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Saving and Investing for Children - Canada - March 2017

“Making Personal Financial management tools more appealing and useful might be a helpful stimulus to motivate parents to save small amounts regularly to enhance RESP contributions.”
– Sanjay Sharma, Senior Financial Services Analyst

This Report discusses the following key topics:

  • Around three in four parents are saving for their children
  • RESP is the most widely used product
  • Education is the top reason for saving
  • Almost half of parents prefer harder to access savings products

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Table of contents

  1. Overview

      • Regional classifications
        • Income
          • Glossary
          • Executive Summary

              • The issues
                • Around three in four parents are saving for their children
                  • Figure 1: Incidence of saving/investing for children, January 2017
                • RESP is the most widely used product
                  • Figure 2: Products used for saving, January 2017
                • Education is the top reason for saving
                  • Figure 3: Reasons for saving for children, January 2017
                • Almost half of parents prefer harder to access savings products
                  • Figure 4: Attitudes related to product access, January 2017
                • The opportunities
                  • Using mobile apps to bolster financial management
                    • Figure 5: Attitudes related to savings products for children, January 2017
                  • How can the financial industry help Canadian parents to save?
                    • Figure 6: Attitudes related to savings habits, January 2017
                  • Encouraging financial literacy among children
                    • Figure 7: Attitudes related to value of money, January 2017
                  • What it means
                  • The Market – What You Need to Know

                    • Chatbots and banking customer service
                      • Robo-investment advisors
                        • Canadian banks react to the fintech challenge
                          • Canadian economy finishes 2016 on a strong note
                            • New financial literacy initiatives rolling out across Canada
                            • Market Factors

                              • Chatbots and banking customer service
                                • Robo-investment advisors
                                  • Canadian banks react to the fintech challenge
                                    • Canadian economy finishes 2016 on a strong note
                                      • New financial literacy initiatives rolling out across Canada
                                      • Key Players – What You Need to Know

                                        • Bank of America opens branches without employees
                                          • Credit Karma crosses the border to Canada
                                            • Scotiabank branches out with two new branch formats, Express and Solutions
                                              • TD and Scotiabank streamline services to high net-worth investors
                                              • Industry Developments & Innovations

                                                • Canadian credit unions set to benefit from Grow and Celero partnership for digital banking solutions
                                                  • Credit Karma crosses the border to Canada
                                                    • RESP Providers
                                                      • HSBC’s new PFM (Personal Financial Management) tool, Nudge and other PFM tools
                                                        • Scotiabank branches out with two new branch formats, Express and Solutions
                                                          • Bank of America opens branches without employees
                                                            • Meridian introduces Sweep: a feature that ‘sweeps’ money daily
                                                              • EQ Bank launches mobile app and announces 3% interest rates
                                                                • TD and Scotiabank streamline services to high net-worth investors
                                                                • Marketing Campaigns

                                                                  • Select campaigns from Mintel Comperemedia
                                                                    • Prospera markets to parents
                                                                      • Figure 8: Prospera credit union youth savings account mail, September 2015
                                                                    • TD’s MySpend App
                                                                      • Figure 9: TD’s Myspend app customer email, August 2016
                                                                      • Figure 10: CIBC TFSA acquisition email, January 2017
                                                                      • Figure 11: TD RESP acquisition email, July 2015
                                                                    • RBC’s High Interest Savings Promotion
                                                                      • Figure 12: RBC High interest savings promotion email advertisement, July 2016
                                                                  • The Consumer – What You Need to Know

                                                                    • Around three in four parents are saving for their children
                                                                      • RESP is the most widely used product
                                                                        • Education is the top reason for saving
                                                                          • Most parents feel it is important to learn about saving at a young age
                                                                          • Saving Incidence and Behaviours

                                                                            • Around three in four parents are saving for their children
                                                                              • Figure 13: Incidence of saving/investing for children, January 2017
                                                                            • Quebecers less likely to save for their children
                                                                              • Around one in three parents contribute enough in RESPs
                                                                                • Figure 14: Behaviours related to saving for children, January 2017
                                                                              • Suburban parents more likely to spend significant amounts on children’s extra-curricular activities
                                                                                • Figure 15: Behaviour related to children’s expenses, January 2017
                                                                              • One in four parents discuss finances with their children
                                                                                • Figure 16: Behaviours related to children’s habits, January 2017
                                                                            • Products Held for Saving

                                                                              • RESP is the most widely used product
                                                                                • Figure 17: Products used for saving, January 2017
                                                                              • Older parents have a higher ownership of RESP and insurance products
                                                                                • Figure 18: Significant differences in product ownership, by age, January 2017
                                                                              • Around one in five have three or more products
                                                                                • Figure 19: Number of products held: repertoire analysis, January 2017
                                                                              • Around half of parents would like to know more about savings products for children
                                                                                • Figure 20: Attitudes related to savings products for children, January 2017
                                                                              • Using mobile apps to bolster financial management
                                                                              • Reasons for Saving

                                                                                • Education is the top reason for saving
                                                                                  • Figure 21: Reasons for saving for children, January 2017
                                                                                • Older parents more likely to be saving for education
                                                                                  • Figure 22: Select reasons for children’s savings, 18-34s vs over-35s, January 2017
                                                                              • Attitudes Related to Children and Saving

                                                                                • Quebec parents relatively less concerned about rising higher education costs
                                                                                  • Figure 23: Attitudes related to savings habits, January 2017
                                                                                • Women more likely to rate saving for children as a priority
                                                                                  • How can the financial industry help Canadian parents to save?
                                                                                    • Most parents feel it is important to learn about saving at a young age
                                                                                      • Figure 24: Attitudes related to value of money, January 2017
                                                                                    • Almost half of parents prefer harder to access savings products
                                                                                      • Figure 25: Attitudes related to product access, January 2017
                                                                                    • Encouraging financial literacy among children
                                                                                    • 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.

                                                                                            Saving and Investing for Children - Canada - March 2017

                                                                                            US $3,995.00 (Excl.Tax)