Survey Release: National and BC Investor Research

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1 Survey Release: National and Investor Research The British Columbia Securities Commission 701 West Georgia Street Vancouver, V7Y 1L2 Highlights Report January 2019

Survey Methodology 2 Overview: Innovative Research Group (INNOVATIVE) was commissioned by the British Columbia Securities Commission (SC) to conduct a national survey

This included an oversample of 1,407 British Columbians.

The results are weighted to a representative sample of 1,500 at the national level, and the oversample is weighted to a representative sample of 1,000 based on age,

Field Dates: December 7 th to December 28 th, 2018 Margin of Error: This is a representative sample.

2 Survey Methodology 2 Overview: Innovative Research Group (INNOVATIVE) was commissioned by the British Columbia Securities Commission (SC) to conduct a national survey about investing among adults 18+. Methodology: These are the findings of an INNOVATIVE online survey. The survey consisted of a sample of 2,915 Canadians aged 18+. This included an oversample of 1,407 British Columbians. Respondents to this online survey come from INNOVATIVE s Canada 20/20 Online panel, with additional sample from Lucid and Leger, leading providers of online sample. The results are weighted to a representative sample of 1,500 at the national level, and the oversample is weighted to a representative sample of 1,000 based on age, gender, and region using the latest available Census data to reflect actual demographic composition of the population. Field Dates: December 7 th to December 28 th, 2018 Margin of Error: This is a representative sample. Since the online survey was not a random probability based sample, a margin of error can not be calculated. Statements about margins of sampling error or population estimates do not apply to most online panels. Note: Graphs and tables may not always total 100% due to rounding values rather than any error in data. Sums are added before rounding numbers. Use caution when interpreting results with small n-sizes.

3 Survey Disclosure 3 The results in this report come from a national study conducted by INNOVATIVE for the SC in December This release highlights some of the key findings from the survey among British Columbians and Canadians overall. The SC will be releasing complete results from this national study at a later date. The full survey questionnaire is available on request. The table below outlines the sections included in the full questionnaire. Survey Section Financial Segmentation Goals and Priorities Benchmarks Investing Attitudes Investment Literacy Investment Fraud Investment Statements Investment Information Demographics and Psychographics Description Investing and financial segmentation questions Respondents goals and priorities when saving and investing Key attitudes that reflect views about the importance of investing, and investors views on their investing outcomes Attitudinal statements about investing and saving Questions measuring general understanding of investment concepts Questions related to awareness and prevalence of investment fraud Whether and how often respondents read investment statements Questions on how respondents would seek investing information Additional demographics and psychographics for segmentation analysis

4 Sample Validation (National) 4 The survey consisted of a sample of 2,915 Canadians aged 18+. The results are weighted to a representative sample of 1,500 based on age, gender, and region using the latest available Census data to reflect actual demographic composition of the population. The table below shows the weighted and unweighted samples based on age, gender, and region. Age Gender Region n Weighted % of the national sample* n Unweighted % of the national sample** % % % % % 1, % Male % 1, % Female % 1, % % 1, % Alberta % % Prairies % % Ontario % % Quebec % % Atlantic % % * The percentage of the weighted sample reflects the population distribution. ** The percentage of the unweighted sample reflects the distribution of respondents before weighting

Regional Segmentation (National) 5 Regional groupings include: British Columbia (Yukon)* Alberta (Northwest

Nova Scotia and Newfoundland & Labrador) National Unweighted n=2,915 Weighted n=1,500 British Columbia

n=350 Alberta Unweighted n=225 Weighted n=170 Ontario Unweighted n=613 Weighted n=573 Atlantic Unweighted n=124

5 Regional Segmentation (National) 5 Regional groupings include: British Columbia (Yukon)* Alberta (Northwest Territories) Prairie Region (Manitoba, Saskatchewan and Nunavut) Ontario Quebec Atlantic (PEI, New Brunswick, Nova Scotia and Newfoundland & Labrador) National Unweighted n=2,915 Weighted n=1,500 British Columbia Unweighted n=1,412 Weighted n=204 Prairies Unweighted n=171 Weighted n=100 Quebec Unweighted n=370 Weighted n=350 Alberta Unweighted n=225 Weighted n=170 Ontario Unweighted n=613 Weighted n=573 Atlantic Unweighted n=124 Weighted n=102 *In this report results are displayed for respondents only based on the oversample described in the following slides

