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Most working Canadians can't afford to invest in themselves, says survey Thumbnail

Most working Canadians can't afford to invest in themselves, says survey

Eighty-two per cent of working Canadians say they would invest more in themselves if they had the financial resources to do so, according to the results of a TD survey announced April 19.

Investing in yourself means something different to everyone, the survey found. However, for most working Canadians (81 per cent), it means taking a vacation. Millennials, though, are more likely than average to want to start or continue a hobby (54 per cent), further their education (29 per cent) or start a new business or side hustle (17 per cent).

Relaxation and improving mental health

Ideally, three quarters of working Canadians would invest in themselves a minimum of twice per year, and say their top motivators are relaxation (66 per cent), refreshing themselves (62 per cent) and improving their mental health (49 per cent).

The survey also showed that 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.

Striking a balance

"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."

She adds that investing in yourself doesn't have to break the bank. "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."

As published in The Insurance & Investment Journal by April 19, 2018  09:45 a.m.