More than 80% of Canadians say the financial world is becoming exponentially more confusing -- and the deluge of money advice isn't helping
TORONTO, April 14, 2022
From financial experts, family and friends to Google searches, social media, and horoscopes — a new Scotiabank poll explores where Canadians are turning for reliable financial advice in complex economic times.
TORONTO, April 14, 2022 /CNW/ - For 81% of Canadians, the financial world feels more confusing and complex than it did five years ago, according to a new Scotiabank poll. Three-quarters say the accelerated pace of change only adds to feelings of uncertainty. Still, amid the confusion, 77% of Canadians feel well-equipped to make personal finance and investing decisions — with notable areas of exception. The top areas of personal finance that Canadians find most confusing or want assistance with are real estate, digital investing, and emerging technologies, like cryptocurrencies and NFTs, that leave most people feeling clueless.
More than half of Canadians (54%) say they've received bad financial advice at least once. At the same time, 1 in 5 Canadians admits to giving financial advice to someone else, even when they weren't sure what they were talking about.
"We're in a moment of unprecedented change. There's never been more information coming our way — but not all of it is helpful," says Laura Curtis Ferrera, CMO of Scotiabank. "Since each person's financial reality looks a little different, good advice should never be one-size-fits-all. That's why at Scotiabank we're committed to delivering smart, reliable financial guidance that addresses each person's unique needs and priorities."
Scotiabank's new "Good Advice" brand campaign is designed to emphasize this commitment to helping Canadians cut through the noise. It is also the foundation for the personalized ScotiaAdvice+ approach to financial guidance. Scotiabank's Advice+ Centre was purpose-built to provide all Canadians with access to credible financial information, the ability to self-direct through a wide range of topics, and the option to connect with a knowledgeable advisor who can help them achieve their personal goals.
To learn more about ScotiaAdvice+, visit scotiabank.com.
Additional poll findings:
For good, reliable financial advice, more than a third of Canadians (39%) consult with a financial advisor.
Other sources of 'good' financial advice are parents (21%), spouses (16%), and friends (15%).
27% of Canadian adults under 35 say they turn to Google for 'good' financial advice— while 2% say they look to their horoscope.
A third of Canadians believe the worst financial advice comes from social media platforms (34%). Others identify search engines (16%) and friends (14%).
Most Canadians say they generally feel confident making financial decisions about TFSAs and RRSPs (61% and 58%, respectively).
Canadians feel much less confident making real estate decisions (38%) and direct investing decisions (30%). Among women, these numbers drop significantly to 29% and 19%, respectively.
Meanwhile, when it comes to blockchain technologies like cryptocurrency and NFTs, almost 70% of Canadians admit to having "no clue."
Methodology: The Scotiabank Advice poll was undertaken on behalf of Scotiabank by Maru Public Opinion and conducted by their sample and data collection experts between March 14th to March 15th, 2022, online with 1,522 randomly selected Canadian adults who are Maru Voice Canada panelists. The results of this study have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
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