Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept and close

Description

Description

“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

What's included

What's included

Table of contents

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

                                                                                            This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                                                            • Market

                                                                                              Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                                                            • Consumer

                                                                                              Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                                                            • Brand/Company

                                                                                              Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                                                            • Data

                                                                                              Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                                                            Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted.

                                                                                            Trusted by companies. Big and small.

                                                                                            • bell
                                                                                            • boots
                                                                                            • google
                                                                                            • samsung
                                                                                            • allianz
                                                                                            • kelloggs
                                                                                            • walgreens
                                                                                            • redbull
                                                                                            • unilever
                                                                                            • Harvard
                                                                                            • pinterest
                                                                                            • new-york-time