to invest their money because of a multitude of factors, including high debt, low income levels, and the prioritization of saving over investing. Coupled with the cautious attitudes shaped by the 2008 financial crisis, these factors have contributed to low investment levels among Canadian millennials compared with their older counterparts.
The reality is millennials should be thinking about investing now, when time is on their side for their savings to grow.
“Millennials can take advantage of compound interest by contributing even small amounts toward their financial goals,” says Erin King, FCNB’s Senior Education and Website Officer. “A small step can help them prepare to make a down payment on a home, save for a vacation or plan for their retirement.”
FCNB has the following free resources to help new investors get started:
Investment Planning Workbook: This tool can help new investors work through information that is important to their overall investment strategy.
Be An Informed Investor: A guide to understanding investments and whether or not they are right for you.
Five Steps to Choosing an Advisor: A checklist of five simple steps to choosing a financial advisor, and a workbook to record the information you found.
Borrowing to Invest: A guide to understanding what is leveraging.
“Now is the time for younger New Brunswickers to have the money talk with peers, parents and professionals about their financial future,” says King. “Investing can be for everyone if they’re properly informed. Regardless of income or where they are in life, even a small contribution, such as putting aside $10 regularly, can be a simple first step in reaching their financial goals.”
FCNB reminds New Brunswickers to always check the registration status of a financial professional before working with them.
FCNB will host a Spend Smart Café at the Tim Hortons in the James Dunn Hall at St. Thomas University in Fredericton between 8 a.m. and 1 p.m. on Thursday, Oct. 24. FCNB staff will cover the cost of coffee for visitors and distribute information for investors and free giveaways to all booth visitors.
FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.