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VANCOUVER Thirty-eight per cent of young adults in B.C. who experience the fear of missing out – commonly called FOMO – also think that social media is a reliable source of investing information, according to a survey from the B.C. Securities Commission. The finding is based on a survey of 2,000 people, and has worried regulators at the province’s independent securities commission. The risks of investment fraud and FOMO is now the subject of a public education campaign, launched in time for Fraud Prevention Month. “Results of this new research are particularly concerning because we’ve seen a surge in potentially fraudulent schemes peddled on social media during the COVID-19 pandemic,” said Doug Muir, the securities commission’s director of enforcement.
“Results of this new research are particularly concerning because we’ve seen a surge in potentially fraudulent schemes peddled on social media during the COVID-19 pandemic,” said Doug Muir, the commission’s director of enforcement. “We also know that fraudsters put pressure on people to act quickly. It’s important to gather as much reliable information about an investment as you can before putting your money into it, and to not rush into it.” The commission surveyed more than 2,000 Canadians, including 1,000 B.C. residents to gauge how age and FOMO influence investment attitudes. The study found the younger you are, the more FOMO you have, with half of B.C. residents between 18 and 34 admitting they experience it compared with just 19 per cent of adults 55 or older. Thirty-eight per cent of B.C. adults under 35, who said they experience FOMO, believed social media to be a good source of investment opportunity. And 41 per cent of those believed that if they don’t
British Columbia Securities Commission: Younger, FOMO-Inclined Adults View Social Media As Source For Investment Tips Date
03/03/2021
Younger adults and those who experience the fear of missing out (FOMO) are more likely to think social media is a good place to find investment opportunities, according to new research from the British Columbia Securities Commission (BCSC).
In addition, many younger adults and people who have FOMO say that failing to act immediately on a new investment might lead them to miss a good opportunity.
To mark Fraud Prevention Month, the BCSC surveyed more than 2,000 Canadians, including 1,000 British Columbians, to measure how age and FOMO influence investment attitudes.