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Marketing Financial Services to Women - Canada - April 2016

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

– Sanjay Sharma, Senior Financial Services Analyst

This report looks at the following areas:

  • Women are less confident due to a self-perceived lack of knowledge
  • Females are less likely to be the sole financial decision-maker
  • Women are less prepared financially for retirement
  • Women have some different financial priorities

This Report focuses on the ways that the financial industry can better meet the needs of women. This Report aims to help the financial industry understand issues such as how women perceive the financial services industry, how women’s financial concerns are different from men’s, product ownership and financial priorities of women, their attitudes towards investments and what marketing messages will resonate more with women.

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Table of contents

  1. 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

                                                                                                                        Companies Covered

                                                                                                                        To learn more about the companies covered in this report please contact us.

                                                                                                                        Marketing Financial Services to Women - Canada - April 2016

                                                                                                                        £3,199.84 (Excl.Tax)