A small minority of Canadians use investing apps such as Wealthsimple and Questrade to trade stocks, cryptocurrency or invest money.
June 9, 2021
With investment apps like Wealthsimple and Questrade becoming increasingly popular, we wanted to understand how many Canadians are using these types of apps, and how comfortable they are with managing their personal investments. Overall, nearly six in ten Canadians say they are comfortable managing their personal investments, providing a rating of 7-10 on a 10-point scale. By region, residents of Quebec are most likely to be comfortable managing their personal investments, while residents in the Atlantic provinces exhibit slightly lower levels of comfort. Across demographics, Millennials (25-34 yrs) and Boomers (55+ yrs) are more comfortable managing their personal investments, along with men, higher-income earners and those with higher levels of education.
Two in ten (21%) Canadians report having used an online app (other than their banking app) to trade stocks, cryptocurrency, or invest money, while the majority have not (72%) and 7% are unsure. Across the country, usage of investment apps is higher among residents living in Ontario, the Prairies and British Columbia, compared to residents of Quebec or Atlantic Canada. Interestingly, residents under the age of 35 years are twice as likely to use investment apps compared to those over the age of 35. Men are also more likely than women to use such apps.
Results are from an online survey conducted May 11-19, 2021, with 1,232 Canadians 18 years of age or older from the Logit Group’s Canadian Omnibus. Fielding every month, the Logit Group’s COVID-19 Omnibus surveys Canadians to ask their opinions and behaviours related to topical issues. Results were analyzed by Narrative Research. Data was weighted based on the 2016 Census, by gender, age, and region to reflect population characteristics in each province. As a non-probability sample (i.e., a panel sample where residents have joined a panel to share their opinions), and in accordance with CRIC Public Opinion Research Standards, a margin of error is not applied.
Questions included in this release include the following:
- Overall, how comfortable are you with managing your personal investments? Please use a scale of 1-10 where 1 is ‘not at all comfortable’ and 10 is ‘extremely comfortable’.
- Online investing apps such as Wealthsimple and Questrade, among others, have made it increasingly easy to start investing. Have you ever used an online app (other than your banking app) to trade stocks, cryptocurrency, or invest money?
For more information, contact:
Margaret Brigley, CEO, Narrative Research – 902.493.3830, firstname.lastname@example.org
Margaret Chapman, COO, Narrative Research – 902.493.3834, email@example.com
Sam Pisani, Managing Partner, Logit Group – 416.629.4116, firstname.lastname@example.org
Narrative Research (www.narrativeresearch.ca), is a leading public opinion and market research company headquartered in Canada. The company is certified as a WBE (Women Business Enterprise). As a non-partisan, 100% Canadian-owned research company, Narrative Research is dedicated to providing clients with state-of-the-art research and strategic consulting services. Follow us on Twitter at @EveryNarrative
The Logit Group (https://logitgroup.com/) is a leading North American data collection and market research execution company headquartered in Toronto, conducting large-scale projects for a variety of well-known research agencies and brands. Logit employs industry-best technologies across an array of methodologies, and is independent, experienced and quality-oriented. Follow us on Twitter at @LogitGroup