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Multicultural Marketing for Financial Services - Canada - April 2013

“These demographic groups are a good audience for financial services institutions who can provide additional services that add value. Quality advisory services—whether in person or online—are one significant way to appeal to these groups that place a lot of emphasis on education, and may have the added advantage of increasing the level of trust.”

– Susan Menke, Senior Financial Services Analyst

Some questions answered in this report include:

  • What is the level of assimilation and how does that impact economic behavior in Canada?
  • How optimistic are multicultural respondents about the Canadian economic outlook, as well as for that of their own households?
  • What are the financial goals that will impact demand for financial products?
  • What are the preferred sources of financial advice and loans/funding that will also impact demand?
  • How do Canadian multiculturals prefer to obtain financial information? What marketing channels do they pay attention to?

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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

                        • Size of the ethnic population
                          • Figure 1: “Visible minority” group numbers and percentage of total population, 2006 and 2031 (proj.)
                        • Level of optimism about the economic future
                          • Figure 2: Attitudes about Canada and future opportunities, by race, February 2013
                        • Short- and long-term financial goals
                          • Figure 3: Financial goals within two years, two to five years, and five-plus years, net overall, February 2013
                          • Figure 4: Financial goals to be completed within two years, by race, February 2013
                          • Figure 5: Financial goals to be completed within two years, paying off unsecured debt, by race, February 2013
                          • Figure 6: Importance of saving for education as a short term goal, by education level, February 2013
                          • Figure 7: Financial goals to be completed—more than five years, by race, February 2013
                          • Figure 8: Financial goals to be completed—more than five years, by household size, February 2013
                        • Mistrust of banks and insurance companies
                          • Figure 9: Attitudes about financial institutions, by race, February 2013
                        • Sources of funding or advice
                          • Figure 10: Sources of funding for real estate, vehicles, education and personal loans, overall, February 2013
                          • Figure 11: Sources of financial funding—real estate loans, by race, February 2013
                          • Figure 12: Sources of financial advice—general financial advice, by age, February 2013
                        • Financial education and preferred sources of financial information
                          • Figure 13: Attitudes about the economy and household financial situation, by race, May 2012
                          • Figure 14: Channels used for information about investments and other financial products/services, white/Caucasian and Asian, May 2012
                          • Figure 15: Usage of sources of financial information, overall, February 2013
                          • Figure 16: Usage of sources of financial information—“often used”, by race, February 2013
                          • Figure 17: Preferred language for advertising, by race, February 2013
                        • What we think
                        • Issues in the Market

                            • What is the level of assimilation and how does that impact economic behavior in Canada?
                              • How optimistic are multicultural respondents about the Canadian economic outlook, as well as for that of their own households?
                                • What are the financial goals that will impact demand for financial products?
                                  • What are the preferred sources of financial advice and loans/funding that will also impact demand?
                                    • How do Canadian multiculturals prefer to obtain financial information? What marketing channels do they pay attention to?
                                    • Insights and Opportunities

                                      • Asians are early adopters of technology
                                        • A robust website is important
                                          • Gaining trust is important—and difficult
                                            • South Asians have more short-term financial goals
                                              • Minorities are using non-institutional sources of funding
                                              • Trend Applications

                                                  • Trend: Non-Standard Society
                                                    • Trend: Help Me Help Myself
                                                      • Mintel Futures: Access Anything, Anywhere
                                                      • Overview of Ethnic Populations in Canada

                                                        • Key points
                                                            • Figure 18: Most common self-identified ethnic origins, 2006
                                                            • Figure 19: “Visible minority” group numbers and percentage of total population, 2006 and 2031 (proj.)
                                                            • Figure 20: Distribution of the foreign-born population by continent of birth, 1981-2031 (proj.)
                                                            • Figure 21: Total immigration, Canada overall and provinces, 2007-12
                                                            • Figure 22: Immigration by major cities, 2005-10
                                                            • Figure 23: Total population speaking immigrant languages, by language group, 2011
                                                            • Figure 24: Total population speaking major immigrant languages, by mother tongue, 2011
                                                          • Growth in populations speaking immigrant languages
                                                            • Immigrants have a higher rate of unemployment
                                                            • Innovations and Innovators

                                                              • Key points
                                                                • Unsecured credit cards now available for recent immigrants
                                                                  • Welcomepackcanada.com
                                                                    • Agencies taking a new approach to multicultural marketing
                                                                    • Asians Most Likely to be Early Adopters of Mobile Payments Innovations

