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Canadian Savings and Investing - January 2014

Published By :

Mintel

Published Date : Feb 2014

Category :

Banking

No. of Pages : 138 Pages

As their national economy continues to struggle, Canadians are changing their priorities in order to improve their financial standing. Saving money and eliminating debt are increasingly important, and institutions with the best tools to help people achieve their goals will come out ahead. However, firms can’t forget that the ‘personal touch’ will also go a long way toward creating satisfied customers.
Table of Content

Scope and Themes

What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms

Executive Summary

The market
Market drivers
Figure 1: Financial priorities, overall, November 2013
Leading companies
Figure 2: Big Five bank assets as of Oct. 31, 2013
The consumer
Figure 3: Type of non-chequing account/product owned, by age, November 2013
Figure 4: Attitudes toward banks and advice, by gender and age, November 2013
Figure 5: Attitudes toward the Canadian economy and own household financial situation, by age, November 2013
What we think

Issues and Implications

How will changing financial priorities affect Canadians’ saving and investing habits?
Issues:
Implications:
How is the Canadian economy affecting Canadians’ perspectives?
Issues
Implications
Where is the opportunity for investment companies?
Issues
Implications
How can investment companies retain young customers?
Issues
Implications
Figure 6: Reasons for considering switching investment companies, by age, November 2013

Trend Applications

Trend: Access All Areas
Trend: Immaterial World
Mintel futures: Human

Market Drivers

Key points
Consumer confidence heading up
Canadian economy is still fragile
Personal debt levels remain high
Figure 7: Total per capita non-mortgage debt, Q4 2008-Q4 2014 (est)
Figure 8: Financial priorities, November 2013
Canada’s population is aging
Figure 9: Population of Canada, by age, selected years, 2010-36

Competitive Context

Key points
Big Five banks comprise 90% of all bank assets
Figure 10: Big Five Canadian banks assets and market share, as of Oct. 31, 2011, 2012, 2013
Largest credit unions/caisses populaires
Figure 11: Top five credit unions/caisses populaires in Canada by assets, Q4 2012-Q2 2013
Credit union membership is aging
Figure 12: Age distribution of credit union members, 2009 and 2013

Innovations and Innovators

Key points
Credit unions of BC targets young people
Growth of mobile investing apps

Marketing Strategies

Key point
Banks beginning to focus on wealth management
Figure 13: TD Bank direct mail ad, 2013
Figure 14: BMO direct mail ad, 2013
Figure 15: Manulife online ad, 2013
Brand analysis: RBC
Online initiatives
Email
Figure 16: RBC email ad, 2013
Direct mail
Figure 17: RBC direct mail ad, 2013
YouTube
Figure 18: RBC YouTube video, 2013
Brand analysis: Toronto-Dominion Bank Group (TD Bank)
Online initiatives
Print
Figure 19: TD Bank print ad, 2014
Direct mail
Figure 20: TD Canada Trust direct mail ad, 2013
YouTube
Figure 21: TD Trust YouTube video, 2013
Brand analysis: desjardins
Online initiatives
Print
Figure 22: Desjardins print ad, 2013
Online
Figure 23: Disnat (Desjardins) online ad, 2013
YouTube
Figure 24: Desjardins YouTube video, 2013

Most Consumers Have Savings and Credit Cards

Key points
Figure 25: Type of non-chequing account/product owned, by gender, November 2013
Figure 26: Type of non-chequing account/product owned, by age, November 2013
Figure 27: Type of non-chequing account/product owned, by gender and age, November 2013
Figure 28: Type of non-chequing account/product owned, by household income, November 2013
Figure 29: Type of non-chequing account/product owned, by provinces, November 2013

Most Keep Primary Non-chequing Accounts at Banks

Key points
All savings/investment/mortgage/credit accounts
Figure 30: Where primary savings/investment/mortgage accounts are held, by type of account, November 2013
Primary savings account
Figure 31: Where primary savings account is held, by age, November 2013
Figure 32: Where primary savings account is held, by household income, November 2013
Figure 33: Where primary savings account is held, by provinces, November 2013
Primary investment accounts
Figure 34: Where primary investment account (other than retirement account) is held, by gender and age, November 2013
Figure 35: Where primary investment account (other than retirement account) is held, by household income, November 2013
Figure 36: Where primary investment account (other than retirement account) is held, by provinces, November 2013
Primary retirement savings accounts
Figure 37: Where primary retirement savings account is held, by gender and age, November 2013
Figure 38: Where primary retirement savings account is held, by household income, November 2013
Figure 39: Where primary retirement savings account is held, by provinces, November 2013

Most Canadians Bundle Chequing and Savings

Key points
Accounts at primary institution
Figure 40: Type(s) of products/accounts held with primary chequing/debit card provider, November 2013
Figure 41: Type of products/accounts held at primary chequing account provider, by gender and age, November 2013
Figure 42: Type of products/accounts held at primary chequing account provider, by household income, November 2013
Figure 43: Type of products/accounts held at primary chequing/debit account provider, by provinces, November 2013
Accounts at other institutions
Figure 44: Type of products/accounts at financial institutions other than primary provider, by gender and age, November 2013
Figure 45: Type of products/accounts at financial institutions other than primary provider, by household income, November 2013
Figure 46: Type of products/accounts at financial institutions other than primary provider, by provinces, November 2013

