Six in 10 Canadians are concerned about their financial future and worry about investing: TD survey
5 minute read
5 minute read
Fifty-six per cent of respondents agree it's important to contribute to investments, but 62% say the market is too risky for them to invest in now
TORONTO, Feb. 7, 2023 /CNW/ - Amidst an economic backdrop of high inflation, increased interest rates and talks of a recession, it's no wonder that Canadians are concerned about their financial future.
In fact, a recent TD survey found that nearly six in 10 (56 per cent) Canadians said they're worried about getting through the next year and haven't started thinking about their future financial security. These worries extended to their investments too:
"The state of the economy has intensified Canadians' anxieties when it comes to their finances and investments," said Pat Giles, Vice President, Savings & Investing Journey at TD. "Many are struggling to balance competing spending priorities and their financial goals may have changed as a result. That's why it's more important than ever to seek trusted advice to help you navigate times of economic turbulence."
With tax season upon us and with 34 per cent of Canadians in the survey stating they're not confident in their understanding of income taxes and how their investments impact their tax returns, a TD Personal Banker can help Canadians understand the different savings vehicles available to them, such as TFSAs and RRSPs.
For both accounts, automatic contributions or pre-authorized purchase plans can be set up to alleviate the hassle that comes with manually managing an investment.
Nearly half (47 per cent) of Canadians are not confident in their understanding of mutual funds and GICs which can also be useful savings vehicles that are offered by banks and other financial institutions.
In addition to providing advice on different savings opportunities, TD Personal Bankers can help Canadians set or review their financial goals in the face of a challenging economy. Part of that guidance could include helping customers get their financial house in order, build their savings and keep their focus on the bigger picture.
"Whether you're saving for retirement, a short-term goal or a rainy day, there is no 'one-size-fits-all' approach to investing and saving," said Giles. "That's where personalized advice comes in. A TD Personal Banker can help you create the right plan based on your needs. Even in times of economic uncertainty, it's important to prioritize your financial future. No amount is too small to start saving or investing."
Here are a few of the resources TD offers to help customers have open and frequent discussions about their finances and investment goals:
Results are based on an Ipsos poll conducted online between December 8 to 16, 2022, on behalf of TD Canada Trust. A sample of 2,001 Canadians aged 18 and over were interviewed online for this survey.
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 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 an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had $1.9 trillion in assets on October 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group