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Winnipeg Free Press
a day ago
- Business
- Winnipeg Free Press
Under the finfluence
Opinion Alyssa Davies knows when a social media post has struck a chord with her tens of thousands of followers: the DMs (direct messages) pour in. 'Every week, people pour their hearts out over what they're going through financially,' says the 34-year-old financial influencer (or finfluencer), who has been writing about money for a decade on her blog Mixed Up Money. Davies finds she blogs less these days and posts more on multiple social media platforms, including TikTok, though her wheelhouse is Instagram, where she posts short videos about personal experiences with life and money. Her first-person narrative about money challenges and successes are what draws followers. It's not a unique formula and the insights can be quite banal (like allowing yourself some treat spending occasionally, even when you're trying to stick to a budget). Yet the intimacy of these financial insights are why hundreds if not thousands of finfluencers are captivating potentially millions of Canadian consumers. A recent survey of 1,000 Canadians by Tangerine Bank — looking only at TikTok (or 'FinTok,' the hashtag for users seeking financial advice) — point to finfluencers' growing impact, finding nearly nine in 10 using the platform believe it improved their financial literacy. In following finfluencers, 61 per cent note their posts helped them build at least $500 more wealth. The report ('#FinTok: the good, bad and straight-up wrong') found while the experience is mostly good, nearly one in four report following bad advice — most often related to investing. Among those individuals, more than 40 per cent lost more than $500. The report also illustrates how a new generation of consumers and investors are getting financial advice much like they consume other goods and services — for better and for worse, says Lora Paglia, chief operating officer at Tangerine. 'People want everything at their fingertips … from food deliveries to financial advice,' he says. '(Yet) not all advice is created equal and everyone has a unique financial situation.' Cautions aside, social media platforms — from TikTok to YouTube to Reddit to Instagram — are catching on because young consumers, especially, can learn about an intimidating topic in an approachable way, he adds. Finfluencers put the 'personal' in personal finance, and regulators like the Ontario Securities Commission are trying to understand their full impact. It recently published a report called 'Social Media and Retail Investing: the Rise of Finfluencers,' surveying 655 investors. Among its findings are 91 per cent of respondents are active social media users. Notably, 35 per cent of those respondents state making financial decisions based on finfluencer content. That more than one-third of Canadian investors could be following advice from largely unregulated financial content providers is concerning, says Meera Paleja, head of research and behavioural insights at the OSC. 'Their level of knowledge can vary greatly.' Finfluencers range from social media-savvy licensed advisers to those with no professional background in finance at all. Theresa Ebden, vice-president of the investor office at the OSC, notes the latter group can further be distinguished into two sub-groups: those posting content about money and investing who aren't being paid to promote a product; and those who are paid by a third party to promote a financial product. The latter group is of most concern to regulators, she adds. What's more, the OSC has reason to be concerned, given the findings of the second part of its study. It involved experiments with investors to determine finfluencers' impact and found respondents exposed to finfluencers' advice were more than three times as likely to purchase an investment mentioned in posts than those who were not exposed. 'Just seeing an investment talked about on social media dramatically increases the chance people will purchase it,' Paleja says. In the real world, the OSC is seeing the potential impacts, receiving more complaints about finfluencers — though most involve cryptocurrency, Ebden says. In contrast, at FAIR Canada (Canadian Foundation for the Advancement of Investor Rights), complaints about finfluencers have yet to arise. That doesn't mean it isn't a concern, says Jean-Paul Bureaud, executive director of FAIR Canada. 'The research (including the Tangerine study) generally shows that investors following finfluencers may be losing small amounts … so maybe they don't feel it's worth reporting.' Yet he can see how it can be potentially problematic, given finfluencers' unique and growing appeal. 