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- TD introduces to help younger Canadians start saving -


TORONTO, Oct. 6 /CNW/ - If you could be 25 again, what would you do differently with your money? Save more each month? Pay off your debt? Open an RSP? The TD Gen X / Gen Y Poll, which compared investment attitudes of the two age groups, found these to be the top financial decisions Canadians would make differently if they were 25 again.

"When you're younger, saving money may not seem like a top priority, but our research shows that, looking back, more than four-in-five Gen Xers wish they had been more financially responsible," says Carrie Russell, Senior Vice President, TD Canada Trust. "There are simple ways to begin saving for the future without dramatically changing your lifestyle today."

To help respond to this need, TD recently launched for younger people who are starting to earn a paycheque. Video tutorials and savings calculators offer strategies to help reach both short and long-term savings goals and show in dollar terms the impact of starting to save early.

The website,, also includes TFSA and RRSP calculators that show how even small savings, when invested properly, can add up over time and provide substantial tax savings. For instance, contributing $100 a month for ten years to a TFSA, could add up to $16,699 in investments and save $1,109 in taxes.*

"Saving money is not only about cutting back - it's about making sure the money you save is working for you," says Russell. "While younger people may understand in theory the importance of keeping a budget and putting aside money, it can be hard to stick to. There are tools available, like, that let younger Canadians see for themselves the important impact that saving and investing will have on their future."

The best financial advice is from the experts:

Twenty-six per cent of Canadians surveyed say 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%. Interestingly, Gen X, those aged 31-45, are twice as likely as Gen Y to say the best advice came from a financial advisor (30% versus 17%). Gen Y, those aged 18-30, are twice as likely as Gen X to say it came from their mother (24% versus 11%). The two age groups are almost equally likely to say their dad gave them the best advice.

Top financial tips:

No matter the source, the best financial advice hasn't changed over time. Both age groups agreed on the three best financial tips: 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%) and put aside at least 10% of your earnings each month (14% for both).

The worst financial advice comes from friends:

They might have good intentions, but friends are not a good source of financial advice. Both age groups were most likely to say the worst financial advice they have received is from a friend (Gen X: 28%, Gen Y: 29%).

Worst advice? Don't worry about debt:

Canadians surveyed agree on the worst financial advice. One-quarter of those in Gen Y say the worst advice they received is not to worry about debt while they were younger because they could pay it off when they made more money (versus 15% of Gen X). The top piece of bad advice for Gen X, and second most popular choice for Gen Y, was to only pay the minimum balance on their credit cards (Gen X: 26%, Gen Y: 22%).

"When you first enjoy the freedom of your own paycheque, it can be tempting to spend it on all the things you've ever wanted," says Russell. "By learning to set and stick to a budget early, you will develop smart savings habits for life. These habits will become important as you take on more financial responsibility, like having a mortgage and running a household."

About the survey:

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.

About TD Bank Financial Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group (TDBFG or the Bank). TDBFG is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TDBFG also ranks among the world's leading online financial services firms, with more than 6 million online customers. TDBFG had $603 billion in assets on July 31, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

*Assumes TFSA contributions are invested in a diversified portfolio with a return consisting of 40% interest, 30% Canadian eligible dividends and 30% capital gains, an annual income of $41,500, residency in Ontario and a 6.25% annual rate of return. Please see for full list of assumptions.

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