A new survey of 1,200 Canadians conducted by personal finance website, WealthRocket, found that 50 per cent say family and friends are their number one source for financial advice, followed by banks – 49 per cent said their bank was their primary source for financial advice – and social media, which was cited as survey respondent’s primary source for financial advice, this despite the fact that 26 per cent says it’s not a trustworthy source.
Notably, just 27 per cent said they get their financial information and advice from a financial advisor and only eight per cent said the same of advice-only financial planners.
“The use of both advisors and planners is highest among young adults between the ages of 25 and 34 – typically a period where finances start to become more complex,” the survey’s researchers write. “One third (33 per cent) of respondents from this age group say they use independent advisors and 14 per cent say they use advice-only planners.”
Of those surveyed, 37 per cent say they last sought financial advice due to the increased cost of living and inflation. Debt servicing will likely also resonate with clients, as nearly one-in-three said they aren’t able to pay off their debts; 19 per cent said they feel like their finances are out of control. Most prevalently, 49 per cent said they’d sought financial advice within the last 12 months.
