Split in age groups when it comes to investing

Mar 28, 2023 | 2:55 PM

PRINCE GEORGE — With inflation, high food costs and other burdens on pocketbooks, investments may be far down on the list when it comes to your finances. Whether you choose to invest your money or not, those in the finance sector are seeing a split when it comes to investment.

Dan McLaren, President of Commonwealth Financial, says that younger people are not investing as much now as they were before the pandemic.

“Young people today, we saw movement a few years ago where they started to get into more investing and not just tips flows, but were they in stocks or bonds, like the typical long term investing sort of thing.” – Dan McLaren, President, Commonwealth Financial

The financial industry is not immune from those trying to play dirty tricks, and if you choose to invest there are things to watch out for.

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“One, if it’s too good to be true, all these Ponzi schemes, when you go back and do a dissection later, you know, the Bernie Madoffs of the world, they were offering a product that was too good to be true and you couldn’t model it.” – Dan McLaren, President, Commonwealth Financial

B.C. does have regulatory oversights and systems in place to prevent and limit the damage of scams and frauds.

According to the CRA, investment scams are one of the most popular types of scams in Canada, which means that consumers need to be wary of any claims that will falsely promise higher-than-normal returns.

by Adam Berls

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Split in age groups when it comes to investing

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