6 Sample Validation () 6 The national sample included an oversample of 1,407 respondents. There are oversamples in the regions outside of the Lower Mainland to increase the sample size for these results. This sample is weighted to a representative sample of 1,000 based on age, gender, and region using the latest available Census data to reflect actual demographic composition of the population. The table below shows the weighted and unweighted samples based on age, gender, and region. Age Gender Region n Weighted % of the sample* n Unweighted % of the sample** % % % % % % Male % % Female % % Lower Mainland/Fraser Valley % % Vancouver Island % % Interior/North % % * The percentage of the weighted sample reflects the population distribution ** The percentage of the unweighted sample reflects the distribution of respondents before weighting

Regional Segmentation () 7 The respondents from come from Lower Mainland/Fraser Valley, Vancouver Island, and Interior/North. This report also uses three additional sub-regions for analysis.

7 Regional Segmentation () 7 The respondents from come from Lower Mainland/Fraser Valley, Vancouver Island, and Interior/North. This report also uses three additional sub-regions for analysis. They are Victoria, Northern, and the Okanagan. Weighted Unweighted Regions n % of the sample* n % of the sample** Lower Mainland/Fraser Valley % % Interior/ North Vancouver Island % Victoria 69 7% % Interior/North % Northern 47 5% 87 6% Vancouver Island Lower Mainland/ Fraser Valley Okanagan 58 6% 118 8% * The percentage of the weighted sample reflects the population distribution ** The percentage of the unweighted sample reflects the distribution of respondents before weighting

8 Investing Segmentation 8

9 Savings or Investments Set Aside for the Future: 65% of respondents and 68% nationally are investors Do you personally have any savings or investments set aside for the future in any of the following types of account? Please select all that apply. [asked of all respondents (multiple mention); n=1,000; Canada n=1,500] Among all respondents Results Savings in a bank account TFSA RRSP Pension plan Term deposits or GICs Investments outside of an RRSP, TFSA, RESP or pension plan RRIP RESP LIRA Other Currently do not have any savings or investments set aside for the future Don t know 65% () and 68% (Canada) of respondents are investors in a broad sense of the term. This includes anyone with savings in any type of account/product beyond a savings account (registered accounts, non-registered accounts, pensions, GICs, and so forth). This excludes those who have no savings, save only in a bank savings account and nowhere else, or say Don t Know. 4% 2% 9% 6% 13% 20% 27% 37% 44% 54% Savings in a bank account TFSA RRSP Pension plan Investments outside of an RRSP, TFSA, RESP or pension plan Term deposits or GICs RRIF RESP LIRA Other Currently do not have any savings or investments set aside for the future National Results Don t know 2% 4% 11% 8% 28% 44% 41% 54% 9

10 Investments Products: 84% of and 77% of Canadian investors have securities products You indicated that you have at least one type of account that could hold investment products. Which of the following kinds of investment products do you hold? Please select all that apply. [asked only of investors with an account type that could hold securities (multiple mention); n=607; Canada n=958] Among investors 10 84% () and 77% (Canada) of investors hold securities products Results National Results Mutual funds 66% Mutual funds 63% Individually held stocks 33% Individually held stocks 33% Exchange traded funds Exchange traded funds Corporate or government bonds 12% Corporate or government bonds Other securities or derivatives 3% Other securities or derivatives 4% None of the above None of the above

11 Selected Investment Attitudes 11

12 Invest to Meet Goals: Two-thirds (65%) in and Canada agree investing is an important way to meet financial goals Do you agree or disagree with the following statements? [asked of all respondents; n=1,000; National n=1,500] Investing is an important way to meet my financial goals Among all respondents National Segmentation Those who say Agree 12 Agree: : 65% National: 65% 65% 30% 31% 35% 34% Alberta 70% Prairies 73% 5% Disagree: : 8% National: 10% 5% 3% 4% 8% 7% Ontario Quebec 53% 69% Atlantic 62% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know National

Breakdown: Agreement is highest among investors, higher in Victoria than Northern and

