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
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
To learn more about ScotiaAdvice+, visit scotiabank.com.
- 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
- 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%,
- 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
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
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