Contrary to the belief of some that Internet stock traders are focused on making the quick money, a new survey suggests online investors in Canada are in it for the long haul.
A survey commissioned by RBC Direct Investing showed 85% of online traders asked indicated they use their Internet investing accounts for long-term goals or a combination of short- and long-term goals.
Just 9% said they trade online with the main goal of short-term profit.
The study found that 73% of the online traders polled had been investors for at least three years, and 92% of this group were 36 years old or older.
Asked why they trade online, the most common answers were convenience, control and saving money on fees and commissions. The top challenges they described were a lack of confidence in independent investment choices and a lack of time to manage their holdings.
The survey was conducted by research company TNS Canada with an online panel of 630 Internet traders between May 13 and 19. No margin of error was provided, but RBC said the results were weighted by age and sex to accurately reflect the demographic makeup of online traders in Canada.
