A third of millennials, 37%, don’t invest at all, says a survey commissioned by TD Bank Group.

The survey of more than 1,700 millennials, who as youth lived through the 2008 financial crisis, found a younger generation who is hesitant about investing and concerned about putting income aside. The survey found 36% of them say they don’t know if it’s the right time to invest and 22% say “it’s definitely not the time.”

Read: Scared of losing clients? Here’s what they want

Calvin MacInnis, senior vice-president of TD Direct Investing, says in a statement that younger Canadians are better positioned to take advantage of the long-term investing horizon, and some are embracing online, self-directed investing. “We expect this popularity will continue to grow,” he says.

Read: Advisors’ jobs aren’t the only ones at risk of automation

Nearly half (46%) of the younger generation say they don’t have enough money to do self-directed investing.

TD Bank Group commissioned Environics Research Group to conduct the survey of 6,337 Canadians aged 18 and older between February 25 and March 17. The sample includes a subgroup of 1,753 millennials.

Also read:

Knowing, communicating and pricing your value: part 2