CANADA - A survey of Registered Retirement Savings Plans (RRSP) showed Canadians had not taken up foreign investments despite the lifting of restrictions on foreign content holding a year ago.
The survey by Royal Bank of Canada found the average foreign content holdings of Canadians was 14%, up from 11% in 2004 and 10% in 2003.
Most respondents (79%) indicated they had no intention of increasing their investments abroad.
Among the main reasons given were that they like their portfolios the way they were (18%), they preferred to invest in Canada (11%), or felt they did not have enough knowledge (11%) to do so.
However RBC said some Canadians appeared to be warming to the idea of going global in the future, with 12% of RRSP holders stating they planned to increase the foreign content in their portfolios within the next 12 months, with around a third (31%) of those citing expected better returns as the reason why.
Diversification (18%) was the next most popular reason.
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