[results of all respondents; n=1,000] Investing is an important way to meet my financial

Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions

36% 32% 30% 26% 39% 32% 37% 26% 28% 35% 34% 36% 33% 36% 35% 35% 34% 31% 33% 32% 39% 6%

6% 5% 10% 2% 3% 6% 3% 11% 4% 2% 3% Total Agree 65% 64% 64% 66% 69% 61% 67% 65% 60% 70%

13 Breakdown: Agreement is highest among investors, higher in Victoria than Northern and Okanagan Do you agree or disagree with the following statements? [results of all respondents; n=1,000] Investing is an important way to meet my financial goals Results Agree: 65% OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan Investor Segmentation Investors Non-investors 30% 30% 28% 33% 36% 32% 30% 26% 39% 32% 37% 26% 28% 35% 34% 36% 33% 36% 35% 35% 34% 31% 33% 32% 39% 6% 9% 8% 5% 7% 7% 5% 3% 8% 6% 2% 12% 4% 3% 10% 6% 5% 5% 4% 4% 6% 7% 3% 10% 5% 3% 8% 4% 4% 6% 5% 10% 2% 3% 6% 3% 11% 4% 2% 3% Total Agree 65% 64% 64% 66% 69% 61% 67% 65% 60% 70% 54% 63% 76% 45% 13 Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

14 Where to Look for Info: 72% in cannot agree that they are sure where to look for investing information Do you agree or disagree with the following statements? [asked of all respondents; n=1,000; National n=1,500] I am not sure where to look for independent information about different investments Among all respondents Agree: : 38% National: 41% 13% 27% 72% () and 69% (National) Cannot agree that they know where to look for independent information about investing Disagree: : 28% National: 31% 12% 12% 7% 6% National Segmentation Those who say Disagree Alberta Prairies Ontario Quebec Region 28% 30% 27% 32% 33% 14 Atlantic 35% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know National

Breakdown: Those 55+ are more sure about where to look for independent investing information Do you agree or disagree with the following

[results of all respondents; n=1,000] I am not sure where to look for independent information about different investments Results

Interior/North Additional Sub-regions Victoria Northern Okanagan Investor Segmentation Investors Non-investors 10% 14% 11% 29% 27% 27%

15 Breakdown: Those 55+ are more sure about where to look for independent investing information Do you agree or disagree with the following statements? [results of all respondents; n=1,000] I am not sure where to look for independent information about different investments Results Disagree: 28% Total Disagree OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan Investor Segmentation Investors Non-investors 10% 14% 11% 29% 27% 27% 27% 28% 28% 27% 26% 20% 14% 9% 14% 7% 6% 6% 12% 7% 14% 10% 12% 12% 9% 13% 10% 10% 13% 7% 8% 3% 6% 9% 8% 5% 7% 6% 10% 7% 3% 28% 42% 32% 28% 29% 27% 30% 26% 36% 12% 15 Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

Confidence in Making Decisions: 7-in-10 (69%) investors say they are confident making investment decisions How confident are you when it comes to making investment decisions?

16 Confidence in Making Decisions: 7-in-10 (69%) investors say they are confident making investment decisions How confident are you when it comes to making investment decisions? [asked only of investors; n=650; National n=1,017] Among investors Confident: : 69% National: 69% National Segmentation Those who say Confident Region 69% 16 56% 53% Alberta 64% Not Confident: : 28% National: 28% Prairies Ontario 67% 68% 13% 20% 8% 7% 3% 3% Quebec Atlantic 65% 75% Very confident Somewhat confident Not very confident Not confident at all National Don t know

17 Breakdown: Men (80%) are more confident making investment decisions than women (59%) How confident are you when it comes to making investment decisions? [asked only of investors; results among Investors; n=650] Among investors Confident: 69% Total Confident 17 Investors Overall Age 13% 56% 20% 8% 3% 69% Gender 12% 13% 14% 51% 57% 58% 11% 4% 6% 4% 9% 2% 62% 70% 72% Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions 10% 11% 11% 63% 49% 58% 57% 49% 4% 1% 12% 4% 26% 6% 3% 11% 0% 11% 3% 80% 59% 73% 68% 60% Victoria Northern Okanagan 11% 13% 11% 60% 53% 46% 26% 10% 1% 2% 13% 4% 71% 65% 58% Very confident Somewhat confident Not very confident Not confident at all Don t know

