TD Financial Health Index Finds 4 in 10 Canadians are Financially Struggling: New Report Features Insights from Over 10,000 Canadians Across Demographics and Regions
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TORONTO, Oct. 29, 2019 /CNW/ - Today, TD Bank Group unveiled the TD Financial Health Index, a national benchmarking survey providing a portrait of Canadians' financial well-being and a holistic look at how Canadians are managing their personal finances.
The study reveals that while just over a quarter of Canadians surveyed are "financially healthy," 4 in 10 Canadians are struggling with some or all aspects of their finances. Findings from the survey reinforced the need to significantly enhance financial education to arm Canadians with the knowledge and actions they need to overcome their current challenges and thrive in the future.
"Most Canadians are still unsure about what to do, where to turn and even what questions to ask when it comes to seeking financial advice and information," said Teri Currie, Group Head, Canadian Personal Banking at TD. "Insights from the TD Financial Health Index into the financial well-being of Canadians will help us create better tools, programs and advice for the many Canadians who continue to struggle with a lack of financial confidence."
Working with Ipsos and based on responses from more than 10,000 Canadians, the TD Financial Health Index provides key insights into the complex state of Canadians' financial health according to how individuals spend, save, borrow and plan.
Key Findings:
Sociodemographic Trends
The TD Financial Health Index was designed to help shed light on the financial conditions of Canadians particularly as they relate to specific sub-groups. Key findings include:
Geographic Trends
The TD Financial Health Index also looked at key regional and community differences across Canada. Key findings include:
"Asking for help when it comes to money is a critical step towards financial confidence," says Rina DeGrazia, VP Financial Education. "Let's remove the stigma around money conversations and tell Canadians that there are no dumb questions when it comes your finances."
DeGrazia adds that a range of in-person and self-serve resources are available to navigate your financial needs, including a mix of digital, phone and in-branch interactions to assess your situation and help reach your goals. "For example, you may enjoy the convenience of using TD MySpend to track your daily spending and saving, and then want to come in for a face-to-face conversation to discuss your larger financial plan."
Commitment to Financial Education
TD provides advice, tools and programs aimed at helping Canadians live their lives with greater financial confidence.
Based on learnings from the TD Financial Health Index, TD will launch a new financial education series later this year. The program will deliver foundational financial literacy skills like budgeting and saving, giving Canadians the opportunity to enhance their financial know-how, in-person, from a TD Advisor in their community. For additional findings on financial health in Canada, please view the complete TD Financial Health Index at newsroom.td.com.
About the TD Financial Health Index
Based on the Financial Health Network's FinHealth Score™ and adapted to a Canadian context, the TD Financial Health Index relies on eight indicators of financial health, two in each of four categories (spend, save, borrow, and plan). From these indicators, a Financial Health Score can be calculated, which is a score that runs from 0-100. Those with scores from 0-39 are financially vulnerable. Those with scores from 40-59 are financially coping (low), and those with scores from 60-79 are financially coping (high). Those with scores of 80-100 are considered financially healthy.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Groupe ("TD" or the "Bank"). TD is the fifth largest bank in North America by branches and serves over 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and the Bank's investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 13 million active online and mobile customers. TD had CDN$1.4 trillion in assets on July 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group