Despite social media rise, investors still depend on traditional media

Despite the increasing popularity of social media, Canadian investors still rely on traditional news media for investing information and advice, according to a study by BMO InvestorLine.

More than half of investors depend on traditional media sources, whereas only one-third look to social media for information, the study reveals.

The most popular media outlet among investors is TV, garnering the support of 36%. This is followed by print editions of newspapers and magazines (30%). The online versions of papers and magazines are embraced by 24%. Other less popular sources of information include blogs, radio and social media platforms such as Facebook, Twitter and LinkedIn.

The reason investors prefer traditional outlets is that they trust them more than social media platforms, according to the report.

On average, traditional media sources are trusted by 61% of investors, while social media sources are trusted by 24%. Specifically, TV news and business shows are seen as most trustworthy, followed by the print and online editions of newspapers and magazines. Twitter and Facebook are seen as the least trustworthy source.

“Regardless of where you get your investing information, do your due diligence and ensure it’s coming from a reputable source,” says Viki Lazaris, president and CEO of BMO InvestorLine.

The survey polled 1,020 people this summer.

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