Three quarters of Canadians are optimistic about their long-term financial future, but an even greater proportion are concerned about the short-term, a recent survey by TD Canada Trust reveals.

The TD Canada Trust Personal Finance Survey, which polled more than 1,000 adults in April, found that many Canadians are consumed with worry over their present financial reality.

More than a quarter of respondents said they are living paycheque-to-paycheque, and 57% said the economic downturn has had a negative impact on their personal financial situation and they’re looking for advice now.

“Even though we’re starting to see some positive signs in the economy, we know our customers are worried about how it’s affecting their lives right now,” said Tim Hockey, president and CEO of TD Canada Trust.

According to the survey, the top three financial concerns of Canadians are whether they can maintain their current lifestyle, losing money from investments, and having enough to retire on. Among Canadians 50 and older, losing money from investments is the biggest financial concern.

A hefty two-thirds of respondents said they are concerned about saving enough money to retire.

Ontarians are most likely to be worried about the effects of the economic downturn, with 80% saying that they are somewhat or very concerned. Least likely to be concerned are residents of Manitoba and Saskatchewan, at 71%, and residents of the Atlantic provinces, at 72%.

Women are much more concerned about the economic downturn than men, with 84% of women worried that it will have, or continue to have, a negative impact on them in the near future, compared to 69% of men.

Of the respondents, 5% said they have recently lost their job or been laid off, while 11% said they are concerned they will lose their job. Nearly 10% have delayed retirement or can no longer afford to retire when they had originally planned.

To address the concerns of Canadians, TD Canada Trust is launching a series of seminars this month talk to local banking experts about how residents in communities hard hit by the economy can regain control over their finances. TD Waterhouse senior vice-president and personal finance expert Patricia Lovett-Reid and TD’s deputy chief economist Craig Alexander will offer advice and insights on such topics as saving to prepare for the unexpected, building a financial plan, managing debt and planning for a brighter future.

The first two seminars will be held in Windsor on May 27 and in Hamilton on May 28, with more planned for the fall.

IE