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6 in 10 Canadians concerned about financial future and investing, says survey

It's a new month, and once again Canadians continue to be concerned about their financial future, according to a new poll.
Fifty-six per cent of Canadians agreed that no matter what happens with the markets, it's always important for them to contribute to their investments.

Many Canadians are concerned about their financial future, according to a recent TD survey.

While more than half of surveyed individuals said they understand the importance of investing, high inflation and increased living expenses have left 62 per cent delaying their contributions due to a risky market.

"The state of the economy has intensified Canadians' anxieties when it comes to their finances and investments," said Pat Giles, vice-president of savings and investing journey at TD, in a press release.

"Many are struggling to balance competing spending priorities and their financial goals may have changed as a result."

The survey also found that 59 per cent of surveyed Canadians didn't make any investment contributions last year.

But for some Canadians, investment is the least of their troubles.

Last week, Loblaws Cos Ltd. lifted their price freeze, which the Canadian supermarket chain implemented in the fall of 2022.

This means that Canadians can expect to see an increase in their grocery bill, though experts are uncertain how much prices might rise in the near future.

"It's still high but there are some early signs that relief could be coming," Michael von Massow, a food economy professor at the University of Guelph in Ontario, told the Canadian Press. 

But even if food prices decrease, it doesn't mean that Canadians will feel less concerned about their financial future.

BMO released a survey Tuesday that found Canadians believe they will need more money to retire than ever before. To be specific, $1.7 million in savings. 

"If you look at the average Canadian, they're feeling the rising inflation costs," said Caroline Dabu, head of wealth distribution and advisory services for BMO Financial Group.

“And so, not surprisingly, we are seeing that Canadians are feeling they absolutely will need more to retire."