How to save and invest smarter: What Canadians need to know Dec 31st

How to go about securing the best savings strategy in Canada.

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How to save and invest smarter: What Canadians need to know

– moneysense.ca

The current economy is impacting how Canadians save and invest. According to a recent survey by TD, 65% of Canadians reported that the high cost of living is impacting their ability to meet their financial goals.

Many Canadians are turning to their savings accounts to manage growing financial pressures, choosing cash liquidity over investing in accounts like tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) or first home savings accounts (FHSAs), says Pat Giles, vice-president, Saving and Investing Journey at TD. “Over a third (35%) of Canadians are contributing to a savings account only.”

A gap in financial literacy

There’s more. It’s not only today’s economy that is negatively affecting how Canadians save and invest. TD’s survey also reveals a fundamental gap in financial literacy: 45% of Canadians don’t feel confident in their investment knowledge. “Only 58% of Canadians are investing at least annually, and a third (34%) have never invested,” says Giles…

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