                                                                      • Key points
                                                                        • Canada ranks well for Mobile Payments Readiness— except for consumer readiness
                                                                          • Smartphone ownership facilitates adoption
                                                                            • Figure 25: Type(s) of mobile device owned by race, December 2011-January 2012
                                                                          • Asians and mobile and online banking activities
                                                                            • Figure 26: Banking activities in the last year on a mobile phone by race, December 2011-January 2012
                                                                            • Figure 27: Primary method of banking, by race, May 2012
                                                                            • Figure 28: channel used for auto insurance purchase, by race, May 2012
                                                                          • Interest in mobile banking and payments
                                                                            • Figure 29: Interest in conducting mobile banking and payments activities by race, December 2011-January 2012
                                                                            • Figure 30: Interest in using mobile phone for various activities by race, December 2011-January 2012
                                                                            • Figure 31: Reasons for concern about using phone as a mobile payment device by race, December 2011-January 2012
                                                                        • Marketing Strategies

                                                                          • Key points
                                                                            • Preferred language for advertising
                                                                              • Figure 32: Preferred language for advertising, by race, February 2013
                                                                              • Figure 33: Preferred language for advertising, by age, February 2013
                                                                              • Figure 34: Preferred language for advertising, by household income, February 2013
                                                                            • Examples of direct mail and print advertising with a multicultural focus
                                                                              • Figure 35: CIBC mortgage loan acquisition direct mail ad, June 2012
                                                                              • Figure 36: TD Bank Easy Web internet banking loyalty direct mail ad, December 2012
                                                                              • Figure 37: Scotiabank mobile banking loyalty direct mail ad, January 2013
                                                                              • Figure 38: Affinity credit union Aboriginal Day print ad, June 2009
                                                                              • Figure 39: American Express Gold Rewards card acquisition direct mail ad, February 2013
                                                                              • Figure 40: American Express AeroplanPlus acquisition direct mail ad, March 2013
                                                                            • Television and online videos
                                                                              • Figure 41: CIBC: LunarFest video 2013
                                                                              • Figure 42: CIBC LunarFest: How to make a snake hat video, 2013
                                                                              • Figure 43: HSBC lemonade stand: Hong Kong dollars TV ad, 2013
                                                                              • Figure 44: TD Canada Trust – South Asian focused video, 2010
                                                                              • Figure 45: TD Waterhouse – Chinese focused video, 2010
                                                                            • Websites
                                                                            • The Multicultural Consumer—Level of Assimilation

                                                                              • Key points
                                                                                • Chinese more assimilated, Southeast Asians least
                                                                                  • Figure 46: Indicators of level of assimilation—generation and education in Canada, by race, February 2013
                                                                                  • Figure 47: Indicators of level of assimilation—generation and education in Canada, by age, February 2013
                                                                                  • Figure 48: Indicators of level of assimilation—generation and education in Canada, by household income, February 2013
                                                                                  • Figure 49: Indicators of level of assimilation—generation and education in Canada, by household size, February 2013
                                                                                  • Figure 50: Indicators of level of assimilation—generation and education in Canada, by education, February 2013
                                                                                  • Figure 51: Indicators of level of assimilation—generation and education in Canada, by employment, February 2013
                                                                                  • Figure 52: Indicators of level of assimilation—generation and education in Canada, by provinces, February 2013
                                                                                • African/Caribbeans more likely to work with similar ethnic group
                                                                                  • Figure 53: Current living and working status and plans to leave Canada, by race, February 2013
                                                                                  • Figure 54: Current living and working status and plans to leave Canada, by age, February 2013
                                                                                  • Figure 55: Current living and working status and plans to leave Canada, by household size, February 2013
                                                                                  • Figure 56: Current living and working status and plans to leave Canada, by province, February 2013
                                                                              • Investing, Remittances and Other Financial Activity

                                                                                • Key points
                                                                                  • Chinese least likely to send money overseas
                                                                                    • Figure 57: Financial activity, by race, February 2013
                                                                                    • Figure 58: Financial activity, by age, February 2013
                                                                                    • Figure 59: Financial activity, by household income, February 2013
                                                                                    • Figure 60: Financial activity, by household size, February 2013
                                                                                    • Figure 61: Financial activity, by provinces, February 2013
                                                                                • Financial Product Ownership

                                                                                  • Key points
                                                                                    • Asians have more banking relationships
                                                                                      • Figure 62: Type of financial accounts, either currently or in the past, by ethnicity, May 2012
                                                                                      • Figure 63: Number of accounts held at banks or credit unions/caisses populaire, by race, May 2012
                                                                                      • Figure 64: Types of accounts at institutions other than primary bank or credit union/caisse populaire, by race, May 2012
                                                                                      • Figure 65: Attitudes about credit card rewards and loyalty programs, by race, May 2012
                                                                                    • Ownership of financial products—all ethnicities
                                                                                      • Figure 66: Financial product ownership, by race, February 2013
                                                                                      • Figure 67: Financial product ownership, by age, February 2013
                                                                                      • Figure 68: Financial product ownership, by household income, February 2013
                                                                                      • Figure 69: Financial product ownership, by provinces, February 2013
                                                                                  • Attitudes Concerning Economic Success

