Almost half of young Canadians are relying on their instincts rather than analysis when it comes to investing, according to a

new survey by Canadian Imperial Bank of Commerce. Gen-Zers and millennials are also letting who they are influence how they invest. The survey said 76 per cent of gen-Zers and 75 per cent of millennials say their personality plays a role in their investments, compared to 69 per cent of Canadians as a whole.

This strategy has not made younger investors more confident, however, since just 55 per cent of those aged 18 to 34 feel confident when investing, compared to 64 per cent of those older than 55.

“Younger investors are bringing their values, intuition and emotions into investing more than ever,” Liz Enriquez, a financial educator and founder of Ambitious Adulting, a personal finance mentoring website for millennials, said in a release. “The challenge is turning that self-awareness into confidence.”

But gen-Zers are very interested in the investment world, with 68 per cent of them investing on a consistent basis, more than any other age demographic, according to a 2024 survey by Toronto-Dominion Bank.

On top of just vibes, younger Canadians are also turning to “finfluencers” who offer investing tips on social media. Social media investing has grown in popularity since the rise of meme stocks as a simple, low-cost option for financial advice.

In 2024, 82 per cent of investors aged 18 to 24 were heeding investment advice from social media, the Canadian Securities Administrators said.

There are risks, however, when it comes to investing through social media. The

Ontario Securities Commission said the quality of the advice that investors may receive through social media can greatly vary and that many influencers may have ulterior motives or questionable credentials.

Finfluencer popularity can also be explained by the anxiety-inducing nature of investing and a lack of confidence.

The CIBC report said 79 per cent of all Canadians are confident in managing their money, but just 58 per cent feel confident investing, despite current strength in the stock market.

“Increasingly, investors are going with their gut, but relying solely on intuition can be difficult to stomach in today’s complex markets,” Luka Marjanovic, managing director and head of CIBC Investor’s Edge, said in the release.

CIBC offered four tips for investors looking to gain a little more confidence in their investment decisions: become self-aware of your risk tolerance, start small to gain experience, choose a simple investment platform and seek out learning materials.

With files from The Canadian Press  Sign up here to get Posthaste delivered straight to your inbox.

Exxon Mobil Corp. is cutting 2,000 jobs globally, including about 900 jobs at Calgary-based Imperial Oil Ltd.

The major restructuring will see most remaining employees relocate to Edmonton while maintaining a small presence in Calgary.

Natural Resources Minister Tim Hodgson said he is “deeply disappointed” by the decision.

This comes as both Cenovus Energy Inc. and ConocoPhillips have already reduced their workforces.

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Read more here. For those looking to reduce taxes on their estate, there are some tax shelters to take advantage of, such as RRSPs, TFSAs and RESPs. Still, those who are forced to withdraw money from an RRIF into a non-registered account may be on the hook for a hefty tax bill.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Read more here. Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

Financial Post on YouTube

mortgage rate page for Canada’s lowest national mortgage rates, updated daily. Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins, with additional reporting from Financial Post staff, Canadian Press and Bloomberg.

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