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Majority Of Online Investors Using Social Media For Tips
Harriet Davies
23 May 2011
Nearly two-thirds of online investors use social media sites as a source of investing tips and information, and 30 per cent expect to increase their online investing over the next few years, according to a new survey from BMO InvestorLine. The study, which was conducted recently online with 1,501 Canadian adult participants, found that when it comes to investing advice 40 per cent use online financial communities or forums; 16 per cent track blogs; 10 per cent check Facebook, and 8 per cent look at Twitter. The survey also showed that investors are closely watching new technology, with 31 per cent preferring to use a tablet or smartphone to do their online investing, according to BMO. Currently men are more likely to use a smartphone for online investing than women, with 16 per cent of male respondents versus 3 per cent of female respondents saying they do this. “The results of the survey are very encouraging. They reflect the fact that online investors are ahead of the curve when it comes to adopting and leveraging technology,” said Connie Stefankiewicz, president and chief executive of BMO InvestorLine. The online survey was conducted by Leger Marketing from 28 March to 30 March 2011.