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

RETIREMENT PLANNING - CANADA - MAY 2018

Published By :

Mintel

Published Date : May 2018

Category :

Banking

No. of Pages : N/A

Women are less confident about their retirement finances so messaging centred on emotional connections to money will likely resonate with them and encourage them to be proactive about retirement planning.

Table of contents

OVERVIEW
Definition
Regional classifications
Income
Glossary
EXECUTIVE SUMMARY
The issues
Some 6% of Canadians have more than $1 million in retirement savings
Figure 1: Amount of retirement savings, March 2018
Around one in three has discussed retirement planning with an advisor
Figure 2: Retirement planning activities performed, March 2018
Money and health are the top reasons for retirement worries
Figure 3: Retirement worry factors, March 2018
Around two in five Canadians expect to be financially secure in retirement
Figure 4: Retirement lifestyle attitudes (select), March 2018
One in five 25-34s looking for specialized retirement planning help
Figure 5: Retirement planning attitudes (select), March 2018
The opportunities
Retirement planning solutions for women
Figure 6: Retirement worry factors (any agree), by gender, March 2018
Young and old have different concerns
Figure 7: Retirement worry factors (select), 18-44s vs over-45s, March 2018
LGBTQs are more worried about retirement
Figure 8: Retirement worry factors, March 2018
What it means
MARKET FACTORS – WHAT YOU NEED TO KNOW
Net worth of Canadians continues to climb steadily
Diminished capacity among seniors is a consequence of an aging population
Immigration drives Canada’s population growth
Household debt and home prices biggest risk to Canadian economy
MARKET FACTORS
Financial snapshot of Canadians
Net worth of Canadians continues to climb steadily
Net worth highest in British Columbia
Asset increases driven by the value of homes
Implications of the data
Improved financial health means more room for investing
Figure 9: Perception of financial health, January/February 2015-18
Figure 10: How extra money is spent (selected categories), 2018 vs 2017, January 2018
Immigration drives Canada’s population growth
Figure 11: Population growth by numbers, 1985-2016
Canada will become increasingly diverse, opening opportunities for retirement planning marketers
Diminished capacity among seniors a consequence of aging population
Figure 12: Canadian population, by age, 2016
Household debt and home prices biggest risk to Canadian economy
KEY PLAYERS – WHAT YOU NEED TO KNOW
New partnership gives mutual-fund dealers in Canada greater access to ETFs
Segregated funds will be subject to disclosure framework similar to mutual funds
Scotiabank is buying investment firm Jarislowsky Fraser for $950 million
CSE aims to be Canada’s first blockchain platform for trade clearing and settlement
Regulators raise concerns about some wealth management firms
Wealthsimple teams up with global Fintech firm
Toronto Stock Exchange Operator to Launch Cryptocurrency Brokerage Platform
INDUSTRY DEVELOPMENTS AND INNOVATIONS
New partnership gives mutual-fund dealers in Canada greater access to ETFs
Segregated funds will be subject to disclosure framework similar to mutual funds
Market volatility prompts calls for clear labelling of risky ETFs
CSE aims to be Canada’s first blockchain platform for trade clearing and settlement
Scotiabank is buying investment firm Jarislowsky Fraser for $950 million
Regulators raise concerns about some wealth management firms
Great-West courts Millennials with program to tackle student debt and save for retirement
RBC and others join the robo-advisory bandwagon
Wealthsimple teams up with global Fintech firm
Toronto Stock Exchange operator to launch cryptocurrency brokerage platform
MARKETING CAMPAIGNS
Wealthsimple looks on the bright side
Figure 13: Wealthsimple investing for humans advertisement, April 2018
Coinsquare campaign a first in cryptocurrency
Figure 14: Coinsquare: Do Digital Currency Right advertisement, April 2018
SELECTED CAMPAIGNS FROM MINTEL COMPEREMEDIA
BMO InvestorLine offers cash-back for wealthy investors
Figure 15: BMO InvestorLine online ad, March 2018
TD upgrades its online investing platform
Figure 16: TD Direct investing online ad, March 2018
THE CONSUMER – WHAT YOU NEED TO KNOW
Some 6% of Canadians have more than $1 million in retirement savings
Around one in three have discussed retirement planning with an advisor
Money and health are the top reasons for retirement worries
Around two in five Canadians expect to be financially secure in retirement
LGBTQ community significantly less likely to feel financially secure about retirement
AFFLUENCE AND OWNERSHIP
Some 6% of Canadians have more than $1 million in retirement savings
Figure 17: Amount of retirement savings, March 2018
Around three in five Canadians have a RRSP/RRIF
Figure 18: Ownership of retirement products, March 2018
Product ownership trends higher with age
Figure 19: Ownership of retirement products, by age, March 2018
Chinese Canadians have a higher ownership
Figure 20: Ownership of retirement products (select), Chinese Canadians vs overall population, March 2018
Men more likely to have more than a million in retirement savings
Making women more engaged in financial planning
Figure 21: Amount of retirement savings, men vs women, March 2018
Retirement savings strongly correlate with age
Figure 22: Amount of retirement savings, by age, March 2018
RETIREMENT PLANNING ACTIVITIES
Around one in three has discussed retirement planning with an advisor
Figure 23: Retirement planning activities performed, March 2018
Older and affluent Canadians are more prolific in terms of retirement planning
Figure 24: Retirement planning activities performed, by age, March 2018
Figure 25: Retirement planning activities performed, by retirement savings levels, March 2018
Men more proactive in retirement planning
Figure 26: Retirement planning activities performed, March 2018
Chinese Canadians more keen
Figure 27: Retirement planning activities performed (select), Chinese Canadians vs overall, March 2018
LGBTQs less likely to have retirement planned
Figure 28: Retirement planning activities performed, LGBTQs vs overall, March 2018
WORRY FACTORS
Money and health are the top reasons for retirement worries
Figure 29: Retirement worry factors, March 2018
Women more worried about most factors except spending time
Figure 30: Retirement worry factors, men vs women, March 2018
Retirement planning solutions for women
Figure 31: Retirement worry factors (any agree), by gender, March 2018
Investment performance worries are lower among the least affluent savers
Figure 32: “I worry about the performance of my retirement investments (% any agree), by savings, March 2018
Young and old have different concerns
Figure 33: Retirement worry factors (select), 18-44s vs over-45s, March 2018
LGBTQs are more worried about retirement
Figure 34: Retirement worry factors, LGBTQ vs overall population, March 2018
RETIREMENT LIFESTYLES
Around a quarter of Canadians prefer to work after 65
Figure 35: Retirement lifestyle attitudes (select), March 2018
Higher income earners more likely to agree travel will be their main post-retirement cost
Most Canadians not expecting to be taken care of by their families
Around two in five Canadians expect to be financially secure
Figure 36: Retirement lifestyle attitudes (select), March 2018
55-64s more likely to know how they are going to spend retirement time
LGBTQ community significantly less likely to feel financially secure about retirement
INCOME PLANNING
One in five 25-34s looking for specialized retirement planning help
Figure 37: Retirement planning attitudes (select), March 2018
Chinese Canadians more likely to use RRSPs as their main source
Women over 45 more likely to use home equity
Around one in four feels they are on track to retire at 65
Figure 38: Retirement income planning attitudes (select), March 2018
55-64s less likely to find it hard to save for retirement
Younger Canadians less inclined to prioritize saving for retirement
Figure 39: “I prefer to use my money for things other than saving for retirement” (% any agree), by age, March 2018
APPENDIX – DATA SOURCES AND ABBREVIATIONS
Data sources
Consumer survey data
Abbreviations and terms

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 *