With the current economic climate making Canadians cautious, 35% are opting for liquidity in their choice of savings accounts rather than TFSAs, RRSPs, or FHSAs, especially as just 30% know when it is appropriate to choose an RRSP versus a TFSA.
More than a third of respondents who have never invested and 58% who only do so once a year, although 30% don’t have a personalized investment plan with 29% of that group believing they don’t save enough money to need one and 20% not knowing where to start.
For those with investments, almost half who don’t think they are set up correctly say they would benefit from working with a financial professional.
“It’s no secret that Canadians are feeling the impact of the current economic climate in how they approach their investments, and that’s why it’s more important than ever to seek trusted advice,” said Pat Giles, Vice President, Saving & Investing Journey at TD. “It’s encouraging to see that Canadians would feel more confident reaching their financial goals if helped by a financial professional. Having the right financial support can make a significant difference when it comes to planning for both short and long-term financial goals.”
Gen Z doing it better
The survey found that the youngest cohort of adults, Gen Z, are already showing good financial habits.
