TD survey reveals Boomers spend nearly the same amount of time online as other Canadians,
except when it comes to investing
TORONTO, Oct. 17, 2017 /CNW/ - The technology gap between Boomers and other generations, including Millennials, is not as wide as you may think, a new survey from TD Bank Group reveals. According to the survey, half of Boomers (50 per cent) spend more than 15 hours a week on the internet, while 58 per cent of Millennials spend the same amount of time online.
Overall, Boomers are using the internet to do day-to-day tasks, such as read the news (77 per cent), shop (66 per cent), and stay connected with family and friends (64 per cent). When it comes to matters of personal finance, over three-quarters (79 per cent) of Boomers use the internet to do their banking; however, only 16 per cent of this figure use the internet to manage their investments.
"There's a misperception that investing is this complicated, time consuming activity," says Jeff Beck, Associate Vice President at TD Direct Investing. "Most people would be surprised at how quickly they can become confident managing their investments online."
For Boomers interested in test-driving online investing, TD Direct Investing offers the following DIY tips:
Don't be shy:
The gap between Boomers who bank online and those who invest online can be attributed to the fact that many in this cohort are unfamiliar or uncomfortable with online investing tools. Of the Canadians who remember the arrival of the colour TV, two-thirds (66 per cent) say that they would invest online if they could ask someone questions about their investment activity and almost half (42 per cent) would feel more comfortable if they had additional information about online investing.
However, self-directed investors do have access to one-on-one support and educational resources, depending on what platform they decide to use to invest. "The philosophy at TD Direct Investing is to invest for yourself, not by yourself," says Beck. "That's why we offer 24/7 access to knowledgeable Investment Representatives, in addition to hundreds of live and on-demand tutorials."
Invest within your comfort zone:
An overwhelming majority of Boomers (94 per cent) like to use the internet because it's convenient, while 84 per cent are attracted to online use because it's easy. However, over three quarters (79 per cent) of Boomers say they do not manage their portfolios online because they don't know enough about investing, while nearly a quarter of this demographic (22 per cent) said they don't have enough time to invest on their own.
Remember it's completely up to you how much time you want to spend managing your portfolio, as well as how much you would like to invest once you're up and running. Once you're more confident with your investment strategies and knowledge you may decide to manage it all on your own. Following investment specialists on Twitter is a great way to help stay informed and engaged on timely topics and investment trends.
You're in charge:
Remember: self-directed investing puts you in the driver's seat. According to the TD survey, 62 per cent of Boomers who manage their investments online do so because they like the flexibility of investing when they want, where they want. Online brokerages offer quick and convenient access to the markets, investor portfolios and performance tracking – whether online, mobile, tablet or over the telephone – letting clients invest when and how they want. Once you get used to the practice of investing online, you'll be able to tailor a personalized strategy to meet your specific financial goals.
To learn more about TD Direct Investing, please visit tddirectinvesting.ca.
About the TD Too Shy to DIY Survey
This report presents the findings of an online survey conducted among 2,000 adults from July 21 – 31, 2017. In order to qualify for this survey respondents had to be 18 years of age or older and reside in Canada.
About TD Direct Investing
TD Direct Investing is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 11.5 million active online and mobile customers. TD had CDN$1.2 trillion in assets on July 31, 2017. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group