Inequality worsening as wealth gap widens to highest since 2015: TD Bank report [BNN Bloomberg (Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: BNN Bloomberg
Higher interest rates are pushing middle- and lower-income households to spend more conservatively, which means consumer spending by the top earners will play a critical role in keeping the broader economy going. As the national household net worth rebounded to 4.5 per cent last year, from a 6.5 per cent decline in 2022, the gains were not evenly distributed across income levels, the report said. "Higher-income households benefited relatively more due to their larger holdings of financial assets, which were the main wealth drivers last year," said Maria Solovieva, an economist with TD Bank, in her report. Household income in the top category was average of $197,909 in 2023 — up 6 per cent from the previous year. Meanwhile, middle- and low-income households saw a stagnated growth or worse, decline. The report shows low-income households saw a gain of 0.3 per cent at $31,518 average annual income, while middle-income households saw a decline of 0.3 per cent at $59,178 average a
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Earnings
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Sec Filings
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- 5/3/24 - Form 424B2
- 5/3/24 - Form 424B2
- TD's page on the SEC website