Toronto, ON, February 22, 2022 – Young Canadians are playing the long game when it comes to do-it-yourself investing. Contrary to popular misconceptions of younger generations searching for instant gratification, 85% of Canadian online investors between the ages of 18 and 34 are investing to reach long-term financial goals, according to the 2022 RBC Direct Investing Young Investors Insights Poll. Nearly the same proportion (86%) of Canadian online DIYers within the same age demographic say DIY investing is an important part of their future financial security.
Young Canadians see DIY investing as a way to save for the future
The pandemic spurred interest in DIY investment for young Canadians, with almost half (48%) of DIY investors in Canada between the ages of 18 and 34 having started DIY investing after COVID-19 began. This age group is also just as concerned about their present financial situations as they are about their future: four in ten (39%) see DIY investing as a way to support what they want now as well as what they want in the future.
Young Canadian DIY investors are also keen on doing their due diligence when it comes to making investments, with 77% saying they take a lot of time before acting on their investing decisions. Moreover, most (87%) say they enjoy the challenge of researching and then acting on what they find out, with the same proportion saying their self-directed investments are an important part of their long-term financial goals (87%).
Nearly six in ten young DIY investors wish their parents taught them more about investing
Although 20% of young Canadian DIY investors say they understand investing better than their parents think they do, they are still aware that there is a lot more to learn. For instance, 82% of young current and potential Canadian DIY investors saying they want to learn more. When asked about the advice that they wish their parents had given them about their personal finances, 57% said investing, followed by how to save (46%) and budget (44%). Another 43% of young Canadians DIY investors said they would have liked to have had advice on how to manage their day-to-day expenses while still saving for the future, while 34% said they would like to have had advice about how to manage their debt.
About the Study
These are the findings of an Ipsos poll conducted on behalf of RBC. For the survey, a sample of n = 1530 investors aged 18 to 65 was surveyed online between October 26 to November 5, 2021. This sample includes 900 current DIY investors, and 630 who are interested in DIY investing. The results referenced in this document are based on n = 529 investors aged 18 to 34. The results are considered accurate to within ±2.9 points for the entire survey, and ±4.9 points for the results based on investors aged 18 to 34.
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