In Search of Certainty: Why Canadians Want More Than Returns from Their Investments

A new survey Abacus Data survey for Canada Life

In an age defined by unpredictability, where inflation feels stubborn, interest rates remain high, and the global economic picture grows murkier, Canadians are searching for something increasingly elusive: financial confidence.

That search is what makes the findings from our latest Abacus Data survey, conducted for Canada Life, so timely. We interviewed 2,500 Canadian adults—including 1,000 who currently hold mutual or segregated funds, to better understand how people feel about these investment products and what’s holding others back from entering the market. The results tell a story not just about satisfaction or product performance, but about the emotional undercurrents shaping financial decision-making today.

Let’s start with mutual funds. Among those who currently hold them, satisfaction is high. Nearly two-thirds of mutual fund holders (63%) say they’re satisfied with their investment experience, while just 4% are actively dissatisfied. When asked why, most point to dependable returns, long-term alignment, and an overall sense of value:

• 69% feel their fund supports long-term goals

• 68% say they’re happy with the returns

• 68% appreciate the diversification they get

• 69% feel in control of their investment decisions

But when we shift from satisfaction to confidence, a more forward-looking, emotional measure, the story changes. Just 43% of mutual fund holders believe their investments will meet their long-term financial goals, and nearly one in five say they’re unsure. This gap between satisfaction and confidence is where things get interesting. It suggests that while the product experience is generally positive, the long-term promise of mutual funds feels less certain, especially in a world where planning even a year ahead can feel daunting.

Segregated fund holders, on the other hand, report even stronger levels of satisfaction and confidence. Fully 74% say they’re satisfied, and 61% believe their investments will deliver over the long haul. Fewer than 15% express doubt. These investors also report high satisfaction across nearly every touchpoint, from returns to customer service to the quality of advice they receive. In other words, the segregated fund experience is delivering both the feeling and function of control in an uncertain world. Features like death benefit guarantees and creditor protection help reinforce a sense of security and long-term stability.

But here’s where the opportunity lies: most Canadians don’t own either type of fund. Among the broader public, only 32% say they hold mutual funds and just 3% report holding segregated funds. So while the experience is good for those already invested, uptake remains limited, and not for the reasons you might think.

When we asked non-holders why they haven’t invested in mutual or segregated funds, they didn’t talk about past performance or fees. They talked about confidence. They talked about not knowing enough.

• 37% said they don’t know where to start

• 30% feel unsure how these products work

• 24% are concerned about risk

• 52% said they want more education on risks and returns

• 35% want clearer information about how fees work

• And about one-third want help understanding how these investments connect to their goals

That last point is key. In a landscape where people feel overwhelmed, uncertain, and pulled in a hundred directions financially, the challenge isn’t just awareness, it’s relevance.

For too many Canadians, investment products feel distant, overly technical, or simply not built for them. This is especially true among younger Canadians and those not already financially engaged. And that’s a risk for an industry that wants to grow. If you want people to invest in a product, they need to see themselves in it. They need to feel not only that it performs, but that it will protect them—through life’s surprises, through market turbulence, through changes in work, family, or health.

That’s the heart of the opportunity. In a world that feels increasingly shaped by precarity, the winners won’t be those offering the highest projected returns or lowest fees. The winners will be those who can build trust—by offering clarity, delivering reassurance, and helping people feel in control of their future, not just their portfolio.

So what can be done?

• For mutual fund providers, there’s a clear need to close the confidence gap through stronger, goal-based communication. Don’t just show the numbers—show how the investment delivers over time, through changing conditions.

• For those offering segregated funds, the challenge is retention. The product is delivering well, but continued reassurance about risk protection and guarantees will be key to maintaining loyalty.

• And for those not yet in the market, the ask is simple but powerful: make it easier. Reduce friction, demystify the process, and connect the product to real financial goals—not abstract growth charts.

This isn’t about pushing product. It’s about rebuilding confidence, something most Canadians are craving far more than a new financial tool. And as this research shows, the pathway to that confidence starts with three things: clarity, control, and trust.

You can read the full results here: