Raising Financial Literacy Levels in Underserved Communities
Amount donated by TD in 2011 for financial literacy programs
Number of TD employees who volunteered in their communities to teach financial literacy programs to children and adults
"With support from the TD Financial Literacy Grant Fund, we will pilot an innovative, youth-centred financial literacy program with 40 marginalized youth in our community. We want to reach youth who otherwise would not be exposed to financial literacy skills – and to do this with respectful recognition of the challenges they face."
Marilyn Eisenstat, managing director of Promoting Education and Community Health (PEACH) Toronto, Ontario
Financial literacy is directly related to TD's business and is a field in which we can, therefore, make a strong contribution. We want consumers to be knowledgeable and empowered to make good decisions about their money. In 2011, we increased our activity in this field by investing both financial and human resources to make financial literacy programs available and accessible, particularly for people from disadvantaged or underserved communities who are particularly vulnerable in this regard.
- Throughout the U.S. in 2011, TD Bank delivered 521 homebuyer mortgage seminars, with 9,497 participants learning about applying for a mortgage, the loan closing process and post-purchase maintenance to protect their housing investment. We also provided 126 small business workshops, with 2,879 small business owners gaining knowledge about preparing a business plan, financing their new businesses and cash flow analysis.
- TD pledged $375,000 over three years to support Money Matters, a new workshop created by ABC Life Literacy Canada to help adult learners, including new immigrants, Aboriginal Peoples, single parents and low-income families, become more comfortable with personal finances. The pilot program will reach out to 2,700 adult learners over a three-year period in 28 communities across Canada. Up to 700 TD employees will be trained to deliver the program.
- We are funding United Way Toronto to pilot a community-based financial literacy strategy for low-income individuals and families. This includes $500,000 in funding as well as TD volunteers to deliver financial literacy workshops. Our contribution also supports one-on-one financial counselling for single parents, new immigrants and seniors through neighbourhood agencies.
- In suburban New York, TD piloted a financial literacy seminar series covering five different topics, including managing credit and preventing fraud. Businesses, community centres, campuses and others can request a free seminar, delivered by TD employees, on one or all of the topics.
- Through our participation in programs like Junior Achievement (in both Canada and the U.S.) and Number Partners (in the U.K.), thousands of TD employees volunteered their time at schools and community centres to teach the basics of money management, savings, credit and debt.
- The TD Financial Literacy Grant Fund was set up through SEDI to provide funding to community organizations that provide financial education programming. Last year, the fund awarded $2.4 million to 29 community organizations across Canada, including those serving women, youth, Aboriginal Peoples and newcomers to Canada.
We are also helping TD customers increase their financial know-how through programs like TD Helps and the TD on Facebook.
"I helped a single mom better understand credit and interest. She was carrying a balance on her credit card even though she could pay off the full balance. Helping her to realize the impact interest can have made me feel like I had a positive impact on her and her young family."
Shameed Ali, a Specialized HR Analyst for TD Canada Trust, volunteers to teach workshops to communities in need through the United Way Toronto's financial literacy programs.