18 On Track Towards Goals: 6-in-10 investors in (62%) say they know their goals and are on track to meet them Do you agree or disagree with the following statements? [asked only of investors; n=650; National n=1,017] I know what my investment goals are and I am on track to meet them Among investors Agree: : 62% National: 62% National Segmentation Those who say Agree Region 62% 18 41% 40% Alberta 59% Prairies 61% Disagree: : 13% National: 14% Ontario 63% 9% 10% Quebec 65% 4% 4% 3% 3% Atlantic 62% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know National

Breakdown: Agreement is highest among men and strong agreement among investors over 55 Do you agree or disagree with the following statements?

19 Breakdown: Agreement is highest among men and strong agreement among investors over 55 Do you agree or disagree with the following statements? [results only of investors; results among Investors; n=650] I know what my investment goals are and I am on track to meet them Among investors OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan 27% 26% 14% Agree: 62% 38% 47% 39% 41% 38% 40% 42% 40% 41% 47% 34% 42% 20% 20% 8% 12% 9% 9% 5% 4% 7% 3% 3% 10% 9% 4% 3% 5% 4% 8% 4% 1% 5% 5% 7% 13% 4% 2% 3% 4% 9% 6% 6% 9% 4% 3% 6% 7% Total Agree 62% 57% 62% 64% 68% 57% 63% 63% 59% 62% 62% 53% 19 Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

20 Understand Risks and Benefits: 73% of investors say they understand the risks and benefits of their investments Do you agree or disagree with the following statements? [asked only of investors; n=650; National n=1,017] I understand all of my current investments and what risks and benefits they entail Among investors National Segmentation Those who say Agree Region 20 Agree: : 73% National: 72% Alberta 73% 69% 46% 44% Prairies 68% 27% 28% Disagree: : 8% National: 9% Ontario Quebec 75% 69% 6% 6% 2% 3% 3% 2% Atlantic 71% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know National

21 Breakdown: Agreement is highest among those 55+ and among men Do you agree or disagree with the following statements? [results only of investors; results among Investors; n=650] I understand all of my current investments and what risks and benefits they entail Among investors Agree: 73% Total Agree 21 OVERALL Age Gender Male Female Broad Regions 27% 31% 31% 46% 37% 49% 46% 47% 47% 13% 6% 2% 3% 8% 3% 4% 5% 3% 4% 8% 6% 1% 2% 4% 1% 3% 4% 73% 62% 71% 78% 77% 69% Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan 28% 28% 42% 46% 48% 46% 43% 48% 29% 14% 7% 13% 13% 5% 2% 9% 2% 3% 7% 2% 4% 10% 2% 9% 10% 1% 3% 74% 71% 74% 68% 71% 73% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

22 Understanding of Fees: 56% of investors say they have a good understanding of the fees and charges they pay Do you agree or disagree with the following statements? [asked only of investors; n=650; National n=1,017] I have a good understanding of the fees and charges I pay on my investments Among investors National Segmentation Those who say Agree Region 22 Agree: : 56% National: 55% 36% 36% Alberta 56% 57% 20% Disagree: : National: Prairies Ontario 53% 55% 14% 11% 7% 10% 4% 3% Quebec Atlantic 53% 52% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know National

Breakdown: Men and those 55+ are more likely to say they have a good understanding of the fees they pay Do you agree or disagree with the following statements?

23 Breakdown: Men and those 55+ are more likely to say they have a good understanding of the fees they pay Do you agree or disagree with the following statements? [asked only of investors; results among investors; n=650] I have a good understanding of the fees and charges I pay on my investments Among investors Investors Overall Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan 12% 20% 14% Agree: 56% 32% 32% 34% 36% 37% 34% 34% 27% 37% 38% 38% 31% 29% 20% 27% 12% 11% 13% 14% 11% 11% 10% 10% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know 8% 8% 7% 4% 8% 7% 3% 6% 3% 6% 2% 6% 3% 9% 9% 8% 7% 6% 3% 4% 5% 9% 2% 10% 3% Total Agree 56% 44% 55% 60% 60% 51% 59% 53% 50% 50% 56% 46% 23

