Report on TD’s Initiatives for Newcomer Financial Inclusion and Sustainable Development

A recent report highlights the significant financial challenges faced by newcomers to Canada and outlines the strategic initiatives undertaken by TD Bank Group (TD) to address these issues. These efforts are directly aligned with several United Nations Sustainable Development Goals (SDGs), particularly those focused on reducing inequality, promoting quality education, fostering economic growth, and achieving gender equality.

Addressing Financial Disparities in Alignment with SDG 10

Data from a survey conducted by Edelman Data & Intelligence on behalf of TD reveals a considerable knowledge gap between newcomers and the general Canadian population, representing a key area of inequality that impedes full economic participation. This disparity directly relates to the objectives of SDG 10: Reduced Inequalities.

Key Survey Findings

• 55% of newcomers (arrived within the last 10 years) report difficulty managing their finances in Canada.
• Over 50% of newcomers have little to no understanding of how to invest money, compared to 35% of the general population.
• Nearly 40% of newcomers report little to no understanding of the Canadian banking system, compared to 25% of the general population.
• 76% of newcomers polled fear making a financial mistake.

By targeting these knowledge gaps, TD’s programs aim to reduce financial inequalities and empower newcomers to achieve economic security, a cornerstone of sustainable development.

Strategic Initiatives for Newcomer Empowerment

TD has implemented a multi-faceted strategy focused on accessibility, education, and entrepreneurship, contributing to several interconnected SDGs.

Enhancing Accessibility and Communication (SDG 10)

To overcome communication barriers, a primary driver of inequality, TD provides extensive multilingual support. These services ensure that newcomers can access essential financial services in a language they understand.

• In-branch customer service is available in more than 80 languages.
• Telephone banking support is offered in as many as 200 languages.
• ATMs provide services in seven languages, including English, French, Punjabi, and Chinese.
• Specialized products, such as the TD New to Canada Banking Package, are designed to help newcomers establish a credit history, a critical step towards financial stability and contributing to SDG 8: Decent Work and Economic Growth.

Promoting Financial Literacy for Lifelong Learning (SDG 4)

In line with SDG 4: Quality Education, TD supports programs that provide accessible financial literacy for adult learners, including newcomers.

• TD is the founding supporter of “Money Matters,” a free financial literacy program from ABC Life Literacy Canada.
• Through a partnership with CanadaVisa, a leading immigration information source, TD provides financial education resources on topics like building credit and home ownership. This is an example of SDG 17: Partnerships for the Goals.
• A dedicated online hub has been launched with articles and resources to explain the Canadian banking system.

Fostering Entrepreneurship for Economic Growth (SDG 8 & SDG 5)

Recognizing that half of all newcomers are interested in starting their own business, TD provides support that fosters entrepreneurship, directly contributing to SDG 8: Decent Work and Economic Growth.

1. The Bank offers robust Small Business Banking services to guide entrepreneurs.
2. Through the TD Ready Commitment, the Bank supports non-profit organizations focused on entrepreneurship.
3. A key partnership is with Futurpreneur, a national non-profit. In 2024, a $1 million TD Ready Challenge grant was awarded to launch Futurpreneur’s Women in Entrepreneurship Initiative.
4. This initiative specifically advances SDG 5: Gender Equality by empowering women entrepreneurs through networking, peer support, and capacity-building workshops.

Conclusion: A Commitment to Inclusive and Sustainable Growth

TD’s commitment to bridging the financial knowledge gap for newcomers is a strategic contribution to Canada’s inclusive economic future. By providing accessible tools, education, and resources, the Bank’s initiatives play a positive role in ensuring new Canadians can achieve financial success for themselves and their families, thereby advancing the core principles of the Sustainable Development Goals.

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 1: No Poverty

  The article addresses the financial stability of newcomers, which is a key factor in preventing poverty. By providing tools and knowledge for financial management, savings, and investment, the initiatives described aim to build a secure economic foundation for individuals and families, contributing to poverty reduction.

