Ep. 581: Invest or Save?
Guests: Pam McDonald (BC Securities Commission) and Colin Whelan (Innovative Research)
“To invest or to save? That is the question,” says Pam McDonald, the Director of Communications and Education with the British Columbia Securities Commission. “With interest rates on savings accounts so low, more and more people are looking to invest in stocks, bonds and other securities,” continues McDonald. The challenge for those entering the market is how to navigate a complex investment environment, especially if they are endeavouring to do it themselves.
“Investment accounts, RRSPs, TFSAs, RESPs, Retirement Income Funds, First Home Savings Accounts, [and] Registered Disability Savings Plans are all options available to anyone who looks to increase the value of their financial portfolio," says McDonald. The challenge for new and even seasoned investors is choosing the right investment vehicle.
Colin Whelan of Innovative Research says, “People worry [about] getting it wrong; after all, it is their money. Add in ‘do-it-yourself investing,’ [and] it's scary. Our polls show new investors are worried.” Whelan says, “More than ever, investor education is a protective shield and it helps in achieving better financial results.”
We invited Pam McDonald and Colin Whelan to join us for a Conversation That Matters about healthy and successful investing in an increasingly dangerous world.
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