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“ There is substantial, if not extensive, evidence that financial literacy can make an important contribution to the well-being of vulnerable groups…. Even when factors outside of individual control shape certain life chances, financial literacy programs

can help reduce risks associated with key financial choices and life events.” The Case for Financial Literacy, Canadian Centre for Financial Literacy, November 2012

Through workshops and other tactics, United Way agencies are breaking down a significant barrier for vulnerable groups: access to unbiased financial information and guidance relevant to their life context.

TD understands the value of financial education and has invested $1 million over five years to help United Way Toronto pilot this important initiative and then share findings across the country. Our employees also believe in the cause: Many volunteer their time each month to deliver the workshops and have seen first-hand the life-altering outcomes of helping people acquire solid financial skills.

Why does TD care?

Money mismanagement has widespread consequences, affecting not only individuals and their families, but also society as a whole. Economists have noted the link between financial literacy, national competitiveness and overall economic stability.

As a major financial institution, TD has the responsibility, the resources and the opportunity to promote responsible attitudes toward money and help people understand how financial literacy can benefit them. While individuals are ultimately responsible for making their own choices, we believe businesses like ours must help educate consumers so they are empowered to make good financial decisions.

TD has long supported and promoted financial education, and we have recently stepped up our efforts in response to the growing need.

Educating our customers

Financial products carry many benefits when used properly. They can lead to a healthy financial future. But some products carry risks and consequences if not managed responsibly.

As the world becomes more concerned about issues such as escalating personal debt, some commentators have said that banks are as much the problem as the solution for financial literacy. At TD, we train our employees to offer products responsibly and to take sufficient time to explain them to customers, including any risks involved, so they can make the best financial choices for themselves.

Investing in our customers’ financial literacy is a win-win. They can make smart decisions about their money; in turn, TD benefits from having more satisfied, successful customers.

We have developed a variety of resources, tools and services to help customers of all ages and income levels better navigate the financial marketplace. In July 2012, for example, we launched an interactive “ask and answer” social media community called TD Helps. It’s a free service for both Canadian customers and non-customers alike, where they can submit questions about home financing, investing and planning for retirement, saving and managing money, plus borrowing and managing credit.

Dedicated TD experts and fellow community members provide personalized responses to each question within 24 hours. In its first four months of operation, the service provided advice to more than 1,400 people and had over 115,000 unique visitors. Feedback about TD Helps has been very positive, and in 2013 we will expand the service to the U.S.

Across our footprint, TD offers hundreds of free seminars each year on topics such as buying a home and making investments. In 2012, we delivered 126 small business workshops in the U.S., with 2,879 small business owners gaining knowledge about cash flow analysis, business planning and more.

We have also taken significant steps to make our product materials and website information easier to understand, recognizing that the complexity of information itself can be an obstacle to financial literacy. In the U.S. last year, we introduced a simple, easy-to-read, one-page description of checking fees, based on a recommendation by the Pew Charitable Trusts. TD Bank was the second major bank in the U.S. to adopt this approach. We know, however, there is more we need to do in this area.

TD 2012 Corporate Responsibility Report

Why is financial literacy a priority for TD?