A majority of BNN.ca readers are eschewing traditional advisors and instead taking to the Internet for financial advice.
The results of BNN’s poll for Your Money Month, which gathered 1,154 responses and assessed how readers approach their personal finances, show that nearly 60 per cent of respondents rely on the Internet as their primary source of financial advice. But despite this preference for online resources, few respondents — only 0.79 per cent — say they are using robo advisors as their go-to source of information.
BNN readers aren’t putting a lot of faith in their banks. Only about eight per cent of respondents said they turn to their banks first for advice. Forty per cent said they are only “somewhat confident” in their financial institution’s investment advice, while 26 per cent said they wouldn’t seek such advice at all.
The poll results also reveal that most BNN readers are worried about retirement. Fifty-eight per cent said saving for retirement is their chief financial concern right now. Interest rates came in as the second-most-pressing concern (22.26 per cent), followed by home prices (9.56 per cent) and debt (9.3 per cent).
See the full poll results below.