Online sources seen as being more credible than family and friends, Investors Group poll reveals
WINNIPEG, Feb. 28 /CNW/ - As RRSP season draws to a close, a new poll
from Investors Group reveals that more than four-in-ten Canadians who
save and invest (42 per cent) use social and online media to find
information to assist with their decision making.
Next to their financial advisor (66 per cent), Canadians who save and
invest are most apt to get financial information from websites
belonging to financial services companies and from online media
belonging to traditional media and investment firms (40 per cent). Six
per cent visit blogs and social media sites such as Facebook and
Twitter for financial and investing information. Other significant
sources include friends and family (36 per cent), and traditional media
such as newspapers, TV and radio (29 per cent).
The research also reveals that Canadian investors view online saving and
investing information sources as being more credible (38 per cent) than
family and friends (30 per cent) or traditional TV, radio and print
media formats (28 per cent).
"The social network is re-shaping the financial world and how, when and
where consumers receive their financial information," says Christine
Van Cauwenberghe, Director, Tax and Estate Planning at Investors Group.
"Online and social media are becoming go-to places for information and
research purposes but Canadians still rely on expert, professional
Investors are looking for professional and personal investing insights
According to Investors Group research, one quarter (26 percent) of
Canadian investors and savers say they place significant value in the
advice of others. The same percentage admits that they compare their
financial well-being with that of their social peer group.
Of online and social media sources including Facebook and Twitter, four
out of ten (43 per cent) online information seekers consider websites
belonging to established financial institutions and the online formats
of traditional media as the most useful sources of financial
information. Blogs belonging to recognized financial commentators like
financial journalists are next considered the most useful (39 per
Younger investors get blogging advice
While fewer of those seeking financial information online consider
Facebook (11 per cent) and Twitter (10 per cent) posts from someone
they believe is knowledgeable useful compared to most other sources,
the youngest generation - age 18 to 29 - have a more positive opinion
of the popular social media sites. Thirty per cent of GenYs regard
Facebook as a useful source of information, 25 per cent feel the same
way about Twitter and 72 per cent consider financial blogs useful
"While younger Canadians are generally more social media literate than
their older counterparts, they may not have the same breadth and depth
of investing knowledge," says Van Cauwenberghe. "Appropriate
professional advice remains an important factor in making investing and
saving decisions. Collaborating with a professional, especially when
starting out, can help investors make informed, confident decisions
about important investing and financial matters."
About the Survey Methodology
This data was gathered through teleVox, Harris/Decima's national
telephone omnibus survey. The data were gathered between February 10
and February 13, 2011 for 1,007 completed interviews. A sample of the
same size has a margin of error of 3.1%, 19 times out of 20.
About Investors Group
Investors Group, founded in 1926, is a national leader in delivering
personalized financial solutions to Canadians through a network of over
4,600 Consultants located throughout Canada. In addition to an
exclusive family of mutual funds and other investment vehicles,
Investors Group offers a wide range of insurance, securities, mortgage
and other financial services. Investors Group is a member of the IGM
Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of
Canada's premier financial services companies with $131 billion in
total assets under management.
SOURCE Investors Group Inc.
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