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Young Canadians and Diverse Communities Among the Hardest Hit Financially by COVID-19, TD Survey Shows
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.
Communities refer to People with Disabilities, LGBTQ2+, Indigenous, Black, Chinese, South Asian, Filipino and New to Canada populations.
SOURCE TD Bank Group
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