Canada NewsWire
TORONTO, Jan. 21, 2020
TORONTO, Jan. 21, 2020 /CNW/ - Despite technology making it easier than ever to access information,
When it comes to financial advice, 46 per cent of Canadians prefer to ask an advisor through their financial institution and 36 per cent turn to family and friends. Only 20 per cent of respondents prefer to go online.
"The internet may be a portal to vast amounts of information, but big decisions are personal. When there are choices in front of you, whether it's career moves or retirement planning, Canadians value the word of a person they trust," said Kathleen Woodard, Senior Vice President, CIBC Personal and Small Business Banking. "Similar to a family member or a close friend, a financial advisor takes on a role where they understand your needs, treat your goals as their own and provide advice to make your ambitions a reality."
Those who rely on a financial advisor seem to have greater confidence and knowledge about their money matters. Top reasons include feeling an advisor delivers the best financial advice (50 per cent), more comfort making financial decisions with the help of an expert (49 per cent) and a better understanding of how investments fit into overall financial health (35 per cent).
Additionally, Canadians who experienced key life events in the past year feel their advisor provided sound advice when they made large purchases (53 per cent), paid off or consolidated debt (57 per cent), embarked on retirement planning (50 per cent) and conducted wills and estate planning (50 per cent).
The survey also found that most Canadians don't turn to the web for money management or financial information. More than three-quarters say they have never used an online service that manages investments (robo-advisor), with 20 per cent unaware of these services altogether. Many (65 per cent) claim they do not use online search engines for questions about common financial products or matters.
Key poll findings:
About CIBC
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html .
Disclaimer:
From December 13th to December 17th 2019 an online survey of 3,033 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue . For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 1.6%, 19 times out of 20. The results 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 rounding.
SOURCE CIBC
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