It is important for financial professionals to educate young people on how TFSAs work, and how they differs from traditional savings accounts. Photo by Urbancow/Getty Images/Postmedia files

While young Canadians are trying to save , many could be leaving money on the table by not investing in their tax-free savings accounts (TFSAs), according to a just-released survey from Toronto-Dominion Bank .

Although the majority (60 per cent) of generation Z and millennial Canadians have TFSAs, 41 per cent aren’t investing the money in these accounts, according to TD’s survey, which was published on Wednesday. This compares with 65 per cent of all respondents who have TFSAs, but a smaller proportion of whom (39 per cent) are not investing and benefiting from tax-fee growth.

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