The pandemic’s economic impact has many Canadians worrying about their financial future.

In a recent survey conducted by CIBC, four out of 10 respondents admitted to being concerned about the effect of the COVID-19 pandemic on their retirement savings. Almost a quarter (23 per cent) of respondents have been unable to contribute to their nest egg since the pandemic began.

Larry Buckley, a financial adviser with Georgian Shores Wealth Management in Midland, has witnessed the financial repercussions of the pandemic and the fear it has caused first hand.

“The pandemic has created a lot more fear and uncertainty,” he said. “It’s impacted many people. Some people have been laid off and some have had to turn the tap off on their investments because they just didn’t have the cash to continue.”

The stock market dropped 37 per cent between Feb. 20 and March 23. Although It was one of the quickest drops Buckley has seen in his 39-year career, it wasn’t unexpected. 

“The markets are volatile. They go up two-thirds of the time and down one-third of the time,” he said. “Volatility is normal and it is part of long-term investing.”

Throughout the pandemic, Buckley has advised his clients not to panic and to stick with their financial strategy and keep investing.

“In the plans that we build with our clients, we are factoring in the market volatility. We use conservative assumptions, which factor in years like this,” said Buckley. “It’s important to be steady. If you are going to invest, invest consistently and diversify your portfolio.”

While March financial statements were ugly and showed significant losses, the markets did rebound. In fact, most stocks completely recovered from the significant drops they suffered in the early days of the pandemic.

Those investors who have retired or are on the verge of retirement were also urged to stay calm, as one bad year won’t devastate a retirement plan.

“We’ve had some volatility in 2020, but it isn’t going to kill the performance (of your plan) for the next 20 years,” said Buckley “We have been through crisis before and we will get through this one.”