Canadians are still adding to their savings accounts despite market and economic volatility, but they are also making adjustments to their saving habits at the same time.

Divesting United States equities, increasing contributions and discussing savings strategies with a professional are among the adjustments Canadians have made this year to keep their savings accounts growing, according to

data from 1.5 million

 Sun Life Financial Inc. customers.

Canadians pulled money out of the U.S. stock market during the first quarter at a rate not seen since the COVID-19 pandemic. But, overall, average contributions to savings amounted to $9,500 a year, which is up six per cent from 2022.

“The ‘Buy Canadian’ sentiment that gained popularity earlier this year may also be having an impact on how people are investing their money,” Dave Jones, senior vice-president of Group Retirement Services at Sun Life, said in a release.

“While some are adjusting their finances, it’s encouraging to see that they aren’t reactively pulling their money out of the market. Some clients are shifting their assets from U.S. equities into more conservative options. They’re engaged and taking their financial future seriously while navigating through turbulence.”

Canadian investors are also taking a bigger look at target date funds (TDFs), which are specifically designed for retirement and adjust asset allocation as retirement approaches. These plans typically focus on the more volatile stock market at the beginning and slowly shift to a more conservative bond strategy over time.

The report said 42 per cent of Sun Life plan member balances are tied to TDFs, up from 29 per cent in 2018. TDFs have also outperformed non-target date funds in eight of the past 10 years.

Most Canadians fear they will run out of money in retirement, according to the C.D. Howe Institute, which said this is partly due to having multiple savings accounts across financial institutions, leaving them unsure of exactly how much money they have stored away and how much more they need to retire.

C.D. Howe senior fellow Kathryn Bush said Canada needs to implement a government-owned pension dashboard that lays out all savings across providers, similar to those in Sweden, Denmark and the Netherlands.

“How can Canadians make optimal decisions if they don’t have a straightforward way to see how savings and entitlements translate into monthly income?”

Bush asked in a report.

“We need a modern and accessible tool that gives them an accurate picture of their expected retirement income — without needing to be an expert.”

Sun Life is also urging Canadians to take advantage of workplace savings plans since members typically retire two years earlier than non-members.

It also advised Canadians to create a personalized financial plan to meet their needs and to speak with a financial professional for advice.

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United States President Donald Trump says he will not issue another extension on reciprocal tariffs beyond Aug. 1.

In a post on his social media platform Trump wrote that “all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted.”

Trump had previously planned a deadline for deals this week, but is giving nations another three weeks to come to the negotiating table.

Trump previously told reporters the Aug. 1 deadline was “not 100 per cent firm.”

Read more here.

  • Minutes from the Federal Open Market Committee’s June interest rate decision. It was a hold
  • Today’s Data: U.S. wholesale trade for May

  • Where do things stand on Trump’s global tariffs and how does Canada fit in?
  • The amount of wealth leaving Canada would be eye-opening for many Canadians
  • Rents are falling in Calgary, Toronto, Vancouver and Halifax as supply swells, says CMHC
  • Signs that stocks are overheating a warning for budding small-cap rally

If you’re worried that market turmoil and geopolitics may impact your financial planning, it may be time to seek advice from a licensed professional, writes Allan Norman of Aligned Capital Partners Inc. Whether you are in stage of reviewing life goals or looking to put a value on assets, a professional can help set you on the right path.

Read more here.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at

wealth@postmedia.com

with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column

can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

mortgage rate page

for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s

YouTube channel

for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at 

posthaste@postmedia.com

.

  • 5 Canadian cities where you can make less and still buy a home
  • Ready for summer travel? Your checklist may have some holes

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