58% of established Canadians expect
inflation/cost of living to be the biggest financial challenges of
2024, with 38% of new Canadians thinking the same thing
TORONTO, Jan. 18,
2024 /CNW/ - With the new year underway, TD is
sharing the results of a new survey conducted on behalf of TD,
which looked at the 2024 financial outlook for established Canadian
respondents (more than five years in Canada), and new Canadian respondents (zero to
five years in Canada), aged
25+.
Higher household income doesn't
always equate to a more positive financial outlook
Despite a higher percentage of established Canadians having a
larger household income compared to new Canadians, the survey found
that 36 per cent of established Canadians feel less positive
about their 2024 financial outlook compared to 2023, with just
19 per cent feeling more positive. This is in contrast to
new Canadians surveyed, with only 15 per cent feeling less
positive about their 2024 financial outlook and 67 per cent
feeling more positive, compared to 2023.
"With another uncertain economic year projected, it isn't
surprising that many Canadians aren't feeling optimistic about
their finances as we head into 2024", said Emily Ross, VP, Everyday Advice Journey at TD.
"Despite what financial challenges may lay ahead, the survey also
showed that, for many, there are ways to build their financial
confidence", added Ross.
The key to optimism may be a
difference in approach to financial planning
New Canadians appear to be approaching the new year not only
with a more optimistic financial outlook, but also clearer
financial goals, compared to established Canadians:
- 97 per cent of new Canadians have a financial new year's
resolution, compared to 59 per cent of established
Canadians
- New Canadians are also taking active steps to make their
resolutions happen, with 92 per cent planning to cut their
spending in the new year, compared with only 55 per cent of
established Canadians
In addition, New Canadians are more likely to seek out regular
professional financial advice:
- Of established Canadians who meet with a qualified financial
professional, most (43%) only meet with them once a
year
- Of new Canadians who meet with a qualified financial
professional, most (53%) meet with them at least once a
quarter
New Canadians are also more likely to take advantage of
budgeting tools like a spreadsheet or mobile app to help with their
finances:
- 29 per cent of established Canadians use budgeting tools
like a spreadsheet or mobile app to help with their finances
- 66 per cent of New Canadians use budgeting tools like a
spreadsheet or mobile app to help with their finances
"Respondents with a more optimistic financial outlook tended to
take proactive steps to ensure their financial stability and
success, such as an increased focus on planning and professional
advice", added Ross. We know that measures like making financial
resolutions, budgeting, using financial tools and meeting regularly
with a qualified financial professional, are all effective ways to
better ensure the security of your financial future, especially in
challenging times."
Feeling better about your
finances
As Canadians consider their current financial outlook and aim to
chart a path for the new year, access to advice and insights from
professionals is essential to taking the right approach.
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 MySpend Take control of your savings and
spending with the TD MySpend app, the tool that gives you financial
control – and confidence – right at your fingertips. Track your
daily and monthly cash flow, create a wishlist of savings goals and
get insights to help you make these goals happen.
- The TD Ready Advice Hub has information and
articles available on a variety of financial topics and
investing.
About the TD Survey
This Maru Public Opinion survey was conducted on behalf of
the TD Bank Group and undertaken between November 21 - 6 December, 2023, by the sample and
data management experts at Maru/Blue. The survey ran among 1,062
randomly selected Canadians aged 25+ excluding students, 479
randomly selected New Canadians aged 25+ who arrived in
Canada in the last 5 years
excluding students, all who are Maru Voice
Canada online panelists. For comparison purposes, a
probability sample of 1,062 has an estimated margin of error (which
measures sampling variability) of ± 3.0%, 19 times out of 20. For a
sample of 479, the estimated margin of error would be ± 4.4%, 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.
SOURCE TD Bank Group