As Canadians spend more time online the number of people deciding to do their investing online will increase substantially within the next five to 10 years, according to a study released by Toronto-based BMO InvestorLine on Friday.
The study found that that 20% of Canadians invest online today and suggests that the number could triple within a decade given the large number of young Canadians interested in online brokerages.
In the next five year, 65% of Canadians intend to start investing online, according to the survey. More specifically, 81% of people aged 18 to 34 years old believe they will invest online by 2018.
This jump to virtual investing makes sense to BMO given that many Canadians already do their personal banking online. Personal banking tied for first in the survey for online activities with 77% of Canadians saying they pay their bills over the Internet. Banking tied with reading the news for online activities, followed by keeping in touch with family and friends at 75%.
“Canadians clearly are comfortable and have a passion for being online, and the Internet is a growing part of their daily lives,” says Viki Lazaris, president and CEO, BMO InvestorLine. “Online investing is a natural extension of that, offering investors more control over their portfolios, the ability to monitor their investments 24/7 and access to extensive research and tools.”