Skip to content

Media Room

Press Kits - Personal Finance - TD Saving

Media Room

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