'People like feeling part of a community, having peer-to-peer interactions and learning from others who have been through the same challenges.' Like any other financial literacy resource, finfluencer content can be 'a double-edged sword,' with the dangerous edge being those paid to promote products that may not be in consumers' best interest, Bureaud adds. The OSC study, however, did find potential solutions to better protect consumers. 'The greatest impact in the experiment was inoculation,' says Paleja. Like vaccines introducing a harmless piece of a virus to an immune system to recognize and fight off the real virus in the future, inoculation for investors involves introducing 'a weakened form of the misinformation they might encounter' on social media, she explains. Davies, who is completing her master's degree in financial psychology, offers some inoculation of her own, noting content consumers should be skeptical of any advice encountered online and they need to further confirm its veracity elsewhere before applying it to their own lives. Wednesdays A weekly dispatch from the head of the Free Press newsroom. Indeed, most followers she engages with don't blindly follow finfluencers. Rather, they see them as an entry point to learning more about subject matter they find intimidating, giving them confidence to learn more so they can make better money decisions. 'It's not about giving people perfect advice,' Davies says. 'It's really about helping them feel less alone on their financial journey.' Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
Associated Press
04-06-2025
- Business
- Associated Press
Bike Share Toronto and Tangerine Bring back Bike For Free Day
Hop on a Bike Share bike and explore the city for free on June 14 TORONTO, June 4, 2025 /CNW/ - On Saturday, June 14, 2025, Tangerine Bank and the Toronto Parking Authority (TPA) are offering an easy and affordable way to explore the city with the return of Bike For Free Day. Courtesy of Tangerine, riders can enjoy unlimited 90-minute rides on June 14. Free rides can be accessed through the Bike Share Toronto App by selecting the Free Day Pass option and following the prompts. The 24 hours will begin when the Free Day Pass is activated and applies to both classic and e-bikes. The initiative kicks off the summer bike season with a fun and free way for Torontonians to get around our vibrant city on two wheels and celebrates another year of partnership between Tangerine and Bike Share Toronto. 'Every year, more and more Torontonians are cycling, and trying Bike Share Toronto' said Toronto Mayor Olivia Chow. 'As a proud cyclist myself, I know that biking is an affordable, fast, and environmentally friendly way to get around the city – and a great form of exercise. To support cyclists and keep people safe, we are working on a win-win solution to fight traffic while protecting bike lanes, expanding our city's cycling network and upgrading our infrastructure. I encourage everyone to enjoy cycling on this Bike For Free Day as they explore everything Toronto has to offer!' 'Tangerine is excited to bring back Bike For Free Day again this year, and what a great way to ride into the summer season together!' says Natalie Jones, Chief Marketing Officer at Tangerine Bank. 'We continue to be proud to partner with Bike Share Toronto and we're committed to moving Toronto forward—in their travels around the city and with their money.' Bike Share Toronto has seen strong growth in recent years. In 2024, almost 7 million rides were taken on a Bike Share Toronto bike. The program saw a 144% increase in e-bike rides, annual memberships grew by 14%, and there were 165,000 users who tried Bike Share for the first time. 'Bike Share Toronto is now one of the fastest growing bike share programs in North America,' said TPA president Scott Collier. 'Together with our partner Tangerine Bank, we are helping to keep people moving with choice, ease and speed. We encourage everyone to take advantage of a free ride on June 14.' To participate in Bike for Free Day, download the BST app, select the Free Day Pass option by following the prompts, then visit your closest Bike Share Toronto station to start riding! About Tangerine Bank Tangerine is one of Canada's leading digital banks, empowering over two million clients to reach their goals and move their finances forward. Known for a simple-to-use digital and mobile experience, Tangerine offers everyday banking products without any complicated hoops to jump through. From saving and spending to investing and borrowing, Tangerine's products are designed to meet the unique needs of Canadians. Tangerine's commitment to putting clients first has earned the bank recognition as the #1 Bank in Canada by Forbes in 2025 and the most awarded midsize Bank by the J.D. Power Canada Retail Banking Satisfaction Study for 13 consecutive years as of 2024*. