The Canadian Investment Regulatory Organization (CIRO) published research on the “social side” of do-it-yourself (DIY) investing, finding that community and personal relationships play a central role in both getting started and making investment decisions. The study also finds DIY investors use social media as one input among many and often attempt to validate what they see online by cross-checking with offline sources such as friends and family. Interviewees commonly described receiving investing prompts from their networks, including recommendations for particular apps, product demonstrations, or suggestions to make specific investments. While participants reported using social media to find opportunities and build knowledge, CIRO highlighted risks where information comes from unregulated sources such as “finfluencers” and is not tailored to the individual or subject to product-level regulation. The research also identifies three connected motivation categories for DIY investing: financial (e.g., higher returns, lower fees, broader product access), instrumental (e.g., building financial literacy, learning, convenience, and connecting with others), and identity-based motivations (e.g., independence and personal responsibility). Findings are based on qualitative, in-depth one-on-one interviews conducted by Innovative Research Group.
Canadian Investment Regulatory Organization 2025-07-02
Canadian Investment Regulatory Organization study finds DIY investors rely on friends and social media to start investing and validate decisions
The Canadian Investment Regulatory Organization published research highlighting the significant role of community and personal relationships in do-it-yourself investing. The study notes that DIY investors use social media alongside offline sources for investment decisions, with risks associated with unregulated information from "finfluencers." It identifies financial, instrumental, and identity-based motivations driving DIY investing.