More than 80% of Canadians say the financial world is becoming exponentially more confusing -- and the deluge of money advice isn't helping
Tuesday, 19 April 2022 08:33.PM
- From financial experts, family and friends to Google searches, social media, and horoscopes — a new Scotiabank poll explores where Canadians are turning for reliable financial advice in complex economic times. -
For 81% of Canadians, the financial world feels more confusing and complex than it did five years ago, according to a new Scotiabank poll. Three-quarters say the accelerated pace of change only adds to feelings of uncertainty. Still, amid the confusion, 77% of Canadians feel well-equipped to make personal finance and investing decisions — with notable areas of exception. The top areas of personal finance that Canadians find most confusing or want assistance with are real estate, digital investing, and emerging technologies, like cryptocurrencies and NFTs, that leave most people feeling clueless.
More than half of Canadians (54%) say they've received bad financial advice at least once. At the same time, 1 in 5 Canadians admits to giving financial advice to someone else, even when they weren't sure what they were talking about.
"We're in a moment of unprecedented change. There's never been more information coming our way — but not all of it is helpful," says Laura Curtis Ferrera, CMO of Scotiabank. "Since each person's financial reality looks a little different, good advice should never be one-size-fits-all. That's why at Scotiabank we're committed to delivering smart, reliable financial guidance that addresses each person's unique needs and priorities."
Scotiabank's new "Good Advice" brand campaign is designed to emphasize this commitment to helping Canadians cut through the noise. It is also the foundation for the personalized ScotiaAdvice+ approach to financial guidance. Scotiabank's Advice+ Centre was purpose-built to provide all Canadians with access to credible financial information, the ability to self-direct through a wide range of topics, and the option to connect with a knowledgeable advisor who can help them achieve their personal goals.
SOURCE: Scotiabank