Inflation and cost of living seen as 2024’s biggest financial challenges by both established and new Canadians, new TD survey

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+.

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.

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 CanadiansNew 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 yearOf 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 finances66 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 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.

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