||Investor Education research shows influential life events like becoming a parent, getting a new job, and getting married trigger awareness of debt and its consequences, which becomes a motivator to take action — Download the summary of findings. |
Toronto, October 16, 2009 – This study from the Investor Education Fund sheds additional light on the most influential life events that drive financial decisions, barriers to making informed decisions, top money questions, and the tools people look for in this age group.
Key findings include that Canadians in this age group do their research online due to the security of anonymity, time constraints and fear of “ageism”. They also tend to seek out like-minded sources –others who have gone through the same experiences.
Time, money and lack of information are barriers to making informed decisions. Even with good financial information, people can still hold back from action because of finances (cash flow restrictions), fear of commitment (the time required to pay off debt) and the economy (the unpredictability of the market).
“People need to learn about responsible money management and building good credit before life events take place,” says Tom Hamza, President of the Investor Education Fund.
The research shows that people in the new parent group are most interested in RESPs, life insurance, maternity leave, mortgage needs, estate planning. In the new job group, the interest lies in establishing credit, pension funds, RRSPs and budgeting. Newly marrieds are primarily focused on joint accounts, investing, managing debt, long term savings. All of these groups want practical online tools like calculators and video tutorials, and they often make use of online forums to get expert advice.
“Our challenge is not in creating the information, but in getting people to use it,” Hamza says. “This research helps us understand exactly how to reach people with the information that they need, using the right medium, with the right tone and the right content.”
Download the summary of findings
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