Press Release
Less than a third of Canadians save for their financial goals
ING DIRECT’s new GOAL GETTER helps Canadians to save for goals
July 28, 2008, Toronto, ON – A recent Ipsos-Reid poll found that less than a third of Canadians (30%) save to achieve specific financial goals and almost one-fifth (17%) feel they don’t have enough time to think about or plan for their goals. This behaviour combined with cost of living increases are squeezing Canadians’ ability to save for their most important financial goals such as retirement and purchasing a home.
To help Canadians save for and track their financial goals, ING DIRECT has launched an online tool called GOAL GETTER. GOAL GETTER works in two ways to help people save: by date or by dollar.
Setting a goal by date allows users to plan how much they need to save on a regular basis to achieve that goal. For example, if a family vacations every August and spends approximately $5,000, GOAL GETTER calculates how much needs to be saved each week or month to reach that goal in time.
Alternatively, setting a goal by dollar amount allows users to determine when they can reach a savings goal based on how much they can afford to save on a regular basis. For example, a couple wants to buy an LCD flat screen television for their new house. The television costs $2,000 and they know they can save $25 per week. GOAL GETTER will tell them when they can buy the television, in cash.
GOAL GETTER keeps track of progress, displaying up-to-the-minute results on how close users are to reaching their goals based on savings and interest accumulated in an ING DIRECT high-interest Investment Savings Account.
“We believe that savings helps Canadians achieve a very important goal, and that’s the power and freedom that results from incorporating healthy savings habits into everyday living,” said Peter Aceto, president and CEO of ING DIRECT. “Whether it’s saving a dollar a day for a rainy day or for a more significant goal such as a child’s education, ING DIRECT is committed to giving Canadians the tools and power to succeed.”
Canadians can begin saving and tracking their goals with the GOAL GETTER by visiting www.getyourgoal.ca. The site provides examples of Canadians’ most common savings goals such as saving for a home or education, with tips on how to achieve those goals. Also available is a savers’ forum where users can meet other people who are saving for similar goals and discuss how to reach those goals.
What are Canadians saving for?
According to the survey, Canadians’ top five savings goals include:
- Retirement (58%)
- Travel (38%)
- Purchasing a vehicle (25%)
- Purchasing a home (24%)
- Renovations (20%)
About ING DIRECT
ING DIRECT is Canada's largest direct bank with over 1.5 million Clients and more than $23 billion in total assets. ING DIRECT is giving the power of saving to all Canadians by offering high-value, simple products such as high interest savings accounts with no fees or service charges and low rates on mortgages. ING DIRECT has been operating in Canada since 1997, and since that time Clients have earned more than $3 billion in interest. Clients can bank with ING DIRECT 24 hours a day, 7 days a week, at www.ingdirect.ca or by calling