                                                                                    • Key points
                                                                                      • Education is most important
                                                                                        • Figure 70: Attitudes about attaining economic success, by race, February 2013
                                                                                        • Figure 71: Attitudes about attaining economic success, by gender, February 2013
                                                                                        • Figure 72: Attitudes about attaining economic success, by age, February 2013
                                                                                        • Figure 73: Attitudes about attaining economic success, by household income, February 2013
                                                                                    • Attitudes toward the Economy and Opportunities in Canada

                                                                                      • Key points
                                                                                        • Attitudes about the economy—Asians and whites
                                                                                          • Figure 74: Attitudes about the economy and household financial situation, by race, May 2012
                                                                                        • Attitudes about the economy and economic opportunities—ethnic groups
                                                                                          • Figure 75: Attitudes about Canada and future opportunities, by race, February 2013
                                                                                          • Figure 76: Attitudes about Canada and future opportunities, by gender, February 2013
                                                                                          • Figure 77: Attitudes about Canada and future opportunities, by age, February 2013
                                                                                          • Figure 78: Attitudes about Canada and future opportunities, by household income, February 2013
                                                                                      • Attitudes toward Financial Products and Institutions

                                                                                        • Key points
                                                                                          • Asians more likely to advocate—and criticize
                                                                                            • Figure 79: Attitudes about banks, by race, May 2012
                                                                                            • Figure 80: Attitudes about financial institutions, by race, February 2013
                                                                                            • Figure 81: Attitudes about financial institutions, by gender, February 2013
                                                                                            • Figure 82: Attitudes about financial institutions, by age, February 2013
                                                                                            • Figure 83: Attitudes about financial institutions, by household income, February 2013
                                                                                            • Figure 84: Attitudes about financial institutions, by provinces, February 2013
                                                                                        • Financial Goals

                                                                                          • Key points
                                                                                            • Strong focus on retirement
                                                                                              • Figure 85: Financial goals within two years, two to five years, and five-plus years, overall, February 2013
                                                                                          • Near-term Goals

                                                                                            • Key points
                                                                                                • Figure 86: Financial goals to be completed within two years, by race, February 2013
                                                                                                • Figure 87: Financial goals to be completed within two years, by gender, February 2013
                                                                                                • Figure 88: Financial goals to be completed within two years, by age, February 2013
                                                                                                • Figure 89: Financial goals to be completed within two years, by household income, February 2013
                                                                                                • Figure 90: Financial goals to be completed within two years, by household size, February 2013
                                                                                                • Figure 91: Financial goals to be completed within two years, by education, February 2013
                                                                                                • Figure 92: Financial goals to be completed within two years, by employment, February 2013
                                                                                                • Figure 93: Financial goals to be completed within two years, by provinces, February 2013
                                                                                            • Mid-term Financial Goals

                                                                                              • Key points
                                                                                                • Figure 94: Financial goals to be completed in two to five years, by race, February 2013
                                                                                                • Figure 95: Financial goals to be completed in two to five years, by age, February 2013
                                                                                                • Figure 96: Financial goals to be completed in two to five years, by household income, February 2013
                                                                                                • Figure 97: Financial goals to be completed in two to five years, by household size, February 2013
                                                                                            • Long-Term Financial Goals

                                                                                              • Key points
                                                                                                  • Figure 98: Financial goals to be completed—more than five years, by race, February 2013
                                                                                                  • Figure 99: Financial goals to be completed—more than five years, by age, February 2013
                                                                                                  • Figure 100: Financial goals to be completed—more than five years, by household income, February 2013
                                                                                                  • Figure 101: Financial goals to be completed—more than five years, by household size, February 2013
                                                                                                  • Figure 102: Financial goals to be completed—more than five years, by presence of children in household, February 2013
                                                                                              • Preferred Sources for Financial Advice and Funding

                                                                                                • Key points
                                                                                                    • Figure 103: Sources of financial advice or funding, overall, February 2013
                                                                                                • Preferred Sources for Financial Advice

