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We recently did a poll with Angus Reid and also on Twitter asking parents what topic they found hardest to talk to their kids about: sex, drugs, or finances. They said “finances” which was a bit surprising to hear.

I too am a parent to 3 younger children and I am not really looking forward to discussing these topics with my kids, except for finances. I know I have the advantage of working in the field so that gives me the confidence to explain concepts such as interest, saving, investing, borrowing, fees, etc. Since I’m so close to the topic I also know that for a lot of parents explaining finances isn’t that easy.

Kids are curious and popular media covers the first two topics in great detail whether in a movie, TV series or online. Although this is not where you want your kids to learn these lessons, at least their exposure to them will force parents to attempt to address them sooner or later. Kids today however, don’t really get much exposure to learning about money unless their parents start them off with a piggy bank or savings account and then take the time to explain saving, borrowing, and investing. And I’d bet unless they have a natural affinity for saving money, it’s pretty low on their list of favourite subjects to talk about when they get together.

For this reason I feel a personal duty to be an advocate for Canadians to help them feel empowered about their money. Basic banking and investing does not have to be complicated and difficult. Unfortunately, many financial institutions and advisors prefer to keep things complicated so we’ll always need to pay for their advice. It does not need to be this way and a bit of education can help you feel comfortable making decisions about your money.

One personal example really drives the point home for me. Take for example how many kids learn about credit. They may be in their first year of college or university and they get their first credit card. In fact, on my first day of university I was given a credit card with a $500 limit. They learn pretty quickly how convenient it is, but, what they aren’t always aware of are the implications of carrying a balance, missing payments, or how much interest they pay. For some it becomes a hard lesson in finance if they end up with poor credit which impacts future choices like buying their first home.

We think that learning about finances can start from an early age. That’s why ING DIRECT recently launched Planet Orange – a fun and interactive site that helps children and parents learn about saving, borrowing, investing and budgeting. By completing space missions, they earn space money to spend on fuel for their spaceship, decorations and other fun stuff.

The site is free and you can sign up at orangekids.ca to get your child a great start to becoming financially empowered. Mom and Dad may enjoy it too. I highly recommend it (and so do my own kids). And don’t be afraid to have that talk – it may be one of the most important ones you have to set your child’s course for their financial future.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.

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The past two years have been unsettling for many Canadians. And even though recovery from the recession is not a done deal, there is hope that the worst has passed. Most of us will reflect on these times and take note of what we’ve learned – like reassessing our spending habits and what is really important in our lives. If we are fortunate to have not been affected directly, it is also a good time to think about giving back to our Communities.

Over the years, ING DIRECT staff has contributed in various ways, on their own or as a department to raise money for charities and community projects. These events have been very successful and we will continue to provide this support – but this year we also wanted to do something different.

On September 17, ING DIRECT staff participated in our first Orange in the Community event to build a “natural” playground in downtown Toronto.
With assistance from Bienenstock Natural Playgrounds who provided the design and direction, staff shovelled dirt, carried buckets of mulch, scraped paint off old fences, built benches and even brought water for their colleagues. Children in the neighbourhood came out to watch as the park came together with an upside-down tree turned into a play area, a balance beam strung between two huge boulders, a sandbox hemmed in by tree trunks, and slides that fit into the slope of a hill (eliminating the chance that kids could fall from the top, a common playground injury). It also has an area that emits mist, creating a small "cloud forest”.

It was an incredible sight to see the more than 400 employees dressed in Orange t-shirts (60 per cent of our Toronto staff!) arrive in the morning eager to meet the 4:30 p.m. deadline. Later in the afternoon Toronto Mayor, David Miller and Councillor Paula Fletcher also joined us with support and words of encouragement.
This was our first Orange in the Community Event and everyone who participated was proud to represent ING DIRECT that day. It if often said that true happiness comes in giving to others – and I think I have to agree. The hard work, along with sore muscles the next day, only brought laugher and smiles.

We plan on making Orange in the Community an annual event. If you are in the Toronto area feel free to drop by the park. If you can’t, don’t worry. You may see our hundreds of Orange staff in your neighbourhood next year!

