Canadians are polarized about using financial media to help them manage their own investments. Nearly half of survey respondents were positively disposed to reading business pages in the newspaper, financial newsletters and websites, saying:

I learn from it (32%)
It is fun and interesting (11%)
Total positive association: 43%


The other half were either bored or mildly put off by
financial media, saying:

It raises more questions than answers (20%)
It is boring (16%)
It is like going to the dentist (8%)
It makes me nervous about achieving my goals (6%)
Total negative association: 50%

There was a big difference in how men and women regarded the financial media: 56% of men were generally positive about it, while only 31% of women were.

The most negative comment, comparing financial media to going to the dentist, is a telltale indicator: 10% of women said reading financial media is like going to the dentist while only 5% of men did.

WHAT TO DO: Roughly half of Canadians just don’t like paying attention to financial media, and women are generally more negative about it than men. It helps everyone to know more about financial planning – you just have to find the media sources that work for you. Like going to the dentist, personal finance, when considered in the abstract, is worse than the actual experience. See if your financial advisor can recommend a good investment or personal finance book. Or, sign up for a personal finance course at a local community college.

Almost one-third of survey respondents were shaky about their ability to select a financial advisor.

This is understandable, as there are more than 50,000 advisors across Canada dealing in a wide variety of financial products. Some advisors simply charge an hourly fee and don’t actually deal in products. Others work out of bank branches or for insurance companies. It’s easy to find a financial advisor, it’s just hard to be fully confident that you’ve explored all the options and made the best choice. There are guidelines on how to select an advisor, but here are a few general observations.

An ideal advisor is one who you can trust implicitly, is exceptionally well qualified and has a spotless track record.

Where do you start in finding this ideal advisor? Ask your most financially astute friends for a referral. Look for substance (degrees, designations, experience) and place less importance on great ideas. Evaluate the advisor’s level of independence. Interview a few candidates.