Stressed-Out Working Canadians Want To Invest In Themselves But Can’t Afford It, According To A Recent Survey Conducted By Environics Research

TORONTO /CNW/ –
Working Canadians are stressed. According to a recent TD survey conducted by Environics Research, two-thirds say they experience moderate to high levels of stress at their job. An overwhelming majority (95%) consider it important to invest in themselves, but just over half (53%) don’t do it as frequently as they’d like.

Canadians working in health care and social assistance, or finance, insurance and real estate, are more likely than average to say they experience high or moderate levels of stress at their job. While it’s clear working Canadians want to devote time to themselves, two-thirds (67%) of those who don’t invest in themselves as much as they’d like say it’s because they can’t afford it. Furthermore, 82 percent of working Canadians say they would invest in themselves more if they had the financial resources to do so.

TD survey finds 82% of working Canadians would invest in themselves more if they had the financial resources to do so

“Canadians recognize the importance of taking a break and doing something good for themselves, but often don’t because of the associated cost,” says Jennifer Diplock, Associate Vice President, Personal Savings and Investing, TD Canada Trust. “It’s important to strike a balance in life, and one way to do that is for Canadians to view these expenses as an investment in their well-being.”

While investing in yourself can mean something different to everyone, most working Canadians say they’d prefer to take a vacation (81%). Millennials, however, are more likely than average to want to start or continue a hobby (54%), further their education (29%), or start a new business or side hustle (17%). Ideally, three-quarters (74%) of working Canadians would invest in themselves a minimum of twice per year; and say their top motivators are relaxation (66%), refreshing themselves (62%) and improving their mental health (49%).

“Whichever way you choose to find balance in the daily grind, whether it’s a family vacation or starting a new hobby, investing in yourself doesn’t have to break the bank,” says Diplock. “It’s about setting a goal and managing your savings to ensure you have enough to refresh and re-energize yourself. Try setting up a ‘me’ fund and make regular contributions or, if you will receive a tax refund, use it as a starting point to help you achieve your goals.”

For those looking to strike a work/life balance, TD offers the following tips on how to help invest in yourself:

 

  •  Find your passion: Life should be about more than just work, we need play too. Think about the activities you love doing and schedule time in your calendar to do them weekly or monthly. Don’t know what your passion is? Experiment by trying new classes, joining a new team or rec league, or organizing a group of friends to try new activities.
  • Use your tax refund: If you’re fortunate enough to receive a tax refund this year, like the 54% of Canadians who expect to, why not use it to invest in yourself? Taking a vacation or going back to school can be expensive, but your tax refund can help provide the start you need. For short-term savings goals, consider investing in a safe but flexible product with a guaranteed rate, like Cashable GICs at TD, which will help you achieve your saving and investing goals, or reach your goals faster with a TD High Interest Savings Account, which can help encourage you to save more.
  • Take a staycation: You don’t have to leave the country to experience a relaxing vacation. Plan a vacation closer to home to do the things you’ve always wanted to do but have never gotten around to. For example, book a relaxing afternoon at a local spa, have a leisurely lunch at your favourite restaurant or explore the latest buzzed about art exhibit. Plus, staying close to home can be a more affordable option if you’re looking for something to help fit within your broader strategy.
  • Start a ‘me’ fund: Investing in yourself should be treated like other items you’re saving for, like a car or new computer. Open a Tax-Free Savings Account that can help build your savings faster with tax-free growth, and contribute to it regularly. You can also set up automatic transfers using any one of TD’s Automated Savings Options to help you reach your savings goals sooner.
 
 
About the TD Invest in Yourself Survey

TD Bank Group commissioned Environics Research to conduct a custom survey of 6,021 Canadians aged 18 and older. Responses were collected between February 20 and March 1, 2018. The results cited in this release are based on the responses from 3,653 working Canadians.

 

About the TD Tax Season Survey

TD Bank Group commissioned Environics Research to conduct a custom survey of 6,021 Canadians aged 18 and older. Responses were collected between February 20 and March 1, 2018.

 

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