Many Canadians are turning to their savings accounts to manage mounting financial pressures, choosing to pay cash instead of investing in accounts such as tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) or early childhood savings accounts ( FHSAs), says Pat Giles. , vice president, Travel Savings and Investing at TD. “More than one-third (35%) of Canadians contribute only to a savings account.”
Gap in financial literacy
There is more. It’s not just today’s economy that has a negative impact on how Canadians save and invest. The TD survey also reveals a significant gap in financial literacy: 45% of Canadians do not feel confident in their investment knowledge. “Only 58% of Canadians invest at least once a year, and a third (34%) have never invested,” said Giles. Interestingly, 68% of Gen Z invest annually—the highest of any age group. This generation is getting it right and they see the importance of investing to help them reach their financial goals.”
Regardless of your age or your financial goals, having the right financial support can make a big difference. The TD 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. If you start investing early, you can benefit greatly from market growth and compound interest.”
—Pat Giles, vice president, Travel Savings and Investments, TD
Seeking support
“Nearly half (48%) of Canadians surveyed who feel their long-term investments are not set up effectively say they would be more confident in reaching their financial goals if they could get help from a financial professional,” said Giles. “Whether you’re saving for retirement or a rainy day, when you start investing early, you can benefit greatly from market growth and compound interest.”
TD offers 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, which helps people make decisions about personal finances and investments. “Using tools like TD Goal Builder, TD Personal Banker can help Canadians understand the different savings options available to them, help them create a plan that fits their financial goals, teach them how to start investing, and help them increase their financial literacy. ,” said Giles.
Schedule an appointment with a TD Personal Banker today for advice on your unique goals.
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