Cost of living increases hit confidence
According to a new TD survey, 43 percent of Canadians are uncertain about retiring on schedule.
Most Canadians (71 percent) cited the high cost of living and inflation as obstacles hindering their financial goals over the past year. Furthermore, almost half of Canadians (47 percent) either have not or do not plan to contribute to their investments this year, with 46 percent attributing their decision to increased living costs.
Additionally, nearly half of Canadians (47 percent) lack confidence in their 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. In challenging economic conditions, the right financial support can make a significant difference, especially when balancing competing saving and spending priorities,” says Pat Giles, vice president, saving and investing journey at TD.
90 percent of Canadians that have a personalized financial plan believe it is helping them achieve their financial goals, Giles adds.
‘No amount is too small to start saving or investing’
The survey found that 54 percent of Canadians did not establish a personalized financial plan in the past year. Among those without a plan, 38 percent admit that they would feel more confident in their financial goals with one.
Giles dispels the myth that a specific dollar figure is necessary “to start prioritizing your financial future.”
“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. It's a myth that you need to have a certain dollar figure to start...No amount is too small to start saving or investing,” says Giles.
Conducted by Maru Public Opinion on behalf of TD, the online survey ran from October 23-24 and gathered data among 1,524 randomly selected Canadian adults who are Maru Voice Canada panelists.
