TD targets Gen Y

By John Powell | October 6, 2010 | Last updated on October 6, 2010
2 min read

TD Canada Trust is reaching out to Gen Y,

Launching, the bank is hoping to assist those in their twenties reach their short and long-term savings goals. The new site offers video tutorials, savings calculators, as well as TFSA and RRSP calculators.

“Saving money is not only about cutting back – it’s about making sure the money you save is working for you,” said Carrie Russell, senior vice-president, TD Canada Trust. “While younger people may understand in theory the importance of keeping a budget and putting aside money, it can be hard to stick to.”

The introduction of the site follows a TD, Environics Research Group survey polling Gen X and Gen Y about their financial choices, options.

The survey found that 26% of Canadians believe the best financial advice they received was from a financial advisor and 24% say it was from their father. Moms came in third with 15%.

The best financial tips according to the survey consensus were:

  • Avoid debt by waiting until you can pay for purchases with cash (Gen X: 26%, Gen Y: 33%).
  • Start investing early (Gen X: 23%, Gen Y: 19%).
  • Put aside at least 10% of your earnings each month (14% for both).
  • The worst financial tips were:

  • Don’t worry about debt while you are younger because you can pay it off when you begin to make more money.
  • Pay the minimum balance on credit cards.
  • Results for the TD Gen X / Gen Y Poll were collected through an Environics Research Group telephone omnibus, from Canadian adults from Generation X (born between 1965 and 1979) and Generation Y (born between 1980 – 1992). A total of 662 completed surveys were collected from September 15 to 22, 2010.

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    John Powell