Interested in seeing more photos? Have a look at our Facebook Fan Page Photo Album.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.

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Funny how after 12 years we still get questions like “where are your branches?” My memories of branches (long time ago mind you since I really don’t need to visit them anymore) were always of long lines and you only went if you had a special request that couldn’t be done online or over the phone.

That is one of the reasons why ING DIRECT never went the route of branches. Instead we came up with what we think is a better alternative: Cafés. In Canada we call them Save Your Money Cafés, and they are located in Toronto, Vancouver, Calgary and Montreal. If you travel outside the country chances are you could come across a similar idea if you are visiting the United States, France, Germany, United Kingdom, Italy, Spain, Austria or Australia.

Our Cafés are special because there are no tellers or bank managers. Instead you’ll find a friendly Direct Associate who can help answer questions, follow up on a request, or just walk you through a mortgage application. So along with that coffee you can get some one-on-one time with someone who cares about your account and how to best help you.

You may have come across Café staff in your neighbourhood as well at they are often helping out with local community events and supporting charities in their city.

So next time you are in Montreal, Vancouver, Calgary or Toronto visit one of our Cafés where you will experience what it feels like to be in a true savings environment. Our Cafés serve up generous portions of common sense and financial food for thought because learning about money shouldn’t be complicated. It should be as easy as enjoying a cup of coffee with friends. Selling is not on our menu, but financial nourishment and being a good neighbour is.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.

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We recently launched our new Children’s Savings Account so that parents can show their children the benefits of saving. To really make this work I believe that children need to learn about finances from an early age.

It could start with a piggy bank or a savings account where they can put aside all or some of the money they receive as gifts. If they are old enough to do chores around the house or babysit and get paid, they can be taught how some of that money can be put away to save for something they really want instead of spending every penny they earn. This can lead up to a lesson in lending and maybe even a bit of education around interest.

Financial planning doesn’t have to be dull. You can also make it fun by telling children a story. For example, one of Aesop’s Fables is called The Crow and the Pitcher and is an easy way to convey the message of saving to younger savers.

A crow who was very thirsty found a pitcher used to carry water. But when the Crow put its beak inside, he found that only a little water was left on the bottom and he couldn’t reach far enough down to get at it. He tried, and he tried, and was ready to give up. Then he had an idea. He took a pebble and dropped it into the pitcher. Then he took another pebble and dropped it into the Pitcher. He kept dropping the pebbles into the pitcher until at last the water came up close enough for him to drink. The moral of the story - Little by little does the trick.

And if your child asks you if the fable is true, you can show them this amazing video of rooks actually using pebbles to get water in a pitcher!

Link to the Video: http://news.bbc.co.uk/2/hi/science/nature/8181233.stm

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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A few weeks ago I was interviewed about the value of high interest savings accounts. I did note that we are at “historical lows” and that for some people 1.20% doesn’t compare to years ago when we could offer 4% or higher.

Canadians have historically been a nation of savers. This is one of the reasons why our citizens and our economy have been resilient in tough times. In the past few years we have not saved as much as we should have but still well more than our American cousins. Our recent survey supports this, showing that Canadians are saving the same or even more than they did in the past. (link)

Saving, even at the lower rates of today is fundamental to a sound financial household. With saving comes freedom, peace of mind, the ability to think about the future. Canadians need to continue to save. Regardless of rate, savings are safe, guarantee that your return and that your hard earned savings will not be lost. In times when interest rates are low there are a few things you really should consider when thinking about where your savings should go.

Aside from the rate, make sure there are no fees and no minimum balances required. Whether the interest paid is $50 or $500 over a year you are still in a positive position as opposed to leaving your money in an account with fees which could eat at any gains that you make. A high interest savings account can also help you with easy access to funds during these uncertain times or to help you build a nest egg. Think of it as a virtual piggy bank and try to put a few dollars away where you can’t access them money easily and can just let it grow.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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I’m asked the question from time to time:

“Why are you actively participating on Twitter and in Social Media?”

My answer is simple. I want to be part of the conversation and be closer to our Clients by listening to their needs. It will only make us better as an organization. This paid off ten fold this week when we were able to help one of our Clients via Twitter.

