As younger Canadians struggle with the heightened cost of living and a difficult job market , a new survey from TD Bank suggests Gen Z and millennials who use a tax-free savings account (TFSA) aren’t investing in that account because they want the money readily available.

That comes as young Canadians continue to face an unemployment rate that is more than double the national average as of last month , according to recent Statistics Canada data.

Forty-one per cent of Gen Z and millennials who currently hold a tax-free savings account are not investing the money inside it, the TD survey found.

And while that number is higher, they aren’t the only ones.

The survey also says 65 per cent of all Canadians hold a TFSA, but 39 per cent of them are not investing the money inside.

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