expecting the unexpected: when life happens
Expecting the Unexpected: When Life Happens Out of Order TD survey shows how financial preparedness can help manage unexpected life events
Canadians don’t necessarily envision their life unfolding in the traditional order
But no matter what order they envision, life doesn’t always go according to plan.
58%
64%
52%
of Canadians
Gen X
Millennials
have completed or are on track to complete the milestones in their life in a different order than they originally expected
In Canada, Gen X are more likely to complete or be on track to complete them in a different order than Millennials
For many Canadians, while they say they have properly budgeted or are properly budgeting for life’s milestones, they also often experience unexpected costs: Financially Prepared
Buying a home
Welcoming their first child
Marriage
Unexpected Costs
56%
42%
59%
52%
56%
58%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
39%
28%
42%
43%
50%
49%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
51%
39%
53%
35%
43%
39%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
To allow for financial flexibility for life’s milestones, ask yourself key questions before meeting with a financial planner to map out a plan: How do I handle multiple milestones occurring at the same time? Is it smarter to plan a wedding or buy a home first? What costs should I factor in when contemplating buying a home? How much do I need to save to comfortably enjoy a parental leave? How do I know if I’m on track to save enough for retirement?
Tips on how to plan for life’s big moments and your future: Understand your goals: Knowing the key goals you want to achieve in life is an important first step and will help you decide the best course of action. Think about what you want to accomplish over the next three, five and ten years, to help determine those goals. Develop a roadmap: To help ensure you are on the right track to reaching your goals, meet with a financial planner to create a plan that’s unique to your situation and aspirations. Also, it's important to review it regularly, as your life changes, to help ensure you're factoring in new milestones. Start saving early: No amount is too small to put away – for example, making regular contributions in a TFSA will allow you to use this savings towards a wedding, new home or costs associated with a new baby.
For more information on financial planning for life’s milestones, visit: www.tdwaterhouse.ca/products-services/td-wealth/financial-planning.jsp Source: TD Bank Group Life’s Moments Out of Order Poll
Canadians don’t necessarily envision their life unfolding in the traditional order
But no matter what order they envision, life doesn’t always go according to plan.
58%
64%
52%
of Canadians
Gen X
Millennials
have completed or are on track to complete the milestones in their life in a different order than they originally expected
In Canada, Gen X are more likely to complete or be on track to complete them in a different order than Millennials
For many Canadians, while they say they have properly budgeted or are properly budgeting for life’s milestones, they also often experience unexpected costs: Financially Prepared
Buying a home
Welcoming their first child
Marriage
Unexpected Costs
56%
42%
59%
52%
56%
58%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
39%
28%
42%
43%
50%
49%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
51%
39%
53%
35%
43%
39%
Canadians
Millennials
Gen X
Canadians
Millennials
Gen X
To allow for financial flexibility for life’s milestones, ask yourself key questions before meeting with a financial planner to map out a plan: How do I handle multiple milestones occurring at the same time? Is it smarter to plan a wedding or buy a home first? What costs should I factor in when contemplating buying a home? How much do I need to save to comfortably enjoy a parental leave? How do I know if I’m on track to save enough for retirement?
Tips on how to plan for life’s big moments and your future: Understand your goals: Knowing the key goals you want to achieve in life is an important first step and will help you decide the best course of action. Think about what you want to accomplish over the next three, five and ten years, to help determine those goals. Develop a roadmap: To help ensure you are on the right track to reaching your goals, meet with a financial planner to create a plan that’s unique to your situation and aspirations. Also, it's important to review it regularly, as your life changes, to help ensure you're factoring in new milestones. Start saving early: No amount is too small to put away – for example, making regular contributions in a TFSA will allow you to use this savings towards a wedding, new home or costs associated with a new baby.
For more information on financial planning for life’s milestones, visit: www.tdwaterhouse.ca/products-services/td-wealth/financial-planning.jsp Source: TD Bank Group Life’s Moments Out of Order Poll
