Many Canadians are gun-shy when it comes to self-directed investing, according to a survey from Toronto-Dominion Bank of Canada, as only one in 10 people feel “very comfortable” investing on their own.
Goals-based investing is a useful tool for Canadians to gain confidence, according to Paul Clark, president, direct investing, and executive vice-president, TD Bank Group.
“Many investors lack this clarity, and therefore feel uncertain about their financial future,” Clark said in a statement.
When polled about their financial objectives, respondents named goals such as retirement (65%), purchasing a new home (36%), taking a vacation (34%) and buying a new car (28%). Home renovations and education savings plans also made the list.
TD announced Monday it has launched a free online financial planning tool called GoalAssist, available through TD Direct Investing’s WebBroker platform.