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More gen-Z Canadians regularly investing than other generations: TD survey.

Writer: Cindy Marques
Cindy Marques
Nov 14, 2024
2 min read

Updated: Oct 9

Original article by:

Serah Louis

FINANCIAL POST

November 14, 2024


📰 Read the ORIGINAL ARTICLE here.


I spoke with the Financial Post about a new TD survey showing that Gen Z Canadians are investing more regularly than any other generation. Here are the highlights and my contributions.


Key Takeaways


  • Roughly two-thirds of Gen Z respondents in TD's survey said they invest at least once a year, the highest share of any age group and well above the national average.

  • With home ownership harder to reach, many younger Canadians are building wealth in other ways, helped by easy-to-use investing apps and robo-advisors.

  • The cost of living remains the biggest obstacle: nearly two-thirds of all respondents said it is holding back their financial goals.

  • Many Canadians, and more than half of Gen Z respondents, are saving only in a regular savings account rather than a TFSA, RRSP or FHSA, missing out on tax-sheltered growth.

  • For new savers, building a consistent habit matters more than the dollar amount or having every long-term goal mapped out.


My Perspective


Many millennials grew up watching their parents buy homes and expected to reach that milestone too. Gen Z is coming of age in a much tougher housing market, and they're responding by taking charge of their own financial literacy.

"I think, in general, this demographic is a lot savvier, certainly a lot tech savvier, and they have access to information."

For younger Canadians who want to invest but still need access to their money for day-to-day expenses, I suggest making the TFSA their go-to account: you can withdraw at any time without tax consequences, and your investment growth is still sheltered from tax.

"I'm not really surprised, to be honest, that the gen-Zers have learned from the (struggles) of the millennial cohort and are being proactive about that."


Originally published in the Financial Post by Serah Louis on November 14, 2024. Use the link at the top of this post to read the full article.

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