October 9, 2008
Extraordinary Times – A Message from ING DIRECT's President
Lately, when I get together with family and friends, the main topic of discussion is the current financial situation that is gripping the world. These are challenging economic times. Confidence in our economy is shaky, but you'll be reassured to know that confidence in the power of saving is at an all time high.
Despite these challenging economic times, more and more Canadians are adopting saving as a lifestyle. Over 1.6 million Canadians are strengthening and safeguarding their financial footing through the power of saving with ING DIRECT. In fact, more than 15,000 Canadians are becoming clients every month. If there's an economic silver lining to all the turmoil we're experiencing, it's that these times are making savers out of more and more Canadians.
There's never been a more important time to save.
While we don't claim to have an orange crystal ball, we do expect the economy to remain somewhat fragile through 2009. So, what's the best course of action during these times? Keep on saving. Be disciplined. Stay the course. Trust your instincts as a saver and remember that developing and deepening your savings habit is the one decision you simply will never regret. Probably like most of you, my first savings habit was instilled in me by my parents. They taught me to always take a part of my paycheque and save it. And since earning that very first dollar some time ago, I have followed their advice.
When you talk with your friends and family, share with them your good savings habits. Teach them that saving is not about gambling with timing the stock markets – it's about patience and discipline. A marathon is won with every step. Help them to eliminate unnecessary expenses, avoid splurging and save for what's essential. Ask them to consider putting away, or even cutting up credit cards (credit card cutting parties are fun by the way.) And of course, to try to contribute regularly to an RSP and make the most of the tax man's recent gift of a tax-free savings account. Before you know it, your healthy saving habits could become a part of their lifestyle too - and become a source of comfort to those around you during these challenging times. The road to recovery is paved with savings - not risk, not debt.
There's no such thing as saver's remorse.
Take comfort in knowing that your ING DIRECT deposits are CDIC eligible, that we take a low risk and well diversified approach to investing and that Canada's banking system is the strongest in the world. As a part of ING Group, we are confident about our financial position. In terms of liquidity, we are robust and remain a safe haven for our Clients.
Trust that at ING DIRECT we remain passionately committed to continue developing safe, innovative solutions to help all Canadians grow their savings. It's not just what we do, it's our cause. So keep on saving.
We'd love to hear your thoughts too on what it means to be a Saver. If you have ideas you'd like to share with us, send us a note at saving@ingdirect.ca. And, as always, if you have questions or need help with your ING DIRECT Accounts, we're as near as your web browser or telephone.
Yours truly,
Peter Aceto
President & CEO, ING DIRECT
Chief Canadian Saver
