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Abundance of Financial Advice Doesn’t Solve Confusion for Canadians

Canadians place significantly less confidence in making real estate (38%) and direct investment decisions (30%). These percentages have dropped dramatically in women to 29% and 19%, respectively.

Meanwhile, nearly 70% of Canadians surveyed admitted that they have “no idea” of cryptocurrencies and blockchain technology like NFTs.

“We are in a moment of unprecedented change. There is never more information coming our way – but it’s not all that helpful,” said Scotiabank CMO Laura Curtis Ferreira. “Since each person’s financial reality looks a little different, good advice should never be one-size-fits-all.”

More than 54% of Canadians claim to have received bad financial advice at some point in their lives. Also, one in five Canadians admits that they support a friend or family member without knowing it is financial advice.

More than a third of Canadians (39%) engage with a financial professional for good, reliable financial guidance. Parents (21%), spouses (16%), and friends (16%) are the other cited providers of “good” financial guidance (15%). Remarkably, 27% of Canadian adults under the age of 35 say they look to their horoscopes for “good” financial guidance, while 27% say they turn to Google.

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