Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer study data
- Abbreviations and terms
- Abbreviations
- Companies mentioned in this report:
Executive Summary
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- Economic overview
- The population is changing
- Credit unions are making inroads
- Reaching Millennials is key to growth and social media is the way
- Internet and mobile banking are poised to grow
Insights and Opportunities
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- Key points
- Number of retirees is growing
- Younger people are becoming adults later in life
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- Figure 1: percentage of each generation living at home while in their 20s, 2010
- Debt and retirement are two primary concerns
- RRSP ownership is substantially down from peak levels
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- Figure 2: RRSP ownership, by age group and gender, 2002-11
- Figure 3: RRSP Statistics, by age and overall average, 2011 tax year
- Mobile banking is set to surge
- Millennials are an attractive segment for credit unions
Inspire Insights
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- Inspire Trend: “Boomerang Generation”
- Inspire Trend: “The Rise of the Screenager”
Market Size and Forecast
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- Key points
- Millennials are the largest population segment
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- Figure 4: Canadian population and labor force, by generation, 2011
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- Figure 5: population projections, 2011-36 (thousands)
- Immigrants are a major source of growing population
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- Figure 6: Permanent residents immigrating to Canada, 2005-10
- Figure 7: Percentage distribution of permanent residents by area of origin, 2005-10
Competitive Context
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- Key points
- Credit unions are moving in
- Big Five control 85% of banking market
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- Figure 8: Assets and market share of largest banks, as of December 2011
Marketing Channels
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- Key points
- Everyone is watching a screen
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- Figure 9: Internet users aged 16+ by province, 2010
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- Figure 10: Monthly video views per user, selected markets, December 2011
- Smartphones
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- Figure 11: Proportion of age groups who are mobile phone and smartphone users, 2011
- Use of social networks to communicate with younger customers
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- Figure 12: Frequency of signing on to Facebook account, by age, January 2011
- Traditional media not dead yet
Market Drivers
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- Key points
- Unemployment, especially among young people, is high
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- Figure 13: Unemployment rate for those aged 15-24, November 2000 – November 2011
- An aging population
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- Figure 14: Canadian population growth rate, by age group, 2009-10
- Figure 15: percentage of Canadian population younger than 14 and older than 65, 1971-2031
- A suspect housing market
- Household debt is higher than ever
- Interest rates may rise
- Women are changing the dynamic
Leading Companies
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- Key points
- Largest banks
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- Figure 16: big five banks, by assets, January 31, 2012
- Royal Bank of Canada
- TD Bank (Toronto-Dominion)
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- CIBC (Canadian Imperial Bank of Commerce)
- Largest Credit Unions
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- Figure 17: 10 largest credit unions by assets (excluding Quebec), Q4 2011
- Vancity Credit Union
- Coast Capital Savings Credit Union
- Servus Credit Union
- Meridian Credit Union
- First West Credit Union
- Desjardins Financial Group is the largest cooperative financial group
Innovation and Innovators
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- Key points
- Getting young people to engage
- RBC is using technology to target the very youngest future customers
- CIBC
- TD Bank offers mortgage payment flexibility
Marketing Strategies
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- Key points
- Print advertising
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- Figure 18: CIBC print ad, 2012
- Figure 19: CIBC print ad, February 2010
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- Figure 20: TD Bank print ad, February 2012
- Direct mail advertising
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- Figure 21: Discovery Financial Group, direct mail ad, 2012
- Figure 22: Scotiabank direct mail ad, 2012
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- Figure 23: ATB Investor Services direct mail ad, 2012
- Online and email advertising
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- Figure 24: American Family Insurance online ad, 2012
- Figure 25: PNC Bank online ad, 2012
The Consumer—Lifestage Goals
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- Key points
- Travel is a key goal for everyone
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- Figure 26: Personal goals for next two to three years, by age, April 2012
- Many income groups have same goals
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- Figure 27: Personal goals for next two to three years, by income, April 2012
- Gen X women are much more enthusiastic about college
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- Figure 28: Personal goals for next two to three years, by gender and age, April 2012
The Consumer—Financial Goals
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- Key points
- Building up a savings account is number one goal for all respondents
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- Figure 29: Specific financial goals for next two to three years, by gender, April 2012
- The younger groups want it all
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- Figure 30: Specific financial goals for next two to three years, by age, April 2012
- Greater focus on longer-term goals for higher earners
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- Figure 31: Specific financial goals for next two to three years, by income, April 2012
- Student debt a top priority for the youngest
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- Figure 32: Specific financial goals for next two to three years, by gender and age, April 2012
The Consumer—Ownership of Financial Products
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- Key points
- Men are investors, women are savers
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- Figure 33: Types of financial product owned, by gender, April 2012
- Gen X’ers and Baby Boomers biggest insurance and investment customers
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- Figure 34: Types of financial product owned, by age, April 2012
- Income is a big determinant of insurance/investment ownership
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- Figure 35: Types of financial product owned, by income, April 2012
- Young men are least-interested customers
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- Figure 36: Types of financial product owned, by age and gender, April 2012
- Most have some type of retirement plan
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- Figure 37: Types of financial account owned, by age, April 2012
- Those with higher incomes more likely to save for retirement
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- Figure 38: Types of financial account owned, by income, April 2012
- Men more likely than women to save
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- Figure 39: Types of financial account owned, by gender and age, April 2012
The Consumer—Sources of Financial Information
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- Key points
- Men use more sources of information
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- Figure 40: Sources of information about investments and finance, by gender, April 2012
- Internet is main source of information for younger people; advisers for older people
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- Figure 41: Sources of information about investments and finance, by age, April 2012
- People earning more money use more sources of information
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- Figure 42: Sources of information about investments and finance, by income, April 2012
- Gender plays a huge role in how people prefer to get information
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- Figure 43: Sources of information about investments and finance, by gender and age, April 2012
The Consumer—Attitudes About Financial Products
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- Key points
- Most people say they look for good deals on insurance
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- Figure 44: Attitudes about credit and retirement savings, by age, April 2012
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- Figure 45: Attitudes about credit and retirement savings, by income, April 2012
- Gen X may need help getting back on retirement savings track
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- Figure 46: Attitudes about credit and retirement savings, by gender and age, April 2012
Appendix—Trade Associations
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