Generational Banking - Canada - January 2016
“Old is gold in Canada in terms of wealth and financial security as over-65s report having the highest amount of investments, lowest debt and feel most financially secure.”
- Sanjay Sharma, Senior Financial Services Analyst
This report looks at the following areas:
- Over-65s have the highest ownership of investment products
- Around a third have less than $5,000 in debt
- Around two thirds of consumers prefer face-to-face purchases of complex products
- Fees and customer service are the top choice factors
This report examines how different age groups explore the world of banking. There are differences in the financial situation of different generations which can be explained by life stage; but there are also differences in terms of how they choose their bank, product ownership, amount of investments and debt, channel preferences, attitudes relating to personal financial management/banking, degree of financial engagement and attitudes relating to general banking. The report seeks to uncover and explain these differences.
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