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Overview
- What you need to know
- Key issues covered in this Report
- What you need to know
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Executive Summary
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- Top Takeaways
- Consumer trends
- Social media use for investing advice
- Financial security is the top motivation to begin investing
- Figure 1: Motivations for investing, 2023
- Though conscientious, the majority of investors are overwhelmed
- Figure 2: General attitudes towards investing, 2023
- Competitive strategies
- Young men more likely to trust investing advice on social media platforms
- Half of robo-advisory users agree that robo-advisors have not met expectations
- Market predictions
- Figure 3: Outlook for financial information and advice, 2023-28
- Opportunities
- Men have a higher risk tolerance
- Seven in 10 investors agree that professional advice has helped them avoid the crypto meltdown
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Market Factors
- New Canadians are a major growth market for investment companies
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- Figure 4: Distribution of foreign-born population, by region of birth, 1996-2036 (projected)
- Figure 5: Investment ownership, newer Canadians vs overall, 2023
- The impact of inflation on investments
- Figure 6: Changes in Consumer Price Index, 2020-23
- New Canadians are a major growth market for investment companies
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Competitive Developments
- Canada Life acquires Investment Planning Counsel
- Canada’s new investment industry regulator finally has a proposed name
- eToro raises $250 million at $3.5 billion valuation
- New rules will require asset managers to divulge full costs of investing
- Canada Life acquires Investment Planning Counsel
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Marketing Campaigns
- BCSC shows the scam in many crypto schemes
- Questrade pitches to Millennials
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- Figure 7: Questrade Commercial 2023 | What’s possible is entirely up to you. |, December 2022
- Mackenzie Investments hits a new peak with annual contest
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- Figure 8: White Hills Resort Instagram post, March 2023
- BCSC shows the scam in many crypto schemes
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Financial Information & Advice: Fast Facts
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Investment Ownership
- Some 16% of Canadians are affluent investors
- Figure 9: Breakdown of investments (excluding pensions), 2023
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- Figure 10: Breakdown of investments (excluding pensions), by age, 2023
- Mutual funds are most commonly owned investments
- Figure 11: Investment ownership, 2023
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- Figure 12: Scotiabank Facebook post, May 2023
- Figure 13: Fidelity Canada Facebook post, May 2023
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- Figure 14: CIBC desktop display ad, April 2023
- Private mortgages and investment properties
- Digital assets and other investments
- Over-55s prefer more traditional investments…
- Figure 15: Investment ownership, by age, 2023
- …while men are more likely to prefer riskier assets
- Figure 16: Investment ownership, by gender, 2023
- Chinese Canadians and affluent investors have a higher ownership
- Figure 17: Investment ownership, Chinese and South Asian consumers vs overall, 2023
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- Figure 18: Investment ownership, by amount of investable assets, 2023
- Some 16% of Canadians are affluent investors
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Sources of Investing Advice
- More than half of investors rely on financial advisors for investing advice
- Figure 19: Sources of investing advice, 2023
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- Figure 20: TD Facebook ad, March 2023
- Figure 21: BMO Financial Group Facebook ad, September 2022
- Women more reliant on financial advisors
- Figure 22: Sources of investing advice, by gender, 2023
- Age influences use of sources
- Figure 23: Sources of investing advice, by age, 2023
- More than half of investors rely on financial advisors for investing advice
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Social Media and Investing
- YouTube is the most popular social media investing source
- Figure 24: Social media investing platforms used, 2023
- YouTube reigns supreme
- Facebook comes in second, others follow
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- Figure 25: RBC TikTok investing video, December 2021
- Three in 10 investors use Reddit
- Investors need to be wary of social media content
- Social media users looking for knowledge, entertainment and easy connection
- Figure 26: Reasons for using social media for investing advice, 2023
- YouTube is the most popular social media investing source
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Use of Financial Advisors
- Around two in five Canadians use a financial advisor/planner
- Figure 27: Use of a financial/investment/robo-advisor or planner to help manage a financial portfolio, 2023
- Most advised clients use a human advisor
- Figure 28: Type of advisor used, 2023
- Bank-based advisors most commonly used
- Figure 29: Edward Jones mobile display ad, May 2023
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- Figure 30: Canada Life desktop display ad, March 2023
- Figure 31: Desjardins mobile display ad, May 2023
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- Figure 32: Wealthsimple Facebook ad, April 2023
- Figure 33: RBC InvestEase Facebook ad, March 2023
- Affluence influences use of independent investment companies and robo-advisors
- Figure 34: Type of advisor used (select), by amount of investable assets, 2023
- Around two in five Canadians use a financial advisor/planner
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Attitudes towards Financial Advice
- Most financial advisors aim for steady returns
- Figure 35: My financial advisor aims for steady rather than spectacular returns (% agree), by age, 2023
- Expectations are high and advisors have delivered
- Figure 36: I expect my financial advisor to produce higher than market returns (% agree), by age, 2023
- Seven in 10 investors agree that professional advice has helped them avoid the crypto meltdown
- Figure 37: Professional financial advice has helped me avoid the crypto meltdown (% agree), by age, 2023
- Advisors from larger institutions have an edge with younger clients
- Figure 38: I would trust financial advisors from larger financial institutions more than from smaller financial institutions (% agree), by age, 2023
- Half of robo-advisory users agree that robo-advisors have not met expectations
- Mixed views on whether the best advisors serve the affluent
- Figure 39: The best financial advisors serve only affluent investors (% agree), by age, 2023
- Most financial advisors aim for steady returns
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Risk Tolerance & Motivations to Invest
- Majority of investors prefer moderate-risk investments
- Figure 40: Risk appetite of investors, 2023
- Why does risk tolerance matter?
- Men have a higher risk tolerance
- Figure 41: Risk appetite, by gender, 2023
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- Figure 42: Ellevest Instagram post, March 2023
- Affluent investors less likely to be cautious
- Figure 43: Risk appetite, affluent vs overall, 2023
- Financial security is the top motivation to begin investing
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- Figure 44: Motivations for investing, 2023
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- Figure 45: RBC Wealth Management Facebook ad, March 2023
- Figure 46: TD Facebook ad, March 2023
- Three in 10 investors are looking for passive income
- Figure 47: Motivations for investing, by age, 2023
- Around one in 10 invested as they had more money since the start of the pandemic
- Majority are long-term value investors
- Figure 48: Main investment aim, 2023
- Majority of investors prefer moderate-risk investments
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Attitudes towards Investing
- Though conscientious, the majority of investors are overwhelmed
- Figure 49: General attitudes towards investing, 2023
- Young men more likely to trust investing advice on social media platforms
- Figure 50: Attitudes related to financial information (% agree), by age and gender, 2023
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- Figure 51: Money Gains: Investment Risk, March 2023
- Women are more likely to be overwhelmed by investment information
- Apps facilitating investment literacy
- Figure 52: Invstr Instagram post, September 2022
- Young men more likely to have a margin account and invest on impulse
- Figure 53: Attitudes towards investing, by age and gender, 2023
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- Figure 54: Stash Instagram post, May 2023
- Though conscientious, the majority of investors are overwhelmed
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Data sources
“The majority of investors are overwhelmed by the amount of investment information available. While financial advisors are the preferred resource for investing information, many younger investors are also using a variety of online resources including social media, though there is scepticism about the credibility of social media investment advice.”
– Sanjay Sharma, Senior Financial Services Analyst
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