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012, Tangerine was acquired by Scotiabank and operates independently as a wholly owned subsidiary. Tangerine is a registered trademark of The Bank of Nova Scotia, used under license. For more information, visit or connect with us on social on Instagram, LinkedIn, or TikTok. *Tangerine has won more awards than any other brand among midsize banks in the J.D. Power Canada Retail Banking Satisfaction Studies from 2006-2024. Visit for more information. About Toronto Parking Authority Toronto Parking Authority (TPA) is North America's largest municipally-owned operator of commercial parking, owns and operates Canada's largest municipally-operated EV charging network, and manages Bike Share Toronto, North America's third largest bike share program. TPA's vision is to become the world's best provider of sustainable parking, bike share and last-mile mobility experiences for our customers, our partners, and our city. SOURCE Tangerine
Yahoo
04-06-2025
- Business
- Yahoo
Bike Share Toronto and Tangerine Bring back Bike For Free Day
Hop on a Bike Share bike and explore the city for free on June 14 TORONTO, June 4, 2025 /CNW/ - On Saturday, June 14, 2025, Tangerine Bank and the Toronto Parking Authority (TPA) are offering an easy and affordable way to explore the city with the return of Bike For Free Day. Courtesy of Tangerine, riders can enjoy unlimited 90-minute rides on June 14. Free rides can be accessed through the Bike Share Toronto App by selecting the Free Day Pass option and following the prompts. The 24 hours will begin when the Free Day Pass is activated and applies to both classic and e-bikes. The initiative kicks off the summer bike season with a fun and free way for Torontonians to get around our vibrant city on two wheels and celebrates another year of partnership between Tangerine and Bike Share Toronto. "Every year, more and more Torontonians are cycling, and trying Bike Share Toronto" said Toronto Mayor Olivia Chow. "As a proud cyclist myself, I know that biking is an affordable, fast, and environmentally friendly way to get around the city – and a great form of exercise. To support cyclists and keep people safe, we are working on a win-win solution to fight traffic while protecting bike lanes, expanding our city's cycling network and upgrading our infrastructure. I encourage everyone to enjoy cycling on this Bike For Free Day as they explore everything Toronto has to offer!" "Tangerine is excited to bring back Bike For Free Day again this year, and what a great way to ride into the summer season together!" says Natalie Jones, Chief Marketing Officer at Tangerine Bank. "We continue to be proud to partner with Bike Share Toronto and we're committed to moving Toronto forward—in their travels around the city and with their money." Bike Share Toronto has seen strong growth in recent years. In 2024, almost 7 million rides were taken on a Bike Share Toronto bike. The program saw a 144% increase in e-bike rides, annual memberships grew by 14%, and there were 165,000 users who tried Bike Share for the first time. "Bike Share Toronto is now one of the fastest growing bike share programs in North America," said TPA president Scott Collier. "Together with our partner Tangerine Bank, we are helping to keep people moving with choice, ease and speed. We encourage everyone to take advantage of a free ride on June 14." To participate in Bike for Free Day, download the BST app, select the Free Day Pass option by following the prompts, then visit your closest Bike Share Toronto station to start riding! About Tangerine BankTangerine is one of Canada's leading digital banks, empowering over two million clients to reach their goals and move their finances forward. Known for a simple-to-use digital and mobile experience, Tangerine offers everyday banking products without any complicated hoops to jump through. From saving and spending to investing and borrowing, Tangerine's products are designed to meet the unique needs of Canadians. Tangerine's commitment to putting clients first has earned the bank recognition as the #1 Bank in Canada by Forbes in 2025 and the most awarded midsize Bank by the J.D. Power Canada Retail Banking Satisfaction Study for 13 consecutive years as of 2024*. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012, Tangerine was acquired by Scotiabank and operates independently as a wholly owned subsidiary. Tangerine is a registered trademark of The Bank of Nova Scotia, used under license. For more information, visit or connect with us on social on Instagram, LinkedIn, or TikTok. *Tangerine has won more awards than any other brand among midsize banks in the J.D. Power Canada Retail Banking Satisfaction Studies from 2006-2024. Visit for more information. About Toronto Parking AuthorityToronto Parking Authority (TPA) is North America's largest municipally-owned operator of commercial parking, owns and operates Canada's largest municipally-operated EV charging network, and manages Bike Share Toronto, North America's third largest bike share program. TPA's vision is to become the world's best provider of sustainable parking, bike share and last-mile mobility experiences for our customers, our partners, and our city. SOURCE Tangerine View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
