Pat Giles says many Canadians are turning to savings accounts to cope with growing financial stress, choosing cash liquidity instead of investing in a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP) or Accounts like First Home Savings Account (FHSA), TD Vice President of Savings & Investing Journeys. “More than one-third (35 per cent) of Canadians only save money in a savings account.”
Gap exists in financial literacy
There is more. It’s not just today’s economy that is negatively impacting the way Canadians save and invest. The TD Bank survey also revealed a fundamental gap in financial literacy: 45 per cent of Canadians are not confident in their investing knowledge. “Only 58 per cent of Canadians invest at least annually, and one-third (34 per cent) never invest,” Giles said. “Interestingly, 68% of Gen Z continue to invest annually – the highest of any age group. This generation is correctly recognizing the importance of investing in helping them achieve their financial goals.
No matter your age or financial goals, having the right financial support can make a big difference. TD’s survey highlights the importance of getting the right advice to help you on your saving and investing journey.
“Whether you’re saving for retirement or a rainy day, don’t wait. The sooner you start investing, the more you can benefit from market growth and compound interest.
—Pat Giles, Vice President, Savings and Investing Journeys, TD
seek support
“Nearly half (48 per cent) of Canadians surveyed feel their long-term investments are not effectively established and say they would be more confident in achieving their financial goals if they had help from a financial professional,” said Giles. “Whether you’re saving for retirement or a rainy day, the sooner you start investing, the more you’ll benefit from market growth and compound interest.”
TD provides resources to help Canadians create personalized financial plans, including TD Wealth Financial Planning Direct and TD Advice Hub. In addition, clients can work with a TD Personal Banker to help people make decisions about their personal finances and investments. “Using tools like the TD Goal Builder, TD Personal Bankers can help Canadians understand the different savings options available to them, help them create a plan that fits their financial goals, educate them to get started investing, and help them expand their financial knowledge,” Jia els said.
Make an appointment with a TD Personal Banking advisor today to get advice for your unique goals.
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