                                                                                                  • Key points
                                                                                                    • Investment ideas
                                                                                                      • Figure 104: Sources of financial advice—investment ideas/advice, by race, February 2013
                                                                                                      • Figure 105: Sources of financial advice—investment ideas/advice, by gender, February 2013
                                                                                                      • Figure 106: Sources of financial advice—investment ideas/advice, by age, February 2013
                                                                                                      • Figure 107: Sources of financial advice—investment ideas/advice, by household income, February 2013
                                                                                                    • General financial advice
                                                                                                      • Figure 108: Sources of financial advice—general financial advice, by race, February 2013
                                                                                                      • Figure 109: Sources of financial advice—general financial advice, by gender, February 2013
                                                                                                      • Figure 110: Sources of financial advice—general financial advice, by age, February 2013
                                                                                                      • Figure 111: Sources of financial advice—general financial advice, by household income, February 2013
                                                                                                    • Advice on retirement investing
                                                                                                      • Figure 112: Sources of financial advice—advice on how to invest retirement savings, by race, February 2013
                                                                                                      • Figure 113: Sources of financial advice—advice on how to invest retirement savings, by gender, February 2013
                                                                                                      • Figure 114: Sources of financial advice—advice on how to invest retirement savings, by age, February 2013
                                                                                                      • Figure 115: Sources of financial advice—advice on how to invest retirement savings, by household income, February 2013
                                                                                                  • Preferred Sources of Funds

                                                                                                    • Key points
                                                                                                      • Small Personal Loans
                                                                                                        • Figure 116: Sources of financial funding—small personal loans, by race, February 2013
                                                                                                        • Figure 117: Sources of financial funding—small personal loans, by gender, February 2013
                                                                                                        • Figure 118: Sources of financial funding—small personal loans, by age, February 2013
                                                                                                        • Figure 119: Sources of financial funding—small personal loans, by household income, February 2013
                                                                                                      • Educational funding
                                                                                                        • Figure 120: Sources of financial funding—funds to pay for educational costs, by race, February 2013
                                                                                                        • Figure 121: Sources of financial funding—funds to pay for educational costs, by gender, February 2013
                                                                                                        • Figure 122: Sources of financial funding—funds to pay for educational costs, by age, February 2013
                                                                                                        • Figure 123: Sources of financial funding—funds to pay for educational costs, by household income, February 2013
                                                                                                      • Vehicle loans
                                                                                                        • Figure 124: Sources of financial funding—funds to buy an automobile or another type of vehicle, by race, February 2013
                                                                                                        • Figure 125: Sources of financial funding—funds to buy an automobile or another type of vehicle, by gender, February 2013
                                                                                                        • Figure 126: Sources of financial funding—funds to buy an automobile or another type of vehicle, by age, February 2013
                                                                                                        • Figure 127: Sources of financial funding—funds to buy an automobile or another type of vehicle, by household income, February 2013
                                                                                                      • Real estate loans
                                                                                                        • Figure 128: Sources of financial funding—real estate loans, by race, February 2013
                                                                                                        • Figure 129: Sources of financial funding—real estate loans, by gender, February 2013
                                                                                                        • Figure 130: Sources of financial funding—real estate loans, by age, February 2013
                                                                                                        • Figure 131: Sources of financial funding—real estate loans, by household income, February 2013
                                                                                                    • Sources of Financial Information—Frequency of Use

                                                                                                      • Key points
                                                                                                          • Figure 132: Channels used for information about investments and other financial products/services, white/Caucasian and Asian, May 2012
                                                                                                          • Figure 133: Usage of sources of financial information, overall, February 2013
                                                                                                          • Figure 134: Usage of sources of financial information—often used, by race, February 2013
                                                                                                          • Figure 135: Usage of sources of financial information—often used, by gender, February 2013
                                                                                                          • Figure 136: Usage of sources of financial information—often used, by age, February 2013
                                                                                                          • Figure 137: Usage of sources of financial information—often used, by household income, February 2013
                                                                                                      • Appendix – Key Demographics

                                                                                                          • Figure 138: Key demographics for ethnic groups (gender, age, income), February 2013
                                                                                                          • Figure 139: Key demographics for ethnic groups (household structure, education and employment, province), February 2013
                                                                                                      • Appendix – Trade Associations and Agencies

                                                                                                        Companies Covered

                                                                                                        • American Express Company (The)
                                                                                                        • Bank of Nova Scotia
                                                                                                        • Canada Deposit Insurance Corporation (CDIC)
                                                                                                        • Canadian Banker’s Association (CBA)
                                                                                                        • Canadian Payments Association (CPA)
                                                                                                        • CIBC World Markets Inc.
                                                                                                        • HSBC USA Inc.
                                                                                                        • Interac Association
                                                                                                        • Royal Bank of Canada
                                                                                                        • TD Waterhouse
                                                                                                        • Toronto-Dominion Bank
                                                                                                        • Western Union Holdings, Inc

                                                                                                        Multicultural Marketing for Financial Services - Canada - April 2013

                                                                                                        £3,277.28 (Excl.Tax)