CIRO's survey reveals financial confidence struggles; aims to boost conversations for better outcomes
The Canadian Investment Regulatory Organization (CIRO) is urging Canadians to break the silence on money matters this Financial Literacy Month.
CIRO’s latest Investor Survey reveals that many Canadians, particularly younger people and underrepresented groups, such as racialized Canadians, grapple with financial confidence and face challenges in managing investments.
Under this year’s theme, ‘Money on Your Mind,’ CIRO aims to normalize financial conversations and address the stress that often accompanies personal finance.
Key findings from the survey highlight the scope of financial challenges Canadians face. 67 percent of respondents reported carrying some form of debt, and 36 percent experience persistent worries about unstable income.
Financial stress is more pronounced among racialized Canadians, with 41 percent indicating frequent concerns over inconsistent or unstable income.
Additionally, the survey shows that 28 percent of Canadians have borrowed money to cover daily expenses over the past year, a figure rising to 40 percent among individuals under 35.
Non-investors also face hurdles, with 61 percent indicating they lack the funds to invest. Financial uncertainty is particularly strong among younger Canadians, with 43 percent of those aged 18 to 34 feeling unsure about where to start when it comes to investing.
CIRO’s senior vice-president, Karen McGuinness, commented on these findings, stating, “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.”
She added, “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 underscores the role of personal networks in financial decision-making, as 38 percent of Canadians rely on friends and family for financial advice.
CIRO believes that by fostering open conversations about money, Canadians can enhance their financial literacy and make more informed financial decisions.
McGuinness notes that, while support from family and friends is valuable, professional financial advice is essential for tailored, strategic guidance.
“While discussing finances with family and friends can offer valuable support, seeking advice from a qualified professional adds an important layer of expertise,” McGuinness explained.
“Financial advisors can provide personalized guidance that helps Canadians navigate complex financial decisions, aligning their investment strategies with their long-term financial goals.”
