A recent TD Bank survey found that 42% of Canadians now research investment options online, while 25% purchase investments online.
TD says that research also shows that although men still make up about two-thirds of online investors, a growing number of women say they intend to open an online brokerage account, too.
“There isn’t a ‘typical’ online investor anymore,” said Calvin MacInnis, president, TD Direct Investing. “As technology has evolved, people have gained the tools, information and confidence to help them take control of their investments, and that means we’re seeing a much broader range of clients turning to online investing.”
MacInnis adds that it doesn’t have to be “all or nothing” when it comes to online investing. “Just over half of the investors we surveyed told us they also work with a financial advisor or an accountant when managing at least part of their investments.”
The TD survey also found that nearly a third of people who don’t invest online say it’s because they don’t know enough, but Tony Ierullo, assistant vice-president, strategy and product development, TD Direct Investing, says there are many tools and resources available to help them learn and feel more comfortable.
“With knowledge comes confidence, so it’s important that self-directed investors—and those interested in getting started—educate themselves on the options available to them and have the tools they need to research and monitor their investments,” said Ierullo.
MacInnis has no doubt that the continued shift to digital will continue to drive the growth of online investing.
“Advancements in technology have allowed us to continue innovating to meet the needs of investors as they do more and more transactions online,” said MacInnis. “Now, with mobile trading apps, even more people can invest online wherever and whenever they want.”