A new poll reveals strong regional variations in Canadians’ investment habits, risk tolerance and perceptions of financial independence, with Albertans being the most likely to invest last year and Quebecers and Atlantic Canadians the least.
Nearly three-fifths of Albertans invested in 2024, compared to 38% of those in Atlantic Canada and Quebec, according to RBC’s financial independence poll published Wednesday.
Apart from being the most likely to have invested last year, Albertans were also more likely to have bought mutual funds (34%), stocks (28%), ETFs (15%) and cryptocurrencies (9%).
Over half of the residents in other wealthier provinces like B.C. (51%) and Ontario (53%) also invested in 2024, compared to the national average of 49%. Mutual funds were the most popular investment in both provinces, according to the survey.
The survey indicated that Atlantic Canadians were the most conservative in 2024, with 9% investing in stocks, 4% in ETFs and 3% in cryptocurrencies. This is compared to the national average of one-fifth who bought stocks, one-tenth for ETFs and 5% for crypto.
Meanwhile, nearly a quarter (24%) of Quebecers invested in a pension plan last year, more than any other region in Canada. Mutual funds (16%) were just as popular as term investments (16%) in the province.
Although, Quebecers were least likely to invest in 2024, 54% were optimistic about achieving financial independence in their lifetime, tied for third place with Alberta.
Quebecers also stood out for estimating they need the least, $616,954, to be financially independent. Atlantic Canada had the next lowest estimate at $851,157. Those in Saskatchewan and Manitoba said they would need the most, $958,525.
The online poll was conducted by Ipsos between Oct. 4 to 11, 2024 with 2,000 Canadian adults.