TORONTO, ONTARIO--(Marketwired - Aug 24, 2013) - A study released today by BMO InvestorLine has found that, despite the increasing popularity and adoption of social media, Canadian investors still rely on traditional news media as sources for investing information and advice.
According to the study, more than half (57 per cent) of investors rely on traditional media sources, whereas only one-third look to social media for information. The specific media platforms used as sources by investors include:
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TV news and business news shows (36 per cent)
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Print editions of newspapers and magazines (30 per cent)
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Online editions of newspapers and magazines (24 per cent)
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An online investing service provider (22 per cent)
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Online financial communities and forums (22 per cent)
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Radio (12 per cent)
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Facebook (9 per cent)
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Blogs (7 per cent)
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Mobile investing app (5 per cent)
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Twitter (4 per cent)
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LinkedIn (3 per cent)
"It's interesting to see that, while an increasing number of Canadians have been embracing social media for a variety of reasons, investors still prefer more 'traditional' media sources for the information and advice they need," said Viki Lazaris, President and CEO, BMO InvestorLine. "Regardless of where you get your investing information, do your due diligence and ensure it's coming from a reputable source."
When asked how much Canadian investors trust these platforms, the study found that, on average, traditional media sources were trusted by 61 per cent of investors, while social media sources were trusted by 24 per cent. Specifically:
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More than two-thirds (69 per cent) find TV news and business news shows trustworthy.
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More than half (55 per cent) find print and online editions of newspapers and magazines trustworthy.
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Almost half (48 per cent) find radio trustworthy.
However, for social media:
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Only 21 per cent find blogs trustworthy as a source of investment information.
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Less than 20 per cent find LinkedIn trustworthy.
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Thirteen per cent feel that Facebook is a legitimate source for investing insights.
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Just 12 per cent find Twitter trustworthy as a source of investment information.
Ms. Lazaris noted that BMO InvestorLine offers various tools, research and educational sources to help investors make informed decisions, including:
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Quotes+: An industry-leading tool that provides investors detailed information and research on equities, mutual funds and Exchange Traded Funds (ETFs) in one central location. Clients have access to the technical analysis of a security's price performance, comprehensive equity research resources and a wealth of in-depth mutual fund information.