Investors in the province are coming up short when it comes to what they should know to build a nest egg for the future and protect themselves from fraud.
The Provincial Securities Commission has released a study showing 36 per cent of people in the province have no savings or investments set aside for the future. Only 1 in 5 have a written financial plan with goals.
One third of investors have never done a background check on their financial advisors and almost 60 per cent don’t understand investments offering a higher than market rate of return with little risk are almost always bogus.
Only 30 per cent of New Brunswickers bother to report an attempt at investment fraud and only 13 per cent are aware they should be reporting it to the New Brunswick Securities Commission.
