Confident in Your Investing Skills?

CIRO’s Survey Reveals Insights for Financial Conversations for Financial Literacy Month

November 4, 2024, (Toronto, Ontario) – As part of Financial Literacy Month, the Canadian Investment Regulatory Organization (CIRO) is encouraging Canadians to break the silence on money matters. According to CIRO’s latest Investor Survey, many Canadians, particularly younger and more underrepresented groups, such as racialized Canadians, struggle with financial confidence and managing investments.

This year’s theme, “Money on Your Mind,” is a call to action to normalize financial conversations and address the stress surrounding personal finance.

Key findings from CIRO’s survey highlight that:

• 67% of Canadians carry some form of debt, with 36% worrying about unstable income most or all of the time.
• Racialized Canadians report higher levels of financial stress, with 41% worrying about inconsistent or unstable income.
• 28% of Canadians have borrowed money to cover daily expenses in the past year, and this number rises to 40% among those under 35.
• Among non-investors, 61% say they don’t invest because they don’t have enough money, and 43% of younger Canadians (18-34) feel unsure where to start.

“Talking about finances, including debt, savings, and investments, can often feel like a taboo subject, but it’s a crucial step in building financial confidence,” said Karen McGuinness, Senior Vice-President, Office of the Investor, Member Intake, and Innovation at CIRO. “Our survey shows that many Canadians are facing financial challenges, and this Financial Literacy Month, we want to encourage open conversations that can lead to better financial outcomes.”

The survey also found that 38% of Canadians seek financial advice from friends and family, underscoring the important role personal networks play in shaping financial decisions. By promoting open conversations about money, Canadians can improve their financial literacy and make more informed choices about their financial futures.

“While discussing finances with family and friends can offer valuable support, seeking advice from a qualified professional adds an important layer of expertise,” added McGuinness. “Financial advisors can provide personalized guidance that helps Canadians navigate complex financial decisions, aligning their investment strategies with their long-term financial goals.”

For more information on CIRO’s survey findings and resources to help you choose a regulated financial advisor and initiate meaningful financial conversations this November, visit www.ciro.ca.