Many Canadians are reluctant to engage in online, do-it-yourself (DIY) investing, according to a recent TD survey.
Only one in 10 people feel very comfortable investing on their own, and only one-fifth are currently DIY investors, the survey found. However, half of respondents said they would like to be able to invest online by themselves.
TD says there is “a widespread lack of knowledge about how to invest or trade online, or where to find educational resources...”
"Most people have financial goals and are interested in investing, but very few seem to have a high degree of confidence in their ability to do so," says Paul Clark, President, Direct Investing and EVP, TD Bank Group. "Our research found that almost 40 per cent of people who don't feel confident have never sought out resources to learn about personal finance or investing."
Clark says goal setting is an important first step for individuals to gain the confidence needed to invest online. It ties financial success to real-life personal and lifestyle aspirations, and guides clients to adjust their investment approach so that they can reach the goals they're trying to achieve. "Many investors lack this clarity, and therefore feel uncertain about their financial future," he adds.
