Almost three-quarters of Canadians (72 percent) believe that technology has significantly helped them to become better investors, according to a new survey.
The study, published by BMO InvestorLine, a self-directed service for investors and a unit of BMO Financial Group, also identifies the ways in which technology has enhanced Canadians' ability to manage their portfolios. These include:
- Making them more informed - 73 percent;
- Providing more sources for advice - 68 percent;
- Allowing them to act faster - 59 percent;
- Simplifying things - 57 percent;
- Providing greater convenience - 57 percent.
In terms of the types of online sources Canadians are using for investing information, the top sites identified included:
- Financial news websites - 46 percent;
- Real-time stock websites - 32 percent;
- Educational resources provided by online brokerages - 29 percent.
"Over the last two decades, technology has played a transformational role in all aspects of our lives — including how Canadians invest," says Viki Lazaris, CEO of BMO InvestorLine.
The study also finds that Canadians value personalized advice, with 87 percent stating that such advice ranks as one of the most important factors for them when investing. Further, investors value having access to investing information from credible sources in the digital age, with 50 percent saying they want to see more such information on the Internet in the future.