We had a complaint earlier this week, where a Client tweeted that they were having issues with their mortgage. Knowing that we had to act quickly, we connected internally to come back to the Client with a better understanding of what was happening. I’m happy to say that we were able to resolve our Client’s problem and that the Client was enthusiastic with our responsiveness and ability to resolve the issue (said from her very own tweets!). By being involved in Social Media and participating in the conversation, we are able to help Canadians ease any stress related to banking.

It’s not all gold and glory though – this takes work and commitment. It’s an opportunity for us to get closer to our Clients and to provide them with another way to reach out to us.

Keep it coming, Canada. We're listening!

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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These days, when it comes to our money, we all need to take a careful look at what’s coming in and going out. Some expenses are obvious: gas, utilities, rent. But some aren’t. Some can sneak past your radar, and one of those is bank fees.

During these difficult times, many banks have actually raised fees and service charges. In certain cases, they’ve even invented new ones. These fees are eating away at Canadians’ nest eggs at exactly the moment when saving has become everyone’s priority.

Is that right? I don’t think it is.

A bank needs to be accountable for what it charges you just like any other business is. Hey, not every fee is unfair. It costs money to provide certain services to bank customers. Fair enough. But fees shouldn’t just be a way to get more out of you. There should be a fairness barometer. Is it fair that a single withdrawal can wipe out months of earned interest? No. Is it fair that some banks charge $5 for transferring money out of an account, but then charge you a $20 inactivity fee for not moving money in or out? No.

What is a fair fee? Well, a fair fee is one that you knew about in advance and one where the amount of the fee is reasonable based upon the service you received.

With fees like this, savers can’t win. And if savers aren’t winning, we all lose.

So what needs to change? Canadians need to be aware and informed about the fees that we are paying. If it is not clear then we need to make sure we as, we understand. And we all need to monitor what we spend and ask ourselves if we’re getting good value for it, because we have a role to play as consumers, too. A vigilant and informed consumer is a smart consumer.

If you’d like to be part of the conversation about unfair bank fees, then join us at fairfees.ca and speak up. Let’s win the fight for fair fees.

For more information, visit www.fairfees.ca.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
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Welcome to DIRECT Talk! My name is Peter Aceto and I'm the President & CEO of ING DIRECT Canada. DIRECT Talk is a blog that I've created to speak directly to Canadian savers. I want to use this forum to share some of my own thoughts and feelings about issues that are important to all of us striving to be independent and financially 'fit'. To get things started, let me tell you a little more about myself.

I'm a proud Canadian, a husband, and dad to 3 busy youngsters. I joined this amazing team in 1997, when ING DIRECT was being born right here in Canada. If you can imagine, I was employee number 8! As with a lot of us here at ING DIRECT, the chance to be part of this seemed like fate. My orange journey actually began in a mechanic's shop, of all places, where I ran into Arkadi Kuhlmann, our founding CEO. He was the person who first inspired me to become a part of something special - ING DIRECT. Since those first days, we've been on a mission to build a truly new kind of business, and to change the way that banking is done in Canada so that savers can win. It's been a fantastic adventure so far! Along the way, I've worn a few hats during my nearly 13 years at ING DIRECT. I've worked in most areas of our organization, including Legal & Compliance, Risk Management, Operations, Sales and Marketing. That experience has given me a great understanding and respect for the people who make ING DIRECT work and makes me proud to have the job I have today.

I decided to start DIRECT Talk because I believe Canada's savers are at a crossroads. These days, every penny counts. People have more questions than ever about saving and borrowing money, about the costs of banking, and about their overall financial well being. Meanwhile, the banking business just seems to get more confusing, unclear and riddled with surprises. I want to help by offering some inside perspective and clarity, along with some frank opinions about the issues I think Canadian savers care about. I hope you find DIRECT Talk useful and thought provoking, and occasionally even inspiring! I'll certainly do my best to reward your time with every post.

Share a thought or two with me at chiefsavingsofficer@ingdirect.ca.
Be sure to follow me at www.twitter.com/CEO_INGDIRECT.