Thank you, Mr. Chair.
My thanks to all the witnesses for being here with us today.
Ms. Donnelly and Mr. Young, in your very interesting article on the issue, you pointed out something that I already knew but that I'm certain will benefit everyone. Over 30 years ago, in 1982, Canadians' personal savings were at about 20%. Since 2000, this rate has systematically gone under 5%.
Clearly, one of the arguments for the TFSA is to encourage people to save. However, just like Mr. Fréchette, you showed that, unfortunately, it is mostly a shift in savings. Clearly, the tax-free approach solves nothing at all. The problem seems to be elsewhere. Can you give us some idea of what we should do to promote savings?