04-06-2025
- Business
- Cision Canada
Bike Share Toronto and Tangerine Bring back Bike For Free Day
TORONTO, June 4, 2025 /CNW/ - On Saturday, June 14, 2025, Tangerine Bank and the Toronto Parking Authority (TPA) are offering an easy and affordable way to explore the city with the return of Bike For Free Day. Courtesy of Tangerine, riders can enjoy unlimited 90-minute rides on June 14. Free rides can be accessed through the Bike Share Toronto App by selecting the Free Day Pass option and following the prompts. The 24 hours will begin when the Free Day Pass is activated and applies to both classic and e-bikes. The initiative kicks off the summer bike season with a fun and free way for Torontonians to get around our vibrant city on two wheels and celebrates another year of partnership between Tangerine and Bike Share Toronto. "Every year, more and more Torontonians are cycling, and trying Bike Share Toronto" said Toronto Mayor Olivia Chow. "As a proud cyclist myself, I know that biking is an affordable, fast, and environmentally friendly way to get around the city – and a great form of exercise. To support cyclists and keep people safe, we are working on a win-win solution to fight traffic while protecting bike lanes, expanding our city's cycling network and upgrading our infrastructure. I encourage everyone to enjoy cycling on this Bike For Free Day as they explore everything Toronto has to offer!" "Tangerine is excited to bring back Bike For Free Day again this year, and what a great way to ride into the summer season together!" says Natalie Jones, Chief Marketing Officer at Tangerine Bank. "We continue to be proud to partner with Bike Share Toronto and we're committed to moving Toronto forward—in their travels around the city and with their money." Bike Share Toronto has seen strong growth in recent years. In 2024, almost 7 million rides were taken on a Bike Share Toronto bike. The program saw a 144% increase in e-bike rides, annual memberships grew by 14%, and there were 165,000 users who tried Bike Share for the first time. "Bike Share Toronto is now one of the fastest growing bike share programs in North America," said TPA president Scott Collier. "Together with our partner Tangerine Bank, we are helping to keep people moving with choice, ease and speed. We encourage everyone to take advantage of a free ride on June 14." To participate in Bike for Free Day, download the BST app, select the Free Day Pass option by following the prompts, then visit your closest Bike Share Toronto station to start riding! About Tangerine Bank Tangerine is one of Canada's leading digital banks, empowering over two million clients to reach their goals and move their finances forward. Known for a simple-to-use digital and mobile experience, Tangerine offers everyday banking products without any complicated hoops to jump through. From saving and spending to investing and borrowing, Tangerine's products are designed to meet the unique needs of Canadians. Tangerine's commitment to putting clients first has earned the bank recognition as the #1 Bank in Canada by Forbes in 2025 and the most awarded midsize Bank by the J.D. Power Canada Retail Banking Satisfaction Study for 13 consecutive years as of 2024*. Tangerine Bank was launched as ING DIRECT Canada in 1997. In 2012, Tangerine was acquired by Scotiabank and operates independently as a wholly owned subsidiary. Tangerine is a registered trademark of The Bank of Nova Scotia, used under license. *Tangerine has won more awards than any other brand among midsize banks in the J.D. Power Canada Retail Banking Satisfaction Studies from 2006-2024. Visit for more information. About Toronto Parking Authority Toronto Parking Authority (TPA) is North America's largest municipally-owned operator of commercial parking, owns and operates Canada's largest municipally-operated EV charging network, and manages Bike Share Toronto, North America's third largest bike share program. TPA's vision is to become the world's best provider of sustainable parking, bike share and last-mile mobility experiences for our customers, our partners, and our city.