Where Savings Products are Held

Key points
Savings at primary chequing account provider
Figure 47: Type(s) of savings/loan products held at primary chequing provider, November 2013
Figure 48: Type(s) of savings/loan products/accounts held at primary chequing/debit account provider, by gender and age, November 2013
Figure 49: Type(s) of savings/loan products/accounts held at primary chequing/debit account provider, by household income, November 2013
At other institutions
Figure 50: Type(s) of savings/loan products held at institutions other than primary provider, by gender and age, November 2013
Figure 51: Type(s) of savings/loan products held at institutions other than primary provider, by household income, November 2013

How Financial Transactions are Conducted

Key points
Mobile device ownership
Figure 52: Mobile devices owned, by gender, November 2013
Figure 53: Mobile devices owned, by age, November 2013
Figure 54: Mobile devices owned, by gender and age, November 2013
Figure 55: Mobile devices owned, by household income, November 2013
Figure 56: Mobile devices owned, by provinces, November 2013
Canadians prefer PCs for financial transactions
Figure 57: Channels used to conduct transactions, November 2013
Smartphones
Figure 58: Channels used to conduct transactions—Smartphone, by gender and age, November 2013
Figure 59: Channels used to conduct transactions—Smartphone, by household income, November 2013
Tablets
Figure 60: Channels used to conduct transactions—Tablet, by gender and age, November 2013
Figure 61: Channels used to conduct transactions—Tablet, by gender and household income, November 2013
Desktop/Laptop
Figure 62: Channels used to conduct transactions—Desktop/laptop, by gender and age, November 2013
Figure 63: Channels used to conduct transactions—Desktop/laptop, by gender and household income, November 2013
In branch
Figure 64: Channels used to conduct transactions—In branch, by gender and age, November 2013
Figure 65: Channels used to conduct transactions—In branch, by province, November 2013
Figure 66: Channels used to conduct transactions—In branch, by gender and household income, November 2013

Attitudes Toward Investments and Investment Companies

Key points
Only half feel investment firms are better than banks
Figure 67: Attitudes toward investments and investment companies/advisers, by gender, November 2013
Figure 68: Attitudes toward investments and investment companies/advisers, by age, November 2013

Investment Behavior

Key points
Most invest in mutual funds
Figure 69: Investment behavior, by gender, November 2013
Figure 70: Investment behavior, by age, November 2013

Lower Commissions are Main Reason to Switch

Key points
One quarter wouldn’t switch for any reason
Figure 71: Reasons for switching brokerage firms/mutual fund companies, by gender, November 2013
Figure 72: Reasons for switching brokerage firms/mutual fund companies, by age, November 2013

Attitudes Toward the Economy

Key points
Half are focusing more on saving
Figure 73: Attitudes about Canadian economy and household financial situation, overall, November 2013
Figure 74: Attitudes about Canadian economy and household financial situation, by gender, November 2013
Figure 75: Attitudes about Canadian economy and household financial situation, by age, November 2013
Figure 76: Attitudes about Canadian economy and household financial situation, by household income, November 2013
Figure 77: Attitudes about Canadian economy and household financial situation, by provinces, November 2013
Figure 78: Attitudes about Canadian economy and household financial situation, by educational attainment, November 2013
Figure 79: Attitudes about Canadian economy and household financial situation, by gender and household income, November 2013

Consumer Financial Priorities

Key points
Credit is number one priority
Figure 80: Financial priorities in next 12 months, November 2013
Figure 81: Financial priorities in next 12 months, by age, November 2013
Figure 82: Financial priorities in next 12 months, by gender and age, November 2013
Figure 83: Financial priorities in next 12 months, by income, November 2013

Cluster Analysis

Cluster methodology
Young Educateds
Demographics
Characteristics
Opportunity
Distrustful Independents
Demographics
Characteristics
Opportunity
Older Loyalists
Demographics
Characteristics
Opportunity
Cluster characteristic tables
Figure 84: Target clusters, November 2013
Figure 85: Type of non-chequing account/product owned, by target clusters, November 2013
Figure 86: Where primary savings account is held, by target clusters, November 2013
Figure 87: Where primary investment account (other than retirement account) is held, by target clusters, November 2013
Figure 88: Where primary retirement savings account is held, by target clusters, November 2013
Figure 89: Type of products/accounts held at primary chequing/debit account provider, by target clusters, November 2013
Figure 90: Type of products/accounts held at other financial institutions, by target clusters, November 2013
Figure 91: Type of savings/loan products/accounts held at primary chequing account provider, by target clusters, November 2013
Figure 92: Type of savings/loan products held at other institution, by target clusters, November 2013
Figure 93: Attitudes toward banks and advice, by target clusters, November 2013
Figure 94: Mobile devices owned, by target clusters, November 2013
Figure 95: Channels used to conduct transactions—Smartphone, by target clusters, November 2013
Figure 96: Channels used to conduct transactions—Tablet, by target clusters, November 2013
Figure 97: Channels used to conduct transactions—Desktop/laptop, by target clusters, November 2013
Figure 98: Channels used to conduct transactions—In branch, by target clusters, November 2013
Figure 99: Attitudes toward Canadian economy and personal household financial situation, by target cluster, November 2013
Cluster demographics
Figure 100: Target clusters, by demographic, November 2013
Cluster methodology

Appendix – Trade Associations

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