Survey: People getting more investment advice online, not using advisers

A new survey by CoreData on behalf of online trading platform Moomoo has found more people are finding information about investing online than from a financial adviser. The survey was conducted on over 750 investors, with 38 per cent saying they found their investing information online, compared with just 29 per cent from a financial adviser and 32 per cent from friends and family.

Almost 50 per cent of investors aged over 60 found their investment information online, overtaking 38 per cent who use a financial adviser. A generation-wide shift has occurred, with 63 per cent of other age groups using online platforms, and just 15 per cent using advisers.

Around half of the investors aged under 30 were likely to get investment advice from their parents, while 44 per cent of investors aged over 60 sought investment advice from their children. External information was either extremely or somewhat important in decision-making.

Part of the survey included questions about artificial intelligence in making investment decisions, with 70 per cent of those under 40 saying their decisions would be smarter with the help of an AI, and 55 per cent said that AI would help them make faster decisions. Seventy-seven per cent of the investors surveyed said they would probably use personalised stock recommendations.