How Many Canadians Use Digital Platforms for Financial Investments?

Canadians are increasingly turning to digital platforms for their financial investments. In fact, a recent study by the Investment Industry Regulatory Organization of Canada (IIROC) found that **44% of Canadians now use online platforms to invest**, up from 37% in 2020. This trend is likely to continue as more and more Canadians become comfortable with managing their finances online.

Reasons for the Shift

There are several reasons for this shift towards digital platforms:

• Wide range of investment options: Online platforms offer a wide range of investment options, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). This gives investors more choice and flexibility than they would have with traditional investment products.
• Convenience and accessibility: Digital platforms are more convenient and accessible than traditional investment methods. Investors can access their accounts and make trades 24/7, from anywhere in the world. This is especially appealing to busy Canadians who don’t have time to visit a financial advisor in person.
• Lower costs: Digital platforms are generally cheaper than traditional investment methods. This is because they have lower overhead costs, which they can pass on to their customers in the form of lower fees.

Risks to Consider

Of course, there are also some risks associated with using digital platforms for financial investments. For example, investors need to be aware of the potential for fraud and scams. They also need to be careful about choosing a reputable platform that is regulated by a government agency.

Conclusion

The use of digital platforms for financial investments is on the rise in Canada. This is due to the convenience, accessibility, and affordability of these platforms. However, investors need to be aware of the risks involved before they invest online.

Key Statistics

• 44% of Canadians use online platforms to invest.
• This is up from 37% in 2020.
• The most popular investment products on digital platforms are stocks, bonds, mutual funds, and ETFs.
• Digital platforms are more convenient, accessible, and cheaper than traditional investment methods.

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