TD Bank Group released the TD Financial Health Index this week, a survey of more than 10,000 Canadians, conducted to get a holistic look at how consumers are managing their personal finances.

The survey found over a quarter of Canadians are financially healthy, but it also found that four in 10 are struggling with some or all aspects of their finances and 62 per cent don’t know where or who to turn to for financial advice.

“The financially vulnerable are more likely to manage their finances themselves or not consult any resources to learn about financial products and services,” say the report’s authors, “whereas the financially healthy are more likely to make use of financial advisors, online resources and information sessions.”

According to the index, those who identify as LGBTQ2+ are more likely to be financially vulnerable. It also found that women, younger women in particular, have lower financial health than men: Women are still less likely than men to have a high annual income (22 per cent of men vs. 18 per cent of women make over $100,000 a year), and are more likely to be employed part time (11 per cent vs. eight per cent). It also found that people with disabilities are more likely to live paycheck to paycheck; four in 10 will miss paying bills on time.

Regionally, TD says Quebec is the healthiest province with an overall score of 67.1 out of 100, followed by Alberta with an overall score of 61.5 out of 100. Quebec City and Halifax earned the highest financial health scores; Windsor and Kitchener-Waterloo reported the lowest scores in the survey.

To help those who need it, TD says it plans to launch a new financial education series later this year to deliver foundational financial literacy skills and give Canadians the opportunity to learn from TD advisors in their community.