Yahoo
26-02-2025
- Business
- Yahoo
Taxes 2025: Should you transfer your RRSP to get a bonus? Top things to consider before you do
As Canadians deal with a higher cost of living, some are scaling back plans to contribute to their Registered Retirement Savings Plan (RRSP). A recent Edward Jones Canada survey found that one in 10 of the 1,528 people surveyed said they cannot afford to invest in their RRSPs at all this year. With many financial institutions and brokerages offering bonuses for Canadians to transfer their RRSPs, should they consider taking advantage of these promotions? A lucrative transfer bonus could make up for missed contributions, if the future cash rewards are used towards an RRSP. But there's more to the equation than the headline offer, says Tangerine Bank's senior vice-president of retail banking Gurarav Singh. There are several things to consider before evaluating a transfer offer or bonus, Singh says in an interview with Yahoo Finance Canada. The first is knowing what your own financial goals are for your RRSP. "[Have] clarity around your goals, whether they are short-term, medium-term or long-term goals, and that you've clearly identified and prioritized them as well,' he said. It's also important to know your risk tolerance, and checking that tolerance against a potential institution's offerings. If its investment options don't suit your risk appetite, that mismatch may not be worth the transfer bonus in the long run. Brenda Hiscock, a financial planner with Objective Financial Partners, agrees that investors seeking to move assets for a transfer bonus need to have their goals in mind, especially if they're planning on withdrawing from their RRSP in the near future. Though an institution might have an attractive offer, there's also a more important backdrop to take into account: how the competitor operates. Singh says this means digging into the fine print of the offer and making sure you understand potential fees for buying and selling after the transfer, or any currency fees if you invest in non-Canadian investments. He also suggests viewing the institution in a broader lens, not just for the RRSP bonus. Asking yourself if the competing bank or brokerage has products such as exchange-traded funds (ETFs), or enough choice to suit your personal needs is critical, he says, along with reviewing the competitor's other banking offerings 'that can round out your overall portfolio.' 'Do they also have other solutions for you as well that are also non-registered? Are they helping you with your checking account and having no daily banking fees? Are they helping you with a good interest rate on your savings accounts?' Singh said. Hiscock views RRSP transfer bonuses as a good option for some DIY investors, but not necessarily those working with an advisor. 'I don't recommend, as a general rule, chasing promotions… but I think once in a while, there are some promotions that do work well,' she said. She also notes that DIY investors need to be aware of the types of assets their current institution or broker allows them to hold versus other competitors. If they can't hold the same assets or directly transfer their ETFs, stock or bond holdings directly over, then the promotion might not be a good fit. Hiscock suggests that any investor seeking to move their RRSP or any other type of account to a different institution or broker needs to know the exact stipulations on the transfer. A key consideration she suggests investors look into is transfer fees and the ceiling of the bonus, if there is one. 'In most cases, when you transfer an RRSP from one institution, it's $150 per account to transfer it out,' she said. She notes that investors need to research if the receiving brokerage or institution will cover the transfer fee or, if they won't, whether the size of the bonus is greater than the cost to transfer it. Additionally, some competitors may have ceilings on how much cash they divvy out, depending on the amount of assets transferred to them. That threshold should also be an important consideration, she says. For example, Wealthsimple is offering a two per cent match transfer bonus, but Hiscock notes that the bonus is paid out over two years, so any cash given out can't be used towards the 2024 year by the time the transfer is complete. 'So there won't be any immediate benefit to taking one of these offers, but I do think there are some cases where they may be a good idea,' she said. Brett Surbey is a freelance journalist and corporate paralegal based out of Grande Prairie, Alberta. Follow him on X @SurbeyBrett. Sign in to access your portfolio
