TD Ready Advice launches to help customers navigate their
financial futures as COVID-19 evolves
TORONTO, July 9, 2020 /CNW/ - A new COVID-19 Impact Poll
commissioned by TD reveals that adults under the age of 34 and
those from certain communities1 including Black,
Indigenous and People of Colour (BIPOC) are among the most likely
to experience financial insecurity, job losses and reduced income
as a result of the pandemic.
The TD survey shows that 66 per cent of Canadian respondents
aged 18-34, compared to 38 per cent of Canadian respondents aged
55+, have experienced or anticipate experiencing unemployment or
reduced hours as a result of COVID-19. As a result, younger
Canadians may be more likely to struggle to meet basic financial
obligations like buying groceries or paying their rent or
mortgage.
The research also examines the impact of COVID-19 on communities
– many of whom were already more financially vulnerable before the
start of the pandemic.2 According to survey
respondents:
- 69 per cent of Filipino, 65 per cent of South Asian, and 64 per
cent of Black Canadians have experienced or anticipate experiencing
unemployment or a reduction of income within the next three months
due to COVID-19, compared to only 53 per cent of the general
population surveyed.
- 27 per cent of People with Disabilities expect to be late
paying their rent or mortgage as a result of COVID-19, compared to
20 per cent of the general population surveyed.
- 28 per cent of Indigenous Peoples expect to borrow money for
essentials due to COVID-19, compared to 19 per cent of the general
population surveyed.
- Only 27 per cent of South Asian, 30 per cent of Indigenous
Peoples and 31 per cent of Chinese Canadians feel they know who to
turn to for financial advice as compared to 40 per cent of the
general population surveyed.
TD's poll also underscores the evolving financial impact of
COVID-19 on Canada's general
population. In comparison to TD's 2019 Financial Health
Index, a national survey assessing overall 'financial health'
in Canada:
- 15 per cent of survey respondents identified as financially
vulnerable in November 2019, compared
to 38 per cent in April 2020.
- 20 per cent of survey respondents felt confident in their
financial future in November 2019,
with the number dropping to 13 per cent in April 2020.
As COVID-19 continues to affect all Canadians in different ways,
TD recognizes the ongoing importance of providing financial advice
and solutions to meet each customer's unique circumstances.
"From our inability to spend time with friends and family to
changes to our financial situation, COVID-19 has had an
unprecedented impact on nearly every part of our daily lives," says
Frank Psoras, Senior Vice President, Customer Strategy and
Innovation at TD. "As the situation evolves, TD is ready to help
all our customers move forward, providing personalized advice and
solutions designed to support the financial needs of our
customers."
TD recently launched TD Ready Advice, a response to financial
recovery from COVID-19. From personalized advice to everyday
banking capabilities available via online tools, TD Ready Advice
was created to help address the ongoing needs of customers'
evolving financial situations.
TD Ready Advice provides information on topics reflecting the
challenges currently facing many Canadians, such as details on
mortgage deferrals and debt financing – relief options which have
been sought out by 300,000+ customers since the start of the
pandemic – along with proactive outreach to help customers navigate
their financial challenges and emerge from the pandemic
environment. In addition, TD Ready Advice provides financial advice
to customers looking for investment guidance as they continue to
save for the future.
"Canadians, especially younger and diverse Canadians, have been
hard hit by this public health crisis and trusted advice is
critically important in helping them understand their options and
navigate their financial situation," notes
Psoras. "Regardless of age or demographic, TD Ready Advice is
here to help all our customers feel ready for their financial
future, no matter what their circumstances are."
For more on TD Ready Advice, visit www.td.com/readyadvice.
About TD COVID-19 Impact Poll:
The TD COVID-19 Impact
Poll examined the impact of COVID-19 on the financial situation of
Canadians. A total of 936 online interviews with English and
French-speaking adult Canadians were conducted by Northstar on
behalf of the TD Bank Group between April 20
and May 6, 2020.
About TD Financial Health Index:
The TD Financial
Health Index is a quantitative online survey of 10,305 adult
Canadians, conducted by Ipsos between May
3 – 17, 2019. This framework is based on the Financial
Health Network's FinHealth Score™ framework, with customizations
particular to TD Bank Group.
About TD Bank Group
The Toronto-Dominion Bank and its
subsidiaries are collectively known as TD Bank Group ("TD" or the
"Bank"). TD is the sixth largest bank in North America by branches and serves over 26
million customers in three key businesses operating in a number of
locations in financial centres around the globe: Canadian Retail,
including TD Canada Trust, TD Auto Finance Canada, TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; U.S. Retail, including TD Bank, America's Most
Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an
investment in TD Ameritrade; and Wholesale Banking, including TD
Securities. TD also ranks among the world's leading online
financial services firms, with more than 14 million active online
and mobile customers. TD had CDN$1.7
trillion in assets on April 30,
2020. The Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock
Exchanges.
1
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Communities refer to
People with Disabilities, LGBTQ2+, Indigenous, Black, Chinese,
South Asian, Filipino and New to Canada populations.
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2
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TD metrics from
November 2019 show that, Chinese Canadians excepted, diverse
communities were more likely to be unable to pay all their bills on
time.
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SOURCE TD Bank Group