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Canadian Lifestage Marketing in Financial Services - US - May 2013

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Table of contents

  1. 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

                                                                                            Companies Covered

                                                                                            • Allstate Corporation (The)
                                                                                            • ATB Market
                                                                                            • Aviva Plc
                                                                                            • Bank of Montreal
                                                                                            • Canadian Banker’s Association (CBA)
                                                                                            • CIBC World Markets Inc.
                                                                                            • Interac Association
                                                                                            • Lloyds Banking Group
                                                                                            • TD Ameritrade Holding Corporation
                                                                                            • Toronto-Dominion Bank
                                                                                            • Zurich Financial Services

                                                                                            Canadian Lifestage Marketing in Financial Services - US - May 2013

                                                                                            US $3,995.00 (Excl.Tax)