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Canadian Lifestage Marketing in Financial Services - US - May 2013

Published By :

Mintel

Published Date : Jun 2013

Category :

Banking

No. of Pages : 123 Pages

 

 

Mintel Reports deliver thorough market analysis while unraveling the complexities of consumer behavior. Intricate issues are examined with clarity, revealing marketing opportunities and weaknesses. Insightful and accurate information keeps you in touch with specific market landscapes as well as larger social trends. An adaptable online interface makes it easy to find, share and interpret market data.

 

TABLE OF CONTENT

Scope and Themes
What you need to know
Data sources
Consumer survey data
Comperemedia
Abbreviations and terms
Abbreviations
Terms
Companies mentioned in this report

Executive Summary
The market
An aging population
Figure 1: Percentage of population by generation, 2012
Figure 2: Projected percentage of population by age, medium growth scenario, 2010 and 2036
Net immigration will mitigate the effects of the aging population
Figure 3: Immigrants as a percentage of total population, by age group, 2012
Debt is at all-time highs
Figure 4: Household debt to Disposable Personal Income ratio, Q4 2008-Q1 2013
Mintel consumer research
Sources of financial information
Figure 5: Sources of information about investments and financial products/services, aged 18-34 by gender, February 2013
Ownership of financial products
Figure 6: Ownership of non-retirement savings account, by age, February 2013
Figure 7: Ownership of insurance products, by age, February 2013
Personal goals over the next two to three years
Figure 8: Personal goals over next two to three years, by age, February 2013
Figure 9: Personal goals by presence of children in the household, February 2013
Financial goals
Figure 10: Financial goals to be accomplished in next two to three years, pay off/pay down credit card debt, by age, February 2013
Figure 11: Financial goals to be accomplished in next two to three years, by gender, February 2013
Figure 12: Financial goals to be accomplished in next two to three years, by age and gender, February 2013
Figure 13: Financial goals to be accomplished in next two to three years, by presence of children in the household, February 2013
Brand attributes of FSIs
Figure 14: Importance of financial brand attributes, “very important,” overall, February 2013
Generational attributes
What we think

Issues and Insights
Generational differences have clear implications for their financial requirements
Millennials are a financially driven generation
Free-thinking Millennials need a different marketing strategy than more conservative Boomers
The advantages of convincing Millennials to engage with the adviser channel

Trend Applications
Trend: Agelessness
Opportunities for FSIs
Trend: Experience is All
Opportunities for FSIs
Mintel Futures: Access Anything, Anywhere
Opportunities for FSIs

The Market by Generations
Key points
Generations in Canada
Figure 15: Population numbers, by generation, 2011
Figure 16: Canadian population by generation and labor force participation, 2011
Canada’s population is aging
Figure 17: Estimates of population by age group, age at last birthday, 2008-12
Figure 18: Estimates of population by age group (chart), age at last birthday, 2008 and 2012
Figure 19: Current and projected percentage of population by age, medium growth scenario, 2010 and 2036
Figure 20: Current and projected percentage of population by age (chart), medium growth scenario, 2010 and 2036
Impact of immigration on demographic shifts
Figure 21: Components of population growth, July 2007-July 2012
Figure 22: Immigrants as a percentage of total population, by age group, 2012
Figure 23: Immigrants, by age, July 2007-July 2012

Market Drivers
Key points
The dynamics of delayed marriage and two-income households
An impact of an aging population on productivity
Figure 24: Percentage of Canadian population younger than 14 and older than 65, 1971-2031
Figure 25: Population estimates, by age group, July 2011
Figure 26: Population and growth rate, by age, 1991, 2001, and 2011
Figure 27: Median age, Canada overall and four most populous provinces, 1982 and 2012
Home prices stabilizing
Figure 28: Teranet National Bank Composite House Price Index, January 1999-March 2013
Figure 29: Prime rate, variable mortgage rate and five-year mortgage rate, October 2007-January 2013
Household debt is at an all-time high
Figure 30: Household debt-to-income ratio, Q4 2008-Q1 2013
Figure 31: Household debt by age, 2012
Unemployment is steady
Figure 32: National unemployment rate, January 1990-March 2013
Figure 33: Unemployment by age, 2011

Innovation and Innovators
Key points
Telematics instrumental in marketing insurance to young families
Apps are improving mobile access
Mobile payments will be preferred by young customers
Social entrepreneurship offers opportunity to reach young customers
TD Bank offers free coin counting, Vancity has new branch concept

