American investors are becoming more self-reliant when it comes to managing their financial circumstances, according to a new survey by Scottrade, Inc.
The 2011 Scottrade American Investor Survey, which polled 1,186 respondents, found that 45 percent of respondents said they make all investment decisions themselves, without the help of an advisor, compared to 41 percent in 2010 and 32 percent in 2009.
It also found that 46 percent of investors check their investments more than once a week, up from 40 percent in 2010 and 31 percent in 2009.
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"People's interests are piqued in the market because they see the opportunity, but they are able to take action because more resources and online trading tools are available to help them find those specific openings for themselves," said Kim Wells, Scottrade's executive director of product development and chief marketing officer.
Investor confidence took a major leap in 2011, with 54 percent of investors believing their portfolio would be up significantly in 2011, compared to 22 percent last year. This rise in confidence comes as more than one-third of investors say they taught themselves how to invest by using online investment education tools. The trend seems to be paying off. Sixty percent of investors reported a portfolio gain in the past year, compared with 44 percent in 2010 and 29 percent in 2009.
Scottrade is an online investing firm with more than 500 nationwide branch offices.
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