TD targets Gen Y

TD Canada Trust is reaching out to Gen Y,

Launching www.tdgetsaving.com, 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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(10/06/10)