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A recent TD survey highlights the financial challenges many Canadians face today—and how expert support can help them reach their goals.
The current economy is impacting how Canadians save and invest. According to a recent survey by TD, 65% of Canadians reported that the high cost of living is impacting their ability to meet their financial goals.
Many Canadians are turning to their savings accounts to manage growing financial pressures, choosing cash liquidity over investing in accounts like tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) or first home savings accounts (FHSAs), says Pat Giles, vice-president, Saving and Investing Journey at TD. “Over a third (35%) of Canadians are contributing to a savings account only.”
There’s more. It’s not only today’s economy that is negatively affecting how Canadians save and invest. TD’s survey also reveals a fundamental gap in financial literacy: 45% of Canadians don’t feel confident in their investment knowledge. “Only 58% of Canadians are investing at least annually, and a third (34%) have never invested,” says Giles. “Interestingly, 68% of Gen Z consistently invest annually—the highest across all age demographics. This generation is getting it right and realizing the importance of investing to help them reach their financial goals.”
No matter your age or financial goals, having the right financial support can make a significant difference. TD’s survey highlights the importance of getting the right advice to help on your saving and investing journey.
“Whether saving for retirement or a rainy day, don’t wait. The earlier you start investing, the more you can benefit from market growth and compound interest.”
—Pat Giles, vice-president, Saving and Investing Journey, TD
“Nearly half (48%) of the Canadians surveyed who feel their long-term investments aren’t set up effectively say they’d be more confident in reaching their financial goals if they got help from a financial professional,” says Giles. “Whether saving for retirement or a rainy day, the earlier you start investing, the more you can benefit from market growth and compound interest.”
TD offers resources to help Canadians build personalized financial plans, including TD Wealth Financial Planning Direct and the TD Advice Hub. In addition, clients can work with a TD Personal Banker, who helps people with decisions about personal finances and investments. “Using tools like TD Goal Builder, a TD Personal Banker can help Canadians understand the different savings options available to them, help them develop a plan suited to their financial goals, educate them on getting started in investing, and help to expand their financial knowledge,” says Giles.
Schedule an appointment with a TD Personal Banker today to get advice on your unique goals.
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