SOM - AMF SurveyLess than half of Quebeckers know when Its too good to be true


Montréal - Whereas 78% of Quebeckers feel that they are safe from fraud, only less than half would be leery of an investment paying a 2% monthly return, or nearly 27% on an annual basis. These somewhat paradoxical findings are from an Internet-based survey (SOM - Autorité des marchés financiers(pdf - 2 MB)This link will open in a new windowUpdated on April 4, 2011) of 1,006 respondents conducted between March 4 and 7, 2011 by the Québec survey firm SOM and the Autorité des marchés financiers (AMF).

Moreover, the survey revealed that one in two Quebeckers (50%) admits to not being very knowledgeable about financial products and services, but an even higher proportion (59%) of respondents said that they would like to be better informed. The survey also shows that Quebeckers turn first to their financial institution or representative when seeking information about personal finances and investing.

The survey findings were released in connection with Journée Éducation 2011, the second gathering of financial education partners in Québec set up by the AMF. It serves as a forum for participants to share their views, concerns and experiences related to financial education programs and aims to generate greater mutual synergy.

The challenge: convince consumers to acquire financial knowledge

The AMF used the meeting to present its new financial education strategy, which builds on its "Before investing, investigate" campaign and is very much in line with the projects recently developed with Gesca and Quebecor and an upcoming project with The Gazette.

The strategy is primarily intended to increase the spinoffs from the AMF's educational initiatives and gain a better understanding of its clienteles so as to be able to deliver relevant tools tailored to their needs. These tools are complementary objective information that can enhance consumers' financial knowledge and help them make informed choices with their representative, identified by most Quebeckers as their main source of financial information.

The collaboration of numerous partners, which is expected to extend to various financial industry participants, is a measure of the success of the AMF's strategy. It will help the AMF create tools that better meet the needs of consumers of financial products and services.

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.

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