“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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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
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