TORONTO, Feb. 23 /CNW/ - With the RSP deadline fast approaching many
Canadians will inevitably make some last minute decisions this week on where
to shelter their money. Unfortunately some of them will choose investment
options that help them save tax today, but cost them money in the long run. In
today's financial climate, it's more important than ever that Canadians do
their due diligence when it comes to investing, particularly with high-fee
Peter Aceto, President & CEO of ING DIRECT is available to comment on:
- A short-term, high-interest option to save money until a decision for
a longer term investment is made (90 day RSP GIC that pays 3.5%),
- Simple alternatives to high-fee mutual funds,
- The financial benefits of regular, automatic RSP contributions.
A recent survey(*) by Angus Reid, commissioned by ING DIRECT revealed:
- Mutual funds are owned by more Canadians in their RSPs than any other
financial product (88%).
- The three most popular products used for retirement savings after
mutual funds are GIC's (23%), individual stocks (21%) and money
market funds (21%).
- Only 15% of Canadians surveyed who own mutual funds, knew the average
fee charged by fund companies to hold these funds.
About ING DIRECT
ING DIRECT is Canada's largest direct bank with over 1.6 million Clients
and more than $23 billion in total assets. ING DIRECT gives 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. Low cost, index-based mutual funds are sold through ING DIRECT
Funds Limited. 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 1-800 ING DIRECT.
About ING DIRECT Funds Limited
Mutual funds are offered by ING DIRECT Funds Limited, a wholly-owned
subsidiary of ING Bank of Canada. ING DIRECT Funds Limited offers mutual funds
across Canada except in Quebec and the Territories.
About ING DIRECT Asset Management Limited
ING DIRECT Asset Management Limited, a wholly owned subsidiary of ING
DIRECT, is the manager of the ING DIRECT Streetwise Funds.
(*) From November 21, 2008 to November 27, 2008, Angus Reid Strategies
conducted an online survey among a randomly selected, representative
sample of 1,004 adult Canadians through the Angus Reid Forum. The
margin of error for the total sample is +/- 3.1%, 19 times out of 20.
The results have been statistically weighted according to Statistics
Canada's most current education, age, gender and region Census data
to ensure a representative sample of the entire adult population of
Canada. Discrepancies in or between totals are due to rounding.
For further information:
For further information: To arrange an interview or for more
information, please contact: Lynnette Visaya or Lisa Naccarato, ING DIRECT,
(416) 758-5544, (416) 758-5072, firstname.lastname@example.org, email@example.com