TORONTO – A new poll suggests that two-thirds of millennials are investing their money, but that most feel they don’t have adequate knowledge for the task.
The poll done for CIBC (TSX:CM) found 67 per cent of Canadians aged 18 to 34 reported have investments including stocks, GICs, bonds and mutual funds.
However, 82 per cent said they didn’t know enough about investing.
Meanwhile, the one-third of respondents who said they did not have any investments cited lack of financial knowledge and the fact that investing “intimidates” them as major reasons.
Not having any money to invest and other financial priorities were also cited as reasons for not investing.
Of those who do invest, 41 per cent said they don’t get the returns they expect, while 28 per cent found it hard to develop a long-term strategy.
Sarah Widmeyer, head of wealth advisory services at CIBC, says while it’s good to see millennials recognize the importance of investing, they need help.
“Their lack of knowledge is making them vulnerable to many common investing mistakes,” Widmeyer says.
The online survey done between Nov. 24 and Dec. 8 included 1,004 Canadians ages 18-34 who are Angus Reid Forum panellists.
The Marketing Research and Intelligence Association, the polling industry’s professional body, says online surveys cannot be assigned a margin of error due to their lack of random sampling.