Forty-six per cent of Canadians are intimidated by investment decisions, according to a new survey released March 12 by BMO SmartFolio, part of BMO Wealth Management.
The survey also found that 60 per cent of those surveyed feel they need to learn more about investing and 38 per cent 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,” said 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 added that making investment decisions can be particularly intimidating for younger investors with less experience navigating the wide range of investment options available.
Boomers least satisfied
The survey also found that for those using digital advisors, 74 per cent said they were satisfied with the investment choices made. Baby Boomers were less satisfied with their investment choices (33 per cent) than Generation-Xers (76 per cent) and Millennials (79 per cent).