866-997-4948(US-Canada Toll Free)

Marketing Financial Services to Women - Canada - April 2016

Published By :

Mintel

Published Date : Apr 2016

Category :

Banking

No. of Pages : N/A

Positive messaging centred on life events is more likely to resonate with women and encourage them to be proactive about investing and retirement planning.

Table of Content

Overview

Regional classifications
Income

Executive Summary

The issues
Women are less confident due to a self-perceived lack of knowledge
Figure 1: Attitudes regarding confidence in financial decision-making, % who agree, by gender, February 2016
Females are less likely to be the sole financial decision-maker
Figure 2: Financial decision-making in households, by gender, February 2016
Women are less prepared financially for retirement
Figure 3: Agreement (% who agree) with attitudes towards the financial industry and retirement preparedness, by gender, February 2016
Women have some different financial priorities
Figure 4: Financial priorities, by gender, February 2016
The opportunities
Making investments for meaningful to women
Figure 5: Attitudes towards investments, % who agree, by gender, February 2016
Opportunity for financial advisors to build trust through reassurance, research and solid performance
Dealing with retirement planning concerns of older women
Young women feel under-confident about their financial knowledge and very under-prepared about retirement
What it means

The Market – What You Need to Know

Canada’s population is expected to age in the coming years
Canada’s economy starts well in 2016
Business sentiment improves but remains subdued overall
Women's representation and participation in the labour force
Women are living longer but not necessarily healthier

Market Factors

Canada’s population is expected to age in the coming years
Figure 6: Population aged 65 years and over in Canada, historical and projected (% of total), 1971-2061
Figure 7: Projected trends in the age structure of the Canada population, 2014-19
Women outnumber men in Canada
The population is growing and ethnically diverse
Business sentiment improves but remains subdued overall
Canada’s economy starts well in 2016
Women's representation and participation in the labour force
Part-time work
Wage gap declines but women still earn less than men
Women are living longer but not necessarily healthier
Figure 8: Average life expectancy* and health-adjusted life expectancy (HALE)**, by disease status and gender, 2013

Key Players – What You Need to Know

Scotiabank and Ivey collaborate on digital financial research
Meridian introduces “Sweep”, a feature that "sweeps" money daily to avoid missed payments while maximising savings
HSBC’s new PFM (Personal Financial Management) tool, Nudge
CIBC offers a digital advice channel
SunTrust onUp Movement
Canada’s big banks launch female-centric marketing campaigns

Who’s Innovating?

Scotiabank and Ivey collaborate on digital financial research
Meridian introduces “Sweep”, a feature that "sweeps" money daily to avoid missed payments while maximising savings
Interactive initiative engages and rewards cardholders during March Break Travel
CIBC offers a digital advice channel
HSBC’s new PFM (Personal Financial Management) tool, Nudge
SunTrust onUp Movement
Figure 9: SunTrust onUp commercial, February 2016

Marketing Campaigns

Scotia Bank: You’re already invested in family, let us help you with the future
TD Ready for Anything Mortgage: For when you discover twins run in the family
National Bank World Elite MasterCard
Desjardins Strongest Financial Institution

The Consumer – What You Need to Know

Women are less confident due to a self-perceived lack of knowledge
Females are less likely to be the sole financial decision-maker
Women aged 35-54 are more conservative in their investment approach compared to men of a similar age
Women are more likely to be loyal customers if satisfied
Women are less prepared financially for retirement
Women are more worried about healthcare costs and old age-related diseases
Women have some different financial priorities

Financial Decision-making

Women are less confident due to a self-perceived lack of knowledge
Figure 10: Attitudes regarding confidence in financial decision-making (any agree), by gender, February 2016
Younger women fear making the wrong financial decision
Figure 11: Female attitudes related to financial confidence (any agree), by age, February 2016
Females are less likely to be the sole financial decision-maker
Figure 12: Financial decision-making in households, by gender, February 2016

Investments

Women are less engaged on financial topics
Figure 13: Attitudes towards investments (% who agree), by gender, February 2016
Women aged 35-54 are more conservative in their investment approach compared to men the same age
Opportunity for financial advisors to build trust through reassurance, research and solid performance
Interest in financial topics
Making investments more interesting and meaningful to women
Figure 14: Attitudinal statement related to investment communication, February 2016

Attitudes towards Financial Services

Women are more likely to be loyal customers if satisfied
Figure 15: Agreement (% who agree) with attitudes towards the financial industry, February 2016
Women are less prepared financially for retirement
Figure 16: Agreement (% who agree) with attitudes towards the financial industry and retirement preparedness, by gender, February 2016

Worry Factors

Women are more worried about healthcare costs and old age-related diseases
Figure 17: Agreement (% who agree) with attitudes related to health and retirement, by gender, February 2016
Dementia and Alzheimer’s concerns peak among 55-64s as women are living longer but not necessarily healthier
Dealing with the concerns of young women
Figure 18: Women’s agreement (% who agree) with statement on financial knowledge, by age, February 2016

Societal Attitudes and Financial Priorities

Women are particularly dissatisfied with financial literacy taught in Canadian schools
Figure 19: Agreement (% who agree) with societal attitudes, February 2016
Lifestyle, spending and motherhood
Women have some different financial priorities
Figure 20: Financial priorities, by gender, February 2016
Reducing student debt and savings for children’s education rank higher among young females

Ownership of Financial Products

Product ownership rates are generally similar…
Figure 21: Ownership of products held in own name, by gender, February 2016
though women are more likely to hold a joint chequing account
Figure 22: Ownership of jointly held products, by gender, February 2016
Type of product owned by women is generally age-dependent
Comparing product ownership of men and women of similar age segments
Women aged 35-54 most likely to have eight or more products
Figure 23: Repertoire analysis of female product ownership, by age, February 2016

Appendix – Data Sources and Abbreviations

Data sources
Consumer survey data
Consumer qualitative research
Abbreviations and terms

List of Table

NA

Make an enquiry before buying this Report

Please fill the enquiry form below.

  • Full Name *
  • Your Email *
  • Job Title
  • Company *
  • Phone No. * (Pls. Affix Country Code)
  • Message
  • Security Code *

Upcoming Reports

  • Sugar and Gum Confectionery - UK - January 2015

    Rising dental health concerns can create an opportunity for chewing gum brands. Currently much of the marketing for sugar-free gums centres around fresh breath, however, the dental health benefits, particularly for children, could warrant more focus. Though explored internationally, tooth-friendly gums tailored for children remain rare in the UK market....