According to a new survey by Finder.com, nearly one in three Canadian millennials (33.7%) says he or she plans to drop his or her financial adviser and pursue Do-It-Yourself (DIY) investing.
Generation Z follows close behind, with 31% saying they’re planning to move on from their advisers in favour of DIY investing.
In contrast, only 21% of Generation X and 11% of Baby Boomers say that they're ready to let go of their advisers or are considering it.
Wanting to save money on investment fees is the main reason people are considering managing their own investments. Among all generations surveyed, the most common reason for firing an adviser was to "save money on fees" (54%) followed by "having more control over my money" (42%).
Notably, Generation Z was eager to have greater control over its investments, more so than any other generation (48%). And, what stood out among millennials was that 25% value the convenience of newer online and mobile investment options.
Additionally, since many millennials and Gen Z feel shut out of the housing market and aren't receiving the same workplace pensions that their parents did, they're feeling increased pressure to take a more active role in planning for their financial future, the survey found.