ING DIRECT urges Canadians to 'work your core'

TORONTO, Jan. 20 /CNW/ - A strong core is vital for health and fitness, and the same is true when it comes to creating a healthy retirement: a strong financial core is key.

But are Canadians doing enough?

According to a recent Angus Reid Public Opinion poll, conducted in December 2009 for ING DIRECT, one in four Canadian adults (23%) don't contribute to an RSP at all. And of those with RSPs:

    
    -  58% expect to contribute the same as they did last year
    -  28% actually expect to contribute less
    -  only 13% expect to contribute more
    -  however, 22% of younger Canadians (age 18-34) with more time to invest
       in their retirement expect to contribute more in 2010.
    

"Creating and maintaining a healthy savings habit is important, not only for short-term goals or security for unexpected needs, but to create a healthy financial core for future retirement," says Peter Aceto, President & CEO of ING DIRECT Canada.

The most popular investment for RSPs is still mutual funds (39%) although this is down significantly from 2008 when 88% of Canadians surveyed by Angus Reid said they held mutual funds in their RSPs; followed by GICs (15%), stocks (12%), money market funds (12%) and bonds (10%).

"We found in our Global Savings Survey last summer that Canadians still remained more optimistic about their finances than people in other countries, and that they are taking charge of their own economic well-being," says Aceto. "Part of this is to contribute to their RSPs."

ING DIRECT offers two great ways to help Canadians work their financial core and take charge of their retirement plans:

    
    -  The Streetwise Funds(TM) from ING DIRECT are balanced mutual funds
       with investments spread across four major stock and bond market
       indexes, all in one fund. And because the Streetwise Funds use an
       index-based approach, they have a low 1% MER compared with the 2.6%
       MER that Canadians pay for the average balanced fund, which means more
       money stays in your fund to grow. An easy alternative to high-fee
       mutual funds.

    -  A short-term, high-interest option to save money until a decision for
       a longer term investment is made: ING DIRECT's 3%* 90 Day RSP GIC is
       available until the 2009 RSP Contribution deadline of March 1, 2010.
       Results in 90 days, guaranteed. No minimums, fees or service charges.
    

Angus Reid Public Opinion - Survey Methodology - From December 10 to December 13, 2009, Angus Reid Public Opinion conducted an online survey among a randomly selected, representative sample of 1,008 adult Canadians who are Angus Reid Forum panel members. The margin of error is +/-3.1%, 19 times out of 20. The results have been statistically weighted according to the most current gender, age and region Census data to ensure a sample representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.

Angus Reid Public Opinion polls are conducted using the Angus Reid Forum online panel (www.angusreidforum.com), which is recruited via an industry-leading process that incorporates a randomized, widespread invitation approach and a triple opt-in screening procedure. The panel is maintained through state-of-the-art sampling techniques and frequent verifications of personal identity, contact information, and demographic characteristics. This premier online survey platform presents respondents with highly visual, interactive, and engaging surveys, ensuring that panel members provide thoughtful and reliable responses.

About ING DIRECT

ING DIRECT is Canada's leading direct bank with over 1.6 million Clients and more than $27 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 has paid more than $4 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3473).

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. The Streetwise Funds are a trademark of ING Direct Asset Management Limited.

    
    Follow Peter Aceto on Twitter at: Twitter.com/CEO_INGDIRECT
    And find ING DIRECT at: Facebook.com/SuperStarSaver;
    Twitter.com/SuperStarSaver; YouTube.com/SuperStarSaver
    

Style note to Editors: ING DIRECT is always capitalized and never referred to as ING.

*Rate as at January 1, 2010 and available until March 1, 2010. Interest is calculated daily and paid at maturity.