Taking risks is no longer in
Fears of recession, unstable stock and cryptocurrency markets, inflation, increased interest rates. . . economic uncertainties are weighing consumers down. In fact, the question of personal finances is back as households’ number 1 concern. Now more than ever, foresight is key. Among active Quebecers who made changes to their finances in 2022, 20% have increased their savings.
If, in the banking industry, the increased rates often serve as an opportunity to inflate profits, the same is rarely true for those who save.
However, to protect themselves from fluctuating markets without letting their savings sit in various bank accounts, consumers are now seeking secure investments. Often avoided up until now, certain risk-free products whose performance have improved thanks to increased rates are growing more competitive.
Unprecedented popularity for guaranteed investment certificates (GIC)
Thanks to enticing rates ranging from 4.2% over 1 year to 4.6% over 5 years.
Sources: ÉducÉpargne, Les travailleurs québécois sont inquiets et pessimistes, October 2022 / La Presse, Si les CPG vous font de l’œil, October 2022 / Journal de Québec, Rendements intéressants sur les placements sûrs, September 2022 / Journal de Montréal, Comment sécuriser ses placements en période d’incertitude, July 2022 and Finances : les Québécois inquiets comme jamais, October 2022