Many Canadians are turning to their savings accounts to address growing financial pressures, selecting money liquidity over investing in accounts equivalent to 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 contribute exclusively to a savings account.”
A niche in financial literacy
There’s more. It’s not only today’s economy that’s negatively impacting the best way Canadians save and invest. TD’s survey also reveals a fundamental gap in financial literacy: 45% of Canadians are unsure of their investing knowledge. “Only 58% of Canadians invest at least annually, and a third (34%) have never invested,” says Giles. “Interestingly, 68% of Generation Z invest regularly on an annual basis – the highest of all age groups. This generation is doing it right and recognizing the importance of investing to achieve their financial goals.”
No matter your age or financial goals, the proper financial support could make a big difference. TD’s survey highlights the importance of getting the proper advice to assist you to in 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, Saving and Investing Journey, TD
I’m searching for support
“Nearly half (48%) of Canadians surveyed who feel their long-term investments are not being invested effectively say they would be more confident in achieving their financial goals if they had help from a financial professional,” says Giles . “Whether you’re saving for retirement or saving for a rainy day, the sooner you start investing, the more you can benefit from market growth and compound interest.”
TD offers resources to assist Canadians create personalized financial plans, including TD Wealth Financial Planning Direct and the TD Advice Hub. Additionally, customers can work with a TD Personal Banker who helps people make personal finance and investment decisions. “With 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 that meets their financial goals, educate them about getting started with investing and help them expand their financial knowledge.” says Giles.
Schedule an appointment with a TD Personal Banker Get advice in your individual goals today.
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