A tool connecting device includes a tool mount having a non-circular socket opening for receiving a non-circular spatial engaging member of a tool shank to allow the tool shank to be selectively tilted relative to the tool mount to different angular position. An anchoring device may selectively anchor the tool shank and the tool mount together to retain the tool shank in line with the tool mount and to prevent the tool shank from being tilted relative to the tool mount to other angular positions. A magnetic member may attract the spatial engaging member of the tool shank to the tool mount. An actuating device may actuate a projection to detachably secure a tool member to the tool shank.