Canadians are facing a turbulent economic landscape marked by persistent inflation and the growing impact of tariffs.

Unfortunately, these financial pressures (and a lot of misinformation) have given rise to common money myths that, if believed, could lead to costly mistakes.

Let’s debunk some of the most prevalent financial misconceptions circulating right now and provide guidance on what you should (and shouldn’t) do to protect your financial well-being.

Myth No. 1: Keeping cash is safer than investing during economic uncertainty

Reality: While having an emergency fund in cash is crucial, hoarding excess money in a savings account can be detrimental during high inflation periods. Inflation erodes purchasing power, meaning money sitting in a low-interest account loses value over time.

What to do instead: Balance liquidity with smart investing. Consider diversifying a portion of your savings into assets that historically outpace inflation, such as equities, inflation-protected bonds or real assets like real estate. Even conservative investments can help maintain purchasing power over time.

Myth No. 2: The stock market is too risky right now—Better to wait........

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