Scotia Global Asset Management Investor Sentiment Survey
Working with an advisor boosted investor confidence finds the latest Scotia GAM Survey
At the end of 2024, Canadians generally felt better about investments, but outlook was steadier with an advisor.
Key findings
- Investors were more optimistic, yet fewer were making regular investment contributions
- Those with an advisor and a financial plan were most likely to feel like finances are on track
- While many Canadians remained confident in their ability to fund retirement, the portion of those who are confident continued to trend lower
The most recent Scotia Global Asset Management Investor Sentiment Survey was conducted in October and November of 2024 by Environics Research. It polled 1,021 Canadians aged 25 or older with investable assets of at least $25,000 and who participate in household investment decisions. The data was weighted by region, demographics and investable assets to reflect the wider population.
The results showed that the Scotia Global Asset Management Investor Sentiment Index rose to its highest level since the Fall of 2021, as investors' moods improved in step with better-than-expected performance of major markets in 2024. The investor sentiment index is a broad measure of how Canadian investors feel about their investments – generally, higher index levels indicate optimism or excitement.
Figure 1: Scotia Global Asset Management Investor Sentiment Index continued to climb

Investors gained optimism, yet many holding back on new investments
As key markets roared, experiencing above-average performance in 2024, it's no surprise we saw a surge in confidence among Canadian investors.
More than half of survey respondents felt positive about their investments, and nearly three-quarters expressed confidence in achieving their investment goals.
Figure 2: Feelings toward investments rebounded

Despite renewed optimism over the prior year, nearly half (48%) also said they were not planning on making any changes to their finances, even as interest rates and inflation decline.
Some investors have pulled back, with significantly fewer (non-retirees) making regularly scheduled contributions into their investment portfolios — 50% in Fall 2024, down from 57% in Fall 2023. Nearly one in five cited variable income or affordability concerns for not saving on a regular schedule.
Most likely to view the current investment climate as "good" were those who said they have advanced investment knowledge (73%), a written financial plan (62%), or have more than $500,000 in assets (57%).
At the same time, 78% were confident that they were invested in the right products, primarily mutual funds, but respondents also reported increased use of exchange-traded funds (ETFs) and individual stocks in their portfolios.
Optimism is good, but a plan can keep investments on track. We know confidence is often influenced in part by recent market performance, making it easier to feel good about your investments when markets are doing well. But when markets do eventually experience increased volatility or a downturn, time-tested investing principles, such as staying invested and avoiding emotional decisions, may be easier to follow with guidance from an advisor. Those who have a plan and make regular contributions to their investments can benefit from the power of compound growth without having to worry about when to invest. An advisor can help you plan a steady approach, view market cycles more objectively, and stay the course towards your goals.
Investors were connecting with their advisors more frequently
Nearly seven in ten respondents worked with a financial advisor to manage their investments, and they've also been connecting more often—two thirds had contact with their advisors in 2024, compared to just 54% in 2023.
Nearly two-thirds of Canadians felt better off financially with an advisor than if they managed their money on their own. Since the last survey, respondents were significantly more likely to say their advisor made them feel confident, kept them on track, and helped them avoid mistakes.
Findings showed that advisors added value to investor confidence across the board, contributing to significantly more positive sentiment since our last survey.
Figure 3: Advisors earned more credit for investor confidence

Having an advisor can help reduce anxiety through market fluctuations. As we last saw in our Fall 2021 survey, and as we saw in this most recent survey, bullish market conditions may create a halo effect to give investors an improved market outlook. Over time, regardless of market conditions, the survey has consistently found higher levels of confidence among those who work with an advisor, compared to self-directed investors.
Ability to fund retirement was still a concern, but a financial plan improved confidence
More than a third of investors said they were more concerned about their ability to fund retirement than they were a year ago. Consistent with 2023 findings, investors’ confidence in their ability to fund retirement has declined significantly against all prior years of the survey.
Of those who were more concerned, half agree that it was hard to save due to everyday expenses (50%) and that inflation was affecting their ability to save (46%).
Figure 4: Confidence in ability to fund retirement continued to trend lower

Data showed that meeting with a financial advisor and having a financial plan significantly improved confidence. Investors who felt best about their ability to fund retirement plans include those who had a written financial plan (91%) or who met with an advisor over the previous six months (84%).
A savings strategy can help ease emotions through market cycles. Working with an advisor can lift confidence in retirement savings, as can having a written financial plan in place to save and invest. While our survey found a high level of confidence among Baby Boomers (85%), among the least confident were 26% of Gen Xers, who ranged in age from 44 to 59 on the edge of retirement, as well as 37% of respondents who did not have a financial plan. Generations next in line for retirement can greatly benefit from putting a financial plan in place with the help of an advisor.
Investors who invested with advice show higher sentiment, through market ups and downs
We saw investor sentiment make a big comeback in recent years, thanks in large part to strong market performance—it's easier to feel confident about investments when markets are doing well.
The most confident investors, on all counts, were those who had a financial plan and a trusted advisor to help guide them. Consistent with previous editions of our survey, these individuals felt more optimistic about their investments and their ability to retire comfortably.
Of course, markets don't always go up, and downside volatility is an unavoidable part of the market cycle. And the findings, over the years, suggest that having a financial advisor can help you stay grounded when the markets get bumpy. For instance, the most recent survey was conducted before the U.S elections and announcements of tariffs which have contributed to heightened market uncertainty and volatility.
A good advisor isn’t just there to offer investment solutions —they can help you create a plan, gain confidence in your savings strategy and help keep you on track to reach your most important financial goals. An advisor can help investors stay focused on the long-term – avoid speculation and emotional decision-making is key during these challenging times.
That kind of steady support can make a big difference for long-term investment success.