New research findings, new resources, and updated tools – it was another busy year for BCSC InvestRight!
As 2019 winds down, we’re reflecting on the additions and updates to InvestRight designed to help you become a better-informed and more engaged investor.
Get Started with Investing
This year during Investor Education Month, we launched a free online resource to help British Columbians kick-start their investor journey.
Get Started with Investing consists of 11 short videos that cover investing basics, including the differences between saving and investing, and what it means to be an active versus passive investor.
If you’ve been thinking about investing but don’t know where to find independent and unbiased information, then this resource is for you. If you’re already an investor, Get Started with Investing is a great way to brush up on the fundamentals.
National Research Study
We released results from a BCSC-commissioned survey earlier this year that revealed Canadians have trouble seeing themselves as investors, even when they hold investments.
The survey of more than 2,900 Canadians found that less than one-third of Canadians identify with the term “investor.”
Even among the two-thirds of Canadians who have an investment (any kind of savings beyond a savings account), only 40 per cent identify as investors.
Our study shows that identifying – or not identifying – as an investor can impact people’s knowledge, attitudes, and behaviour about investing. Canadians who see themselves as investors are more likely to say that they:
- Understand the risks and benefits of their current investments
- Know their investment goals and are on track to meet them
- Have a good understanding of fees and charges paid on investments
For more on the findings and methodology of this survey, explore the highlights report.
Reject Financial Abuse
In June, we asked you to join us and stand up against Elder Financial Abuse, by using the hashtag #RejectFinancialAbuse on social media.
Elder Financial Abuse is the most common form of abuse against older adults. It not only impacts older adults’ financial options and ability to take care of themselves, but it can have a devastating emotional impact as well.
We’d like to thank our online community for raising their voices to spread awareness about Elder Financial Abuse.
Learn How to Protect Yourself From Investment Fraud
Recognize. Reject. Report. These three R’s are essential when it comes to protecting yourself and your loved ones from investment fraud.
March is Fraud Prevention Month. Each year, we use that opportunity to put investment fraud prevention in the spotlight. This year we ramped up efforts to get the message out through radio ads, and encouraging people to take our free fraud e-mail course. The purpose of this course is to help British Columbians learn how to recognize the warning signs of investment fraud, and learn more about common scams.
Focus on Your Fees
If you’re an investor, it’s important to know how investment fees and charges work. To help deepen your investment fee knowledge, we dove into fees and charges during Financial Literacy Month. This article outlines steps you can take to better understand your investment fees and charges.
This year we also made some changes to our Investment Fee Calculator to help you better visualize how fees can impact your investment returns – find it here.
We look forward to continue providing independent and unbiased investing information to British Columbians as we head into a new year, and a new decade!
Report a Concern
If you have any concerns about a person or company offering an investment opportunity, please contact BCSC Inquiries at 604-899-6854 or 1-800-373-6393, or through e-mail at [email protected]. You can also file a complaint or submit a tip anonymously using BCSC’s online complaint form.
According to an Ipsos Reid poll on Canadians’ financial habits, only 18% of British Columbia parents speak with their children about money, finances, budgets and savings. In comparison, 44% of Canadian parents say they have broached the topic with their children. In my previous blog post Teaching Money Concepts to Kids, I discussed how it […]