TD Simply
Save News Release Statistics
TD Canada Trust commissioned a survey to
explore the insights and perceptions of savings that face different
generations of Canadians.
Generations of
savers
- 46% of 18-34 year-olds learned the most
about savings from their parents or relatives
- 44% of 55+ taught themselves about
savings
Managing debt – and
worry
- 44% of today’s younger generation
(18-34 year-olds) described themselves as stressed about managing
debt
- 23% of 35-54 year-olds and 20% of 55+
described themselves as stressed about managing debt when they were
younger
- Only 28% of 18-34 year-olds feel their debt
is manageable
- 43% of those 55+ felt that their debt was
manageable when they were getting started
- 56% of 18-34 year-olds said they are worried
about having enough money for retirement; only 39% of 35-54
year-olds and 43% of those 55+ said they are ‘really
worried’
Saving roadblocks
- 80% of 18-34 year-olds said that they wished
saving wasn’t so hard
- 30% of 18-34 year-olds responded that they
believe the biggest barrier to saving is that they don’t
earn enough money
First step is goal
setting
- Nearly 60% of 18–34 year-olds are
working to save more money as a goal, but only 13% are seeking
advice on their financial future as a goal and 60% are looking to
pay off debt
- 42% of total respondents said that saving is
very important to them right now
Top tip
- 40% of total respondents said that their
best tip for saving is to put money into a savings account each
month
Other interesting
statistics
- Canadians are saving for a variety of
financial goals
- 26% of those 55+ are motivated
to save for retirement
- 23% of 18-34 year-olds and 25%
of 35-54 year-olds are motivated to save for a home
purchase
- 8% of 35-54 year-olds
motivated to save for the newest gadgets, etc.
- The younger generation (18-34 year-olds) is
checking their savings or investment accounts more often than those
55+
- 53% of 18-34 year-olds are
checking at least once a week
- 39% of 55+ check once a
week
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