• SDG 4: Quality Education

  The article heavily emphasizes financial literacy as a crucial need for newcomers. It details support for programs like “Money Matters” and the creation of multilingual educational resources to improve understanding of the Canadian financial system, which aligns with providing inclusive and equitable quality education and promoting lifelong learning opportunities.

• SDG 5: Gender Equality

  The article specifically mentions a $1 million grant to Futurpreneur for its “Women in Entrepreneurship Initiative.” This program is designed to empower women entrepreneurs, directly contributing to achieving gender equality and empowering all women and girls, particularly in the economic sphere.

• SDG 8: Decent Work and Economic Growth

  The core theme is promoting economic inclusion, which drives overall economic growth. The article discusses supporting newcomer entrepreneurship, helping individuals start businesses, and strengthening financial institutions to provide better access to banking and credit. These actions foster sustained, inclusive, and sustainable economic growth.

• SDG 10: Reduced Inequalities

  The article is fundamentally about reducing the inequalities faced by newcomers. It highlights the “knowledge gap” between newcomers and the general population regarding financial systems and details efforts to bridge this gap through multilingual services, targeted financial products, and accessible information, thereby promoting the social and economic inclusion of all, irrespective of origin.

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 1: No Poverty

  • Target 1.4: “By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services… and financial services, including microfinance.” The article describes TD’s efforts to provide newcomers with access to essential financial services, such as bank accounts, credit (TD New to Canada Banking Package), and investment knowledge, directly aligning with this target.

• SDG 4: Quality Education

  • Target 4.4: “By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship.” The focus on financial literacy programs and resources aims to equip adult newcomers with relevant skills needed for financial stability and entrepreneurship in Canada.
  • Target 4.6: “By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy.” The article mentions TD’s support for “Money Matters,” a financial literacy program for adult learners and newcomers, which directly contributes to improving financial literacy, a form of adult numeracy and literacy.

• SDG 5: Gender Equality

  • Target 5.5: “Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life.” The grant supporting the “Women in Entrepreneurship Initiative” is a direct action to promote women’s full participation in economic life by helping them start and grow businesses.

• SDG 8: Decent Work and Economic Growth

  • Target 8.3: “Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship… and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services.” The article details support for newcomer entrepreneurs through Small Business Banking services and grants to organizations like Futurpreneur, which helps individuals start new businesses.
  • Target 8.10: “Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all.” The entire article is a case study of a domestic financial institution (TD) strengthening its capacity to serve a specific demographic (newcomers) by offering services in over 80 languages, creating tailored banking packages, and providing educational resources to expand their access to the financial system.

• SDG 10: Reduced Inequalities

  • Target 10.2: “By 2030, empower and promote the social, economic and political inclusion of all, irrespective of… origin…” The article’s central goal is the economic inclusion of newcomers to Canada. Initiatives like providing multilingual services and targeted financial education are designed to empower this group and reduce the barriers they face.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Indicators for Financial Inclusion and Literacy (SDG 4, 8, 10)

  The article provides specific survey data that can serve as baseline indicators to measure progress in financial literacy and inclusion among newcomers.

  • Percentage of newcomers who find it difficult to manage their finances (55%).
  • Percentage of newcomers with little to no understanding of how to invest in Canada (just over 50%).
  • Percentage of newcomers with little to no understanding of the Canadian banking system (nearly 40%).
  • Percentage of newcomers interested in starting their own business (50%).
  • Percentage of newcomers not well informed about financial products for business owners (62%).

• Indicators for Accessibility of Services (SDG 8, 10)

  The article mentions specific metrics related to the accessibility of TD’s services, which indicate the capacity to serve diverse populations.

  • Number of languages available for in-branch service (more than 80).
  • Number of languages available for phone service via Easyline (as many as 200).
  • Proportion of new customers who are newcomers (more than half), indicating the scale of outreach.

• Indicators for Investment in Empowerment Programs (SDG 5, 8)

  The article provides a concrete financial figure for investment in a program aimed at economic empowerment.

  • Value of the grant provided to Futurpreneur for its Women in Entrepreneurship Initiative ($1 million).

4. Table of SDGs, Targets, and Indicators

Source: stories.td.com