24 Investment Literacy 24

Investment Literacy: Only 1-in-6 in () answered all 3 questions correctly, on par with

[asked of all respondents; n=1,000; National n=1,500] Among all respondents Correct

money increases National 49% 55% 35% 29% 49% 55% Mutual funds pay a guaranteed rate of

National 29% 30% 14% 57% 51% 29% 30% True False Don t know The graph below shows the

25 Investment Literacy: Only 1-in-6 in () answered all 3 questions correctly, on par with the national results Are the following statements true or false? [asked of all respondents; n=1,000; National n=1,500] Among all respondents Correct Answer Canada 25 When an investor diversifies his or her investments, the risk of losing money increases National 49% 55% 35% 29% 49% 55% Mutual funds pay a guaranteed rate of return National 20% 45% 46% 38% 35% 45% 46% Bond prices go up when interest rates go down National 29% 30% 14% 57% 51% 29% 30% True False Don t know The graph below shows the distribution of correct answers based on the answer respondents chose to each question. 35% National 28% 31% 3 all correct 2 1 None

Breakdown: Those 55+, men, and investors have the highest investment literacy The graph below

Results 26 OVERALL Age 18-34 35-54 55+ Gender Male Female Broad Regions Lower Mainland/Fraser

Investor Segmentation Investors Non-investors 6% 13% 3% 9% 14% 9% 28% 12% 26% 26% 26% 28% 27%

26 Breakdown: Those 55+, men, and investors have the highest investment literacy The graph below shows the distribution of correct answers based on the answer respondents chose to each question. Results 26 OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Victoria Northern Okanagan Investor Segmentation Investors Non-investors 6% 13% 3% 9% 14% 9% 28% 12% 26% 26% 26% 28% 27% 31% 26% 33% 32% 28% 26% 20% 59% 53% 40% 41% 35% 29% 34% 33% 41% 35% 42% 38% 20% All 3 correct 2 of 3 1 of 3 None

27 Identifying as an Investor 27

28 Nationally, 3-in-10 (30%) respondents say that the term investor describes them well How well do the following words describe you? Please use a scale between zero to ten where ten is Describes you exactly and zero is Does not describe you at all. [asked of all respondents; National n=1,500] Among all respondents 28 Does not describe me well (0-3) Investor : 38% Saver : 20% Describes me well (7-10) Investor : 30% Saver : 48% 7% 6% 8% 8% 7% 6% 5% 4% 3% 14% 12% 10% 12% 8% 4% 6% 6% 11% 0 - Does not describe me at all Describes me exactly Investor Saver

Among investors: Only 37% of investors and 40% of all investors say that the term investor describes them well How well do the following words describe you?

29 Among investors: Only 37% of investors and 40% of all investors say that the term investor describes them well How well do the following words describe you? Please use a scale between zero to ten where ten is Describes you exactly and zero is Does not describe you at all. (Investor) [results of investors only; n=650; National n=1,017] Among investors 29 Investor does describes (7-10) : 37% National: 40% Investor does not describe (0-3) : National: 26% 13% 12% 11% 11% 8% 7% 4% 4% 7% 8% 7% 8% 6% 7% 4% 5% 6% 7% 0 - Does not describe me at all Describes me exactly National

National Breakdown: Investors with larger portfolio sizes are more likely to self-describe as an investor How well do the following words describe you?

30 National Breakdown: Investors with larger portfolio sizes are more likely to self-describe as an investor How well do the following words describe you? Please use a scale between zero to ten where ten is Describes you exactly and zero is Does not describe you at all. (Investor) BY Gender, Region, and Portfolio Size [results of Investors; n=1,017] Among investors 30 % Does not describe (0 to 3) % Does describe (7 to 10) OVERALL Gender Male Female Region Alberta Prairies Ontario Quebec Atlantic Portfolio Size Under $50k $50k-$100k $100k-$250k $250k-$500k $500k+ Prefer not to say/dk 26% 31% 28% 27% 31% 34% 20% 14% 5% 4% OVERALL Gender Male Female Region Alberta Prairies Ontario Quebec Atlantic Portfolio Size Under $50k $50k-$100k $100k-$250k $250k-$500k $500k+ Prefer not to say/dk 32% 40% 47% 37% 36% 41% 42% 40% 32% 39% 50% 59% 70% 40%

31 Breakdown: Investors residing in the LM/FV and men are more likely to self-describe as an investor How well do the following words describe you?

