TD Bank survey says boomers shy of online investing
Tech savvy millennials may be tempted to use online platforms for DIY investing but it seems their parents and grandparents are not ready to go it alone.
That’s not because Boomers are tech-phobic, they are using the internet almost as much as Millennials; and it’s not that they lack trust in online financial management – 79% use online banking.
But when it comes to managing investments, just 16% of those that use online banking also use online investing tools.
The figures are revealed in a new survey from TD Bank Group which says that the gap between banking and investing online among older Canadians is largely down to knowledge.
The survey shows that 79% of older Canadians do not manage their portfolios online because they don’t know enough about investing and 22% don’t have enough time for DIY investing.
Forty-two percent said they would feel ‘more comfortable’ investing online if they had more knowledge but that leaves a sizeable share of Boomers who would be unlikely to manage their own portfolios online even if they had more knowledge.
The data also suggests that a hybrid model for online investing could be of interest to older investors, combining the convenience of the internet with the wealth of knowledge a financial advisor brings.
That’s not because Boomers are tech-phobic, they are using the internet almost as much as Millennials; and it’s not that they lack trust in online financial management – 79% use online banking.
But when it comes to managing investments, just 16% of those that use online banking also use online investing tools.
The figures are revealed in a new survey from TD Bank Group which says that the gap between banking and investing online among older Canadians is largely down to knowledge.
The survey shows that 79% of older Canadians do not manage their portfolios online because they don’t know enough about investing and 22% don’t have enough time for DIY investing.
Forty-two percent said they would feel ‘more comfortable’ investing online if they had more knowledge but that leaves a sizeable share of Boomers who would be unlikely to manage their own portfolios online even if they had more knowledge.
The data also suggests that a hybrid model for online investing could be of interest to older investors, combining the convenience of the internet with the wealth of knowledge a financial advisor brings.
