More millennial investors want to manage their own money with do-it-yourself investing
Millennial investors have jumped into the stock market in a big way over the past year with about two million new trading accounts being opened across the country.
A recent survey finds many of them feel they don't need the assistance of a financial advisor and plan to do their investing on their own.
“Canadians are no different then investors all around the world trying to find new ways to grow their money, especially since the start of the pandemic," said Nicole McKnight with Finder.com which conducted the survey.
The survey found about three million Canadians plan to stop working with a financial advisor this year and many who want to become do-it-yourself investors are between the ages of 24 and 40 years old.
The survey found 34 per cent of millennials plan to stop working with a financial advisor or are seriously considering it.
Another 54 per cent said they want to save money on fees, 42 per cent want more control over their money and 25 per cent feel knowledgeable about investing.
Andrew Kriegler, president of the Investment Industry Regulatory Organization of Canada (IIROC) said “we've seen a couple of million new do-it-yourself accounts opened over the course of the last year."
Kriegler said do-it-yourself investing can be a good strategy for some, but he cautions that investors should also be aware of the risks and be careful where they get their information from.
IIROC said investors need to develop a strategy and do their research. Some millennials have been investing in cryptocurrencies and stocks that have been promoted on the website Reddit.
“When you are looking at information that comes from, for example, social media, it's very difficult to tell whether that information has been checked, audited or has anything behind it or not or whether it’s somebody’s opinion," said Kriegler.
McKnight added, “I think it's important not to jump on a bandwagon, but really do a lot of research on a company before investing in it."
Kriegler said that while some investors are doing it themselves, others are using an advisor and many are doing a combination of the two.
Kriegler said it's important for younger generations to learn about money and investing, because many may not have a company pension plan so they will need to save for their retirement years.
CTVNews.ca Top Stories
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Parliamentary report on Emergencies Act decision is 18 months past due — and counting
The erstwhile group of senators and MPs studying the federal government's invocation of the Emergencies Act over the "Freedom Convoy" was supposed to present its findings in December. December of 2022, that is.
Drone footage shows Ukrainian village battered to ruins as residents flee Russian advance
The Ukrainian village of Ocheretyne has been battered by fighting, drone footage obtained by The Associated Press shows. The village has been a target for Russian forces in the Donetsk region of eastern Ukraine.
Egypt media cite progress in truce talks as Israel downplays chances of end to war with Hamas
A delegation of the Palestinian militant group Hamas was in Cairo on Saturday as Egyptian state media reported "noticeable progress" in ongoing cease-fire talks with Israel while an Israeli official downplayed the prospects for a full end to the war.
Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video
Saing Chhoeun was locked out of his Charlotte, N.C., home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were met with a shower of gunfire from the direction of his neighbor's house.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.