(Investor) BY Age, Gender, Region, and Portfolio Size [results of Investors; n=650] Among investors % Does not describe (0 to 3) % Does describe (7 to 10) OVERALL Age 18-34 35-54 55+ Gender Male

31 31 Breakdown: Investors residing in the LM/FV and men are more likely to self-describe as an investor How well do the following words describe you? Please use a scale between zero to ten where ten is Describes you exactly and zero is Does not describe you at all. (Investor) BY Age, Gender, Region, and Portfolio Size [results of Investors; n=650] Among investors % Does not describe (0 to 3) % Does describe (7 to 10) OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Northern Victoria Okanagan Portfolio Size Under $50k $50k-$100k $100k-$250k $250k-$500k $500k+ Prefer not to say/don't know 13% 8% 6% 13% 28% 30% 26% 32% 38% 35% 32% OVERALL Age Gender Male Female Broad Regions Lower Mainland/Fraser Valley Vancouver Island Interior/North Additional Sub-regions Northern Victoria Okanagan Portfolio Size Under $50k $50k-$100k $100k-$250k $250k-$500k $500k+ Prefer not to say/don't know 37% 33% 37% 39% 28% 41% 35% 29% 31% 38% 33% 26% 33% 35% 46% 51% 60% 68%

32 32 Impact of Identifying as an Investor

33 Investors who identify as such are much more likely to say they understand the risks/benefits of their investments Do you agree or disagree with the following statements? BY Self-identification [asked only of investors; n=650; National n=1,017] I understand all of my current investments and what risks and benefits they entail 33 Among investors Total Agree Investors 27% 46% 6% 2% 3% 73% Identify as "investor" 39% 49% 10% 2% 0% 88% Do not identify 20% 44% 20% 9% 3% 4% 64% Among all investors (National) All Investors (National) 28% 44% 6% 3% 2% 72% Identify as "investor" 44% 44% 8% 2% 1% 88% Do not identify 45% 9% 5% 3% 62% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

34 Investors who identify as such are more likely to say they know their goals and are on track to meet them Do you agree or disagree with the following statements? BY Self-identification [asked only of investors; n=650; National n=1,017] I know what my investment goals are and I am on track to meet them 34 Among investors Total Agree Investors 41% 9% 4% 3% 62% Identify as "investor" 36% 45% 2% 82% Do not identify 13% 38% 26% 13% 6% 5% 51% Among all investors (National) All Investors (National) 40% 10% 4% 3% 62% Identify as "investor" 39% 45% 11% 3% 1% 85% Do not identify 12% 36% 27% 14% 6% 4% 48% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

35 Investors who identify as such are more likely to say they have a good understanding of the fees they pay 35 Do you agree or disagree with the following statements? [asked only of investors; n=650; National n=1,017] I have a good understanding of the fees and charges I pay on my investments Among investors Total Agree Investors 20% 36% 11% 7% 4% 56% Identify as "investor" 33% 44% 3% 2% 77% Do not identify 12% 31% 27% 10% 5% 43% Among all investors (National) All Investors (National) 36% 14% 10% 3% 55% Identify as "investor" 32% 42% 7% 3% 1% 74% Do not identify 9% 33% 14% 5% 42% Strongly agree Somewhat agree Neither agree nor disagree Somewhat disagree Strongly disagree Don t Know

Investors who identify as such are more than twice as likely to answer all three questions correctly as those who don t Investment Literacy by Self-identification [results of investors only; n=650;

36 Investors who identify as such are more than twice as likely to answer all three questions correctly as those who don t Investment Literacy by Self-identification [results of investors only; n=650; National n=1,017] 36 Among investors Investors 33% All 3 correct Identify as "investor" 38% 38% 13% 11% 38% Do not identify 30% 26% 29% Among all investors (National) All Investors (National) 33% 20% Identify as "investor" 36% 36% 10% 36% Do not identify 32% 26% 27% All 3 correct 2 of 3 1 of 3 None

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