With Canadians keeping a close eye on their finances through the COVID-19 pandemic, financial experts and advisors are asking investors to stay the course.
Canada’s main stock index finished up five percentage points on April 6, suggesting renewed investor confidence.
A University of Saskatchewan professor who teaches personal finance and managing investment believes losses can range anywhere from 15 to 50 per cent, depending on the security of investments.
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In an interview with Global News, George Tannous recommends investors stick to their strategy.
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“If you see something in your portfolio that’s at risk of going bankrupt or going under, you should perhaps get rid of that by selling it at this time while you can capture some value, but other than that, I would say leave the investments as they are,” he said.
“If you’ve been following a strategy, continue with it.”
Tannous said markets are reacting to instability in the economy and selling in a panic will mean investors won’t see gains from an eventual rebound.
He added now is the perfect time for people to maximize their retirement savings plans or tax-free savings accounts.
A financial advisor agrees with Tannous.
Sutton Wealth Planning’s Jay Stark said people are very concerned about their nest egg, but panic is the wrong emotion to act on when it comes to financial matters.
“Even though leaving money under your pillow might feel good, it’s certainly not the right thing to do in the long term,” he said.
“We don’t know how long this is going to last so you have to just have faith that your planning and your savings and your efforts will reward you in the long term.”
The TSX recorded its lowest quarter last week since the 2008 financial crisis.
— With files from The Canadian Press
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