As the country weathers an unprecedented pandemic, Canadian investors are also rising to meet unexpected challenges and opportunities. However, they may be making investment decisions (mostly) alone. New data shows that Canadians remain unlikely to discuss investments with friends and family. As uncovered in a new national survey (commissioned by Sharechest™ Inc. and conducted among members of the online Angus Reid Forum), 75% of Canadians think it’s simply rude to ask others about their investments and finances.
A) Rudeness Rankings:
To understand why Canadians clam up when talking about investments, Sharechest™ Inc. surveyed specifically what information Canadians thought was ‘rude’ to ask.
Nationally, 75% found at least one of Sharechest™ Inc.’s financial/investment questions to be rude:
- 71% think it’s rude to ask how much money someone makes.
- 23% think it’s rude to ask what someone invests in.
- 13% think it’s rude to ask what investment platforms someone uses.
- 13% said it’s rude to ask if someone uses a financial advisor.
“It really doesn’t seem possible to change the conversation about Canadian investing until we can bring ourselves to have an actual conversation about it,” said Chad Williams, the proudly Canadian Chairman and Founder of Sharechest™ Inc. “Let’s all stop being so clammed up and stereotypically ‘Canadian’ about investing and share some information with our friends and family, so we can all make better and informed investment decisions.”
B) Key findings of the survey:
1) English and French Canadians are split on spilling investment information:
- Nearly twice as many (40%) French-speaking Canadians DON’T think it’s rude to ask questions about money and investing, compared to only 22% of English-speaking Canadians.
2) ‘Taboo topics’ trump investment talk:
- When presented with a list of potentially sensitive topics to discuss with friends and family, Canadians appear most uncomfortable disclosing embarrassing health issues (31%) or conflicts with their romantic partner (32%). However, more Canadians actually say they’d be most uncomfortable discussing their investments (15%) than those who say the same of politics (12%) or religion (10%).
3) A significant number of ‘significant others’ AREN’T talking about investments:
- Asked who they actually do discuss money or investing with, only 66% said ‘with their spouse/partner or significant other,’ meaning that a third of Canadians (34%) aren’t having that conversation.
4) Men are far more open about money/investments:
- 70% of men say that they would discuss financial info with a friend, compared to only 58% of women.
- Men are also significantly more likely than women (30% vs. 22%) to say it’s not rude to ask someone about their finances or investments.
“With more and more Canadians choosing to manage their own investments, Sharechest™ is on a mission to completely change with how investors think, act and interact with companies and platforms,” added Williams. “Certainly, the first step is getting over our aversion to open investment discussions. The most important part is having new, easier, painless and sustainable ways for Canadians to find investment opportunities that also enable companies to find new and easier ways to attract financing.”
Additional findings of the survey:
Younger Canadians are a lot more open about investments
- 84% of younger Canadians (18-34 years-old) say they would disclose financial information to friends, vs.
- 69% of those 35-54 and 43% of those 55-and-older
Many parents aren’t passing on their investment plans:
- Fewer than half (41%) of Canadians say their parents openly discuss their investments.
- 20% of Canadians say they would not ask their parents about investments they hold.
Friends and finance:
- Two-in-five (42%) Canadians say they are open about finances with their friends when it comes to salary but are less likely to disclose a bonus (25%) or their net worth (23%).
SOURCE Sharechest Inc.