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
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
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."
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.
This Maru Public Opinion survey was conducted on behalf of the
The
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