Nearly half of Canadians (46%) are intimidated by investment decisions, and almost two-thirds feel they need to learn more about investing (60%), according to a recent survey from BMO SmartFolio, a part of Bank of Montreal Wealth Management.
In addition, the survey finds that 38% of Canadians surveyed feel that they don’t have enough time to invest.
“In the past, only investors who had the time and knowledge to trade their own portfolios would invest online,” says Silvio Stroescu, head of digital investing, BMO Wealth Management. “Digital solutions have transformed traditional investing and redefined who can invest online, yet some still feel intimidated by having to decide what and where to invest.”
Stroescu adds that making investment decisions can be particularly intimidating for younger investors with less experience in navigating the vast array of investment choices.
According to the study, more than half of Canadians (53%) are seeking tools to help them invest smarter:
For those who are using digital advisors, almost three quarters of Canadian investors (74%) are satisfied with the investment choices made. Baby boomers were less satisfied with their investment choices (33%) than Generation X (76%) and millennials (79%).
The survey was conducted by Pollara Strategic Insights via an online survey between Nov. 1 and 9, 2017, with an online sample of 2,501 adult Canadians.