TD survey reveals Boomers spend nearly the
same amount of time online as other
Canadians,
except when it comes to
investing
TORONTO, Oct. 17, 2017 /CNW/ - The technology gap between
Boomers and other generations, including Millennials, is not as
wide as you may think, a new survey from TD Bank Group reveals.
According to the survey, half of Boomers (50 per cent) spend more
than 15 hours a week on the internet, while 58 per cent of
Millennials spend the same amount of time online.
Overall, Boomers are using the internet to do day-to-day tasks,
such as read the news (77 per cent), shop (66 per cent), and
stay connected with family and friends (64 per cent). When it comes
to matters of personal finance, over three-quarters (79 per cent)
of Boomers use the internet to do their banking; however, only 16
per cent of this figure use the internet to manage their
investments.
"There's a misperception that investing is this complicated,
time consuming activity," says Jeff
Beck, Associate Vice President at TD Direct Investing. "Most
people would be surprised at how quickly they can become confident
managing their investments online."
For Boomers interested in test-driving online investing, TD
Direct Investing offers the following DIY tips:
Don't be shy:
The gap between Boomers who bank
online and those who invest online can be attributed to the fact
that many in this cohort are unfamiliar or uncomfortable with
online investing tools. Of the Canadians who remember the arrival
of the colour TV, two-thirds (66 per cent) say that they would
invest online if they could ask someone questions about their
investment activity and almost half (42 per cent) would feel more
comfortable if they had additional information about online
investing.
However, self-directed investors do have access to one-on-one
support and educational resources, depending on what platform they
decide to use to invest. "The philosophy at TD Direct Investing is
to invest for yourself, not by yourself," says
Beck. "That's why we offer 24/7 access to knowledgeable
Investment Representatives, in addition to hundreds of live and
on-demand tutorials."
Invest within your comfort zone:
An
overwhelming majority of Boomers (94 per cent) like to use the
internet because it's convenient, while 84 per cent are attracted
to online use because it's easy. However, over three quarters (79
per cent) of Boomers say they do not manage their portfolios
online because they don't know enough about investing, while nearly
a quarter of this demographic (22 per cent) said they don't have
enough time to invest on their own.
Remember it's completely up to you how much time you want to
spend managing your portfolio, as well as how much you would like
to invest once you're up and running. Once you're more confident
with your investment strategies and knowledge you may decide to
manage it all on your own. Following investment specialists on
Twitter is a great way to help stay informed and engaged on timely
topics and investment trends.
You're in charge:
Remember: self-directed investing puts you in the driver's seat.
According to the TD survey, 62 per cent of Boomers who manage their
investments online do so because they like the flexibility of
investing when they want, where they want. Online brokerages offer
quick and convenient access to the markets, investor portfolios and
performance tracking – whether online, mobile, tablet or over the
telephone – letting clients invest when and how they want. Once you
get used to the practice of investing online, you'll be able to
tailor a personalized strategy to meet your specific financial
goals.
To learn more about TD Direct Investing, please visit
tddirectinvesting.ca.
About the TD Too Shy to DIY Survey
This report
presents the findings of an online survey conducted among 2,000
adults from July 21 – 31, 2017. In
order to qualify for this survey respondents had to be 18 years of
age or older and reside in Canada.
About TD Direct Investing
TD Direct Investing is a
division of TD Waterhouse Canada Inc., a subsidiary of The
Toronto-Dominion Bank.
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 more than
25 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
approximately 11.5 million active online and mobile customers. TD
had CDN$1.2 trillion in assets
on July 31, 2017. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
SOURCE TD Bank Group