Marketing Strategies
Key points
Advertising on the topic of retirement and retirement planning
Figure 34: RBC RRSP statement mailing, February 2013
Figure 35: TD Bank Financial Group (TD Canada Trust) print ad, October 2012
Figure 36: Scotiabank print advertisement, February 2013
Figure 37: BMO Harris print advertisement, November 2012
Figure 38: National Bank print advertisement, February 2013
Figure 39: TD Ameritrade online advertisement, February 2013
Figure 40: TD Bank Financial Group online advertisement, February 2013
Figure 41: TD Bank Financial Group online advertisement, February 2013
Figure 42: CIBC RRSP Express Loan online advertisement, January 2013
New home/first home advertising
Figure 43: TD Bank Financial Group Platinum MasterCard direct mail advertisement, January 2013
Figure 44: ATB Financial first home mortgage print advertisement, March 2013
Figure 45: Smartmoves Program from Canada Post email advertisement, January 2013
Figure 46: RBC first time homebuyer print advertisement, February 2013
Figure 47: RBC MasterCard online advertisement, February 2013
Figure 48: CIBC Cash Back Mortgage print advertisement, April 2013
Figure 49: RBC “Yes I Can” mortgage bundle print advertisement, March 2013
Advertising targeting new families
Figure 50: TD Bank mortgage print advertisement, March 2013
Figure 51: TD Bank mortgage print advertisement, March 2013

Marketing and Information Channels
Key points
Millennials are paying more attention to every channel
Figure 52: Sources of information about investments and financial products/services, by generation, February 2013
Women just as likely to seek information, but use different channels
Figure 53: Sources of information about investments and financial products/services, by gender, February 2013
Younger people still prefer television
Figure 54: Sources of information about investments and financial products/services, by age, February 2013
Figure 55: Sources of information about investments and financial products/services, by gender and age, February 2013
Higher income and education prefer advisors
Figure 56: Sources of information about investments and financial products/services, by household income, February 2013
Figure 57: Sources of information about investments and financial products/services, by education, February 2013
Asians doing more research overall
Figure 58: Sources of information about investments and financial products/services, by race, February 2013

The Consumer-Ownership of Financial Products
Key points
Figure 59: Types of financial products owned by household, by gender, February 2013
Figure 60: Types of financial products owned by household, by age, February 2013
Figure 61: Types of financial products owned by household, by gender and age, February 2013
Figure 62: Types of financial products owned by household, by household income, February 2013

Retirement Savings Accounts
Key points
Figure 63: Types of retirement savings accounts owned by household, by age, February 2013
Figure 64: Types of retirement savings accounts owned by household, by gender and age, February 2013
Figure 65: Types of retirement savings accounts owned by household, by household income, February 2013

Lifestage Goals
Key points
Most have defined lifestage goals
Figure 66: Personal goals to be accomplished within two to three years, by generation, February 2013
Figure 67: Personal goals to be accomplished within two to three years, by gender, February 2013
Younger respondents appear to be more entrepreneurial
Figure 68: Personal goals to be accomplished within two to three years, by age, February 2013
Figure 69: Personal goals to be accomplished within two to three years, by gender and age, February 2013
Figure 70: Personal goals to be accomplished within two to three years, by household income, February 2013
Complex financial requirements for families with children
Figure 71: Personal goals to be accomplished within two to three years, by presence of children in household, February 2013
Figure 72: Personal goals to be accomplished within two to three years, by marital/relationship status, February 2013
Figure 73: Personal goals to be accomplished within two to three years, by employment, February 2013
Figure 74: Personal goals to be accomplished within two to three years, by race, February 2013

Short-term Financial Goals
Key points
Figure 75: Financial goals to be accomplished within two to three years, by generation, February 2013
Men want to make more money—but not as interested in saving it
Figure 76: Financial goals to be accomplished within two to three years, by gender, February 2013
Figure 77: Financial goals to be accomplished within two to three years, by age, February 2013
Younger women particularly motivated by saving plans
Figure 78: Financial goals to be accomplished within two to three years, by gender and age, February 2013
Figure 79: Financial goals to be accomplished within two to three years, by household income, February 2013
Figure 80: Financial goals to be accomplished within two to three years, by presence of children in household, February 2013
Figure 81: Financial goals to be accomplished within two to three years, by marital/relationship status, February 2013
Figure 82: Financial goals to be accomplished within two to three years, by race, February 2013

Financial Brand Attributes
Key points
The Swing Generation looks for stability in their financial partners
Figure 83: Importance of financial brand attributes, by generation, February 2013
Fees are secondary to more emotional factors
Figure 84: Importance of financial brand attributes, February 2013
Figure 85: Importance of financial brand attributes, “very important” by gender, February 2013
Older respondents appear to be more demanding
Figure 86: Importance of financial brand attributes, “very important” by age, February 2013
Figure 87: Importance of financial brand attributes, net important by gender and age, February 2013

Satisfaction with Financial Provider
Key points
Figure 88: Level of satisfaction with primary financial services provider, by generation, February 2013
Figure 89: Level of satisfaction with primary financial services provider, by gender, February 2013
Figure 90: Level of satisfaction with primary financial services provider, by age, February 2013
Figure 91: Level of satisfaction with primary financial services provider, by gender and age, February 2013
High satisfaction among lower earners
Figure 92: Level of satisfaction with primary financial services provider, by household income, February 2013

Generational Attributes
Key points
Millennials are liberal thinking, Baby Boomers are hard workers
Millennials and Gen X are busy
Figure 93: Attributes used to describe own generation, by generation, February 2013
Figure 94: Attributes used to describe own generation, by age, February 2013
A different emphasis between men and women
Figure 95: Attributes used to describe own generation, by gender and age, February 2013

Appendix:Trade Associations

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