Many Canadians are turning to their financial savings accounts to handle rising monetary pressures, selecting money liquidity over investing in accounts like tax-free financial savings accounts (TFSAs), registered retirement financial savings plans (RRSPs) or first residence financial savings accounts (FHSAs), says Pat Giles, vice-president, Saving and Investing Journey at TD. “Over a 3rd (35%) of Canadians are contributing to a financial savings account solely.”
A niche in monetary literacy
There’s extra. It’s not solely at present’s financial system that’s negatively affecting how Canadians save and make investments. TD’s survey additionally reveals a elementary hole in monetary literacy: 45% of Canadians don’t really feel assured of their funding data. “Solely 58% of Canadians are investing not less than yearly, and a 3rd (34%) have by no means invested,” says Giles. “Apparently, 68% of Gen Z constantly make investments yearly—the best throughout all age demographics. This era is getting it proper and realizing the significance of investing to assist them attain their monetary objectives.”
Regardless of your age or monetary objectives, having the fitting monetary assist could make a big distinction. TD’s survey highlights the significance of getting the fitting recommendation to assist in your saving and investing journey.
“Whether or not saving for retirement or a wet day, don’t wait. The sooner you begin investing, the extra you’ll be able to profit from market progress and compound curiosity.”
—Pat Giles, vice-president, Saving and Investing Journey, TD
In search of assist
“Practically half (48%) of the Canadians surveyed who really feel their long-term investments aren’t arrange successfully say they’d be extra assured in reaching their monetary objectives in the event that they acquired assist from a monetary skilled,” says Giles. “Whether or not saving for retirement or a wet day, the sooner you begin investing, the extra you’ll be able to profit from market progress and compound curiosity.”
TD provides sources to assist Canadians construct customized monetary plans, together with TD Wealth Monetary Planning Direct and the TD Recommendation Hub. As well as, shoppers can work with a TD Private Banker, who helps folks with choices about private funds and investments. “Utilizing instruments like TD Objective Builder, a TD Private Banker may also help Canadians perceive the completely different financial savings choices out there to them, assist them develop a plan suited to their monetary objectives, educate them on getting began in investing, and assist to increase their monetary data,” says Giles.
Schedule an appointment with a TD Private Banker at present to get recommendation in your distinctive objectives.
Get free MoneySense monetary suggestions, information & recommendation in your inbox.
Extra about private finance:
