Canadians who do not currently invest say their lack of knowledge and confidence are preventing them from getting financial information and advice, according to national survey results from the Investment Industry Regulatory Organization of Canada (IIROC).
IIROC, with The Strategic Counsel, surveyed 2,000 Canadians, 500 of whom were “aspiring investors” (those who are interested in but are not currently investing). Based on the survey, most aspiring investors are over the age of 40 (68%) with a post-secondary education (70%). Nearly half (45%) are in the workforce and almost a third (30%) are retired.
Highlights of findings about aspiring investors:
- 49% say they do not invest because they don’t know enough about it
- 60% are not confident in their ability to make investment decisions
- 61% do not know the options available to them for getting investment information and advice
- 65% do not know what investment products and services are available to them
- In contrast, current investors are much more confident, with 80% expressing confidence in their ability to make investment decisions, compared to only 40% of aspiring investors.
Nearly half (41%) of aspiring investors do not think they have enough money to get advice from an advisor and more than one quarter (28%) do not think they can afford to get advice. Among current investors, 23% do not think they have enough money to get advice from an advisor and 18% do not think they can afford to get advice.
How investors can strengthen their financial literacy:
To learn more about educational resources available – including AdvisorReport, videos, investor bulletins and brochures – visit IIROC’s Financial Literacy and Education Initiatives.
IIROC works with various senior and consumer organizations across the country that are committed to supporting investor protection, investor education and financial literacy. To date, IIROC has allocated over $6.8 million in sponsorships over the past decade.Tweet