ING DIRECT mobile app add-on allows Canadians to redirect small everyday
spending towards bigger savings goal
TORONTO, July 4, 2012 /CNW/ - ING DIRECT today announced a new addition
to its existing mobile banking app for Apple® and Android™ devices. Called Small Sacrifices, this new tool helps
Canadians visualize how foregoing everyday indulgences and redirecting
that money through small incremental deposits can lead to big savings
over the long term. In a new poll commissioned by ING DIRECT, 52% of
Canadians surveyed said that if they could better visualize what
foregoing their daily, weekly and monthly spending on non-essential
purchases would save them over the short and long term, they would
change their spending habits.
"Mobile technology is changing how we live our lives by helping make
everyday tasks easier and more convenient. Our new mobile app tool is
now bringing that simplicity and convenience to everyday savings," said
Peter Aceto, president and CEO, ING DIRECT. "Small Sacrifices is there
to help Canadians make small choices throughout the day to put that
extra few dollars aside instead of spending it on lunch or dinners or
another cup of coffee. By cutting back on what seems like small
everyday spending, Canadians can easily save thousands of dollars to
meet their savings goals, like retirement, a new home or a vacation.
This great new tool lets you see how those small purchases add up over
the short- and long-term, and gives you an easy way - right in your
pocket - to redirect that money to a real savings goal."
The Small Sacrifices tool gets you on your way to saving with just a few
small steps. First, choose a small sacrifice, like passing on your
daily coffee purchase. Then decide which goal to redirect the money to,
like retirement or savings. Clients enter in how much money they spend
on their average purchase, and Small Sacrifices creates a chart showing
how much that weekly amount would grow to in the near term (five years)
and long term (25 years). The next time a user is tempted to spend on
their non-essential purchase, they can choose to instead redirect that
money from their THRiVE Chequing™ Account to a savings or retirement
account with one simple click.
Charaka Kithulegoda, ING DIRECT's Chief Information Officer says, "We
use technology to make banking simpler, engaging and more relevant for
all Canadians. Our goal is to give our clients the appropriate tools
they need so they can bank whenever, wherever and however they want.
This new addition to our mobile app is another example of how we're
making saving easier and more accessible to Canadians."
ING DIRECT's survey also found that 35% of Canadians admitted that the
amount of money they are able to save is lower now than it was two
years ago, while 39% say their savings has remained about the same.
Many respondents admit to spending as much as $35 a week on
non-essential purchases, or "spending vices" like lunch out, coffee and
lottery tickets, suggesting that, despite challenging economic times,
there is some wiggle room in the average Canadians' budget to put a few
extra bucks aside.
What non-essential purchases are Canadians making most?
37% of Canadians say their biggest spending vice is buying lunch or
dinner, and they spend an average of $35 a week dining out
Lottery tickets are an admitted vice for 15% of Canadians who say they
spend an average of $18 a week
Canadians who buy coffee regularly (13%) spend roughly $15 a week on
their java purchases
Other common spending vices among Canadians include clothing and shoes
(18%), alcohol (18%) and cigarettes (17%).
Apple and Android smart phone users can download or update the ING
DIRECT mobile banking app for free by visiting the Apple App Store on
Apple devices,and the Android Market on the Android device. To find out
more about mobile banking and ING DIRECT, visit ingdirect.ca/saveanywhere.
™THRiVE Chequing is a trademark of ING Bank of Canada.
® Apple is a trademark of Apple Inc., registered in the U.S. and other
™Android is a trademark of Google Inc.
About ING DIRECT
ING DIRECT is Canada's leading direct bank with over 1.8 million Clients
and close to $40 billion in total assets. ING DIRECT is the bright way
forward in everyday banking for Canadians, offering value added, simple
products such as high interest savings accounts, including TFSAs, GICs
and RSPs with no fees or service charges, low rates on mortgages and a
no-fee, daily chequing account that actually pays interest. Low cost,
index based mutual funds are sold through ING DIRECT Funds Limited. ING
DIRECT has been operating in Canada since 1997, and paid more than $5
billion in interest to clients. ING DIRECT is open for banking 24 hours
a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3743).
About the Survey On June 21, 2012, an online survey was conducted among 1000 randomly
selected Canadian adults who are Angus Reid Forum panelists. The margin
of error—which measures sampling variability—is +/- 3.1%, 19 times out
of 20. The results have been statistically weighted according to the
most current education, age, gender and region (and language in
Quebec). Census data to ensure a sample representative of the entire
adult population of Canada. Discrepancies in or between totals are due
Get social with ING DIRECT: Facebook.com/SuperStarSaver; Twitter.com/SuperStarSaver; YouTube.com/SuperStarSaver
Follow Peter Aceto: Twitter.com/CEO_INGDIRECT; Facebook.com/savingsceo; Direct Talk blog at blog.ingdirect.ca
Image with caption: "ING DIRECT's new Small Sacrifices mobile app tool shows Canadians how making small sacrifices, like packing a lunch or skipping a coffee purchase, can lead to big results. (CNW Group/ING DIRECT)". Image available at: http://photos.newswire.ca/images/download/20120704_C6029_PHOTO_EN_15917.jpg
SOURCE ING DIRECT
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