But there's hope: 90% of Canadians with a
personalized financial plan believe it is helping them reach their
TORONTO, Dec. 5, 2023
/CNW/ - In a Canadian economy marked by high interest rates, and
inflation, being able to set and achieve your financial goals is
more important than ever.
A recent TD survey found that 43 per cent of Canadians
are not confident they will be able to retire when they initially
planned. More concerns about Canadians' financial futures were
expressed in the survey's findings:
- Among the survey's findings, it was revealed that the vast
majority of Canadians (71 per cent) cited a high cost
of living and inflation as a challenge that made accomplishing
their financial goals more difficult in the past year
- Almost half of Canadians (47 per cent) have not made or
are not planning to make any contributions to their investments
this year, with 46 per cent citing it was because their cost
of living has increased, up from 44 per cent in 2022.
- When it comes to financial planning, the survey also found that
47 per cent of Canadians do not feel confident in their
level of investment knowledge.
"Canada's current economic climate continues to impact how
Canadians approach their finances and 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. "In challenging economic conditions,
the right financial support can make a significant difference,
especially when balancing competing saving and spending priorities.
Our survey shows that 90 per cent of Canadians with a
personalized financial plan believe it is helping them reach their
The Survey also revealed the majority of Canadians (54 per
cent) have not established a personalized financial plan in the
past year that is tailored to their goals and, among those without
a personalized financial plan, nearly four-in-ten (38 per
cent) would feel more confident in their ability to meet their
financial goals if they had one. It is never too late, or too
early, to start investing in your future. Knowing where and how to
start is key.
Understanding your options
With tax season upon us, and with more than one third (39 per
cent) of Canadians not confident they know when to contribute
to a Registered Retirement Savings Plan (RRSP) versus
Tax-Free Savings Account (TFSA), a TD Personal Banker can help
Canadians understand the different savings options available to
them, help develop a plan that suits their financial goals, as well
as educate Canadians on how they can start investing and expanding
on their financial knowledge.
- RRSPs are tax-deferred registered plans that allow investors to
grow their savings for retirement. Adding funds to your RRSP within
your contribution room before the annual contribution deadline
(February 29, 2024) could help reduce
your taxable income, potentially resulting in savings on your tax
bill or a tax refund.
- A TFSA, on the other hand, is a registered savings plan in
which income earned on the amount invested in qualified investments
is not taxed and no tax is payable on any amounts withdrawn.
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.
Building your confidence
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
"Whether you're saving for a short-term goal or retirement,
there is no 'one-size-fits-all' approach on your saving and
investing journey," added Giles. "It's a myth that you need to have
a certain dollar figure to start prioritizing your financial future
and a TD Personal Banker can help you create the right plan based
on your unique needs and the amount you would want to contribute.
No amount is too small to start saving or investing."
TD offers tools and resources to help customers establish their
financial goals, set personalized financial plans, and track their
progress as they work towards achieving them:
- TD Personal Bankers are available across the country to
offer financial advice and help customers with decisions around
money matters, personal finances, and investments to help achieve
their unique financial goals.
- Using TD Goal Builder, a Personal Banker can
provide customized investment advice to help customers work toward
their financial goals, whether they're saving for retirement, a
child's education, a home or another major purchase.
- TD Financial Planning Direct offers end-to-end
wealth experience delivered remotely. From opening accounts to
developing a comprehensive financial plan, customers can take
charge of their financial well-being, wherever they
- The TD Ready Advice Hub has information and
articles available on a variety of financial topics and
About the TD Survey
This Maru Public Opinion survey was conducted on behalf of the
TD Bank Group and undertaken by the sample and data collection
experts at Maru/Blue. From October 23-24,
2023, the online survey ran among 1,524 randomly selected
Canadian adults who are Maru Voice
Canada panelists. The findings are weighted to reflect the
Canadian population and a comparative probability sample of this
size has an estimated margin of error (which measures sampling
variability) of ±2.6%, 19 times out of 20.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Group ("TD" or the "Bank"). TD is the sixth
largest bank in North America by
assets and serves over 27.5 million customers in four key
businesses operating in a number of locations in financial centres
around the globe: Canadian Personal and Commercial Banking,
including TD Canada Trust and TD Auto Finance Canada; 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; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and TD Insurance; and Wholesale
Banking, including TD Securities and TD Cowen. TD also ranks among
the world's leading online financial services firms, with more than
16 million active online and mobile customers. TD had $1.96 trillion in assets on October 31, 2023. The Toronto-Dominion Bank
trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
TD Mutual Funds and the TD Managed Assets Program portfolios are
managed by TD Asset Management Inc., a wholly-owned subsidiary of
The Toronto-Dominion Bank and are available through authorized
dealers. ® The TD logo and other trademarks are the property of The
Toronto-Dominion Bank or its subsidiaries.
SOURCE TD Bank Group