Manulife Research Report June 2009 by Torben Nielsen

Executive Summary This research study was conducted to provide Manulife Financial with an in depth understanding of the perceptions and behaviours of college and university students between the ages of 18 and 25 (referred to as Generation Y) with respect to personal finance. The purpose of the report is to determine: current debt vs. assets of students, post‐graduation financial concerns, importance of various banking services and features, preferred information channels, usage of various banking and consulting services, as well as their current awareness of Manulife Financial and its services. A sample of 463 students was gathered from Conestoga College, Wilfrid Laurier and University of Waterloo campuses and was completed via self‐administered intercept at various locations and times of day. The online personal banking services that students deem to be most important are checking account balances, paying bills and transferring money. These three services are consistently the most important regardless of age or gender. Conversely, the online services that students currently deem to be least important are buying life insurance, buying investments, and obtaining or renewing mortgages. Students most often prefer to go online for personal banking because it is easy to use, fast and available 24/7 and visit a branch because it is personable, secure and reliable. Students use instant teller machines because it is easy, fast and available 24/7 and finally phone because they believe it to be easy, accessible and personable. Students most often seek out information regarding financial services from their family and deem this to be their most important source overall. Online, they look for information about credit cards, loans and stocks when compared to other services. Students were more inclined to apply for loans, purchase investments or life insurance, and obtain or renew a mortgage in person at a branch. However, these are services not widely used by students. Overall, regardless of age, gender, school or year of study, three quarters of students would not consider doing business with a financial services company that only offers online or telephone service. Nearly half of the students currently have no debt and less than five percent of all students have debt totalling more than $30,000. Students expecting to have debt, plan on accumulating more in the future. Upon graduation, students are most concerned with having enough money to live independently, having a secure source of income as well as getting a job. In the next five years, the top three financial products that students plan to acquire are credit cards, mortgages and loans which are the services they also plan to search for primarily online. Notably, students had a higher degree of awareness of Manulife’s credit card, bank account, and loan service offerings. However, there was a low degree of awareness among students with regard to the majority of the services that Manulife Financial offers. Students demonstrated the highest level of awareness for Manulife Financials’ credit card service and the lowest level of awareness for Manulife’s life insurance service.

Table of Contents

Most Important Source of Personal Financial Information ....................... 10

Appendix List Appendix A: Objective 1 Charts ................................................................ 43 Appendix B: Objective 2 Charts ................................................................ 50 Appendix C: Objective 3 Charts ................................................................ 53 Appendix D: Objective 4 Charts ................................................................ 60 Appendix E: Objective 5 Charts ................................................................ 64 Appendix F: Blank Questionnaire ............................................................. 67 Appendix G: Respondent Summary Questionnaire................................... 72

Financial Information Searched for Online ................................................ 12

Executive Summary .................................................................................. i. Background and Research Objectives ........................................................ 1 Methodology ........................................................................................... 2 Objective 1: Online service/features students deem important. ................ 3 Importance of Providing Financial Services Online ...................................... 3 Objective 2: Where and what financial information students seek ............ 6 Sources of Personal Financial Information .................................................. 6

Expected Financial Information Searched for Online ................................ 15 Objective 3: What method of financial consulting student’s use .............. 18 Methods Used Most Often ........................................................................ 18 Why Students Use Each Method ............................................................... 21 Objective 4: Student’s current and future debt and concerns .................. 26 Current and Expected Debt Range ............................................................. 26 Students’ Future Concerns ......................................................................... 29 Products Currently Owned ......................................................................... 31 Products Planned to be Owned ................................................................. 32 Objective 5: Student’s awareness of Manulife and its services ................ 37 Awareness of Manulife’s Services .............................................................. 37 Conclusion .............................................................................................. 41

List of Figures

Objective 1: Online service/features students deem important Table 1.2:1 Importance of Applying For a Loan or Credit Online by Age Table 1.2:2 Importance of Buying Investments Online by Age Table 1.2:3 Importance of Buying Life Insurance Online by Age Table 1.2:4 Importance of Checking Account Balances Online by Age Table 1.2:5 Importance of Downloading Information Online To Accounting Software by Age Table 1.2:6 Importance of Monitoring Finances Online by Age Table 1.2:7 Importance of Renewing or Obtaining a Mortgage Online by Age Table 1.2:8 Importance of Paying Bills Online by Age Table 1.2:9 Importance of Providing a Consolidated View of Finances Online by Age Table 1.2:10 Importance of Transferring Money Online by Age Table 1.3:1 Importance of Providing Financial Services Online by Males Table 1.3:2 Importance of Providing Financial Services Online by Females Objective 2: Where and what financial information students seek Table 2.2 Sources Students Use When Searching for Financial Information by Gender Table 2.3 Sources Students Use When Searching for Financial Information by Age Table 2.8 Financial Information Students Have Searched for Online by Age Table 2.12 Financial Information Students See Themselves Searching for in the Next 5 Years by Age Objective 3: What method of financial consulting student’s use Table 3.2:1 Methods Used Most Often for Each Service by Conestoga College Table 3.2:2 Methods Used Most Often for Each Service by University of Waterloo Table 3.2:3 Methods Used Most Often for Each Service by Wilfrid Laurier University Table 3.3:1 Methods Used Most Often for Each Service by Males

Table 3.3:2 Methods Used Most Often for Each Service by Females Table 3.5 Methods Used To Manage Finances and Why by Gender Table 3.10:1 Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by School Table 3.10:2 Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Year of Study Table 3.10:3 Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Age Table 3.10:4 Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Gender Objective 4: Student’s current and future debt and concerns Table 4.5:1 Students’ Level of Concern for Having Enough Money to Live Independently and their Expected Debt Range Upon Graduation Table 4.5:2 Students’ Level of Concern for Having a Secure Source of Income and their Expected Debt Range Upon Graduation Table 4.5:3 Students’ Level of Concern for Getting a Job After Graduation and their Expected Debt Range Upon Graduation Table 4.6:1 Students’ Level of Concern for Leasing a Vehicle and their Expected Debt Range Upon Graduation Table 4.6:2 Students’ Level of Concern for Buying Life Insurance and their Expected Debt Range Upon Graduation Table 4.6:3 Students’ Level of Concern for Saving for a Child/Children’s Education Costs and their Expected Debt Range Upon Graduation Table 4.9 What Products Students Plan to Purchase in the Next 5 Years by Age Table 4.10 Products Students Plan to Purchase in Next 5 Years by Gender Table 4.11 What Products Students Plan to Purchase in the Next 5 Years by What Students Plan to Search for Online in the Next 5 Years Objective 5: Student’s awareness of Manulife and its services Table 5.3:1 Conestoga College by Awareness of Manulife Financial Services Table 5.3:2 University of Waterloo by Awareness of Manulife Financial Services Table 5.3:3 Wilfrid Laurier University by Awareness of Manulife Financial Services

Background Manulife is the largest life insurance company in Canada and one of the top five in the world. The company offers a diverse portfolio of financial services that are suited to the various needs of Canadians regardless of their financial priorities. Manulife specializes in services that include investment, insurance and banking. Currently, Manulife desires to learn more about Generation Y (defined by Statistics Canada as those born between 1978 and 1993). As a company with a diverse range of service offerings, Manulife is looking to establish itself as a recognized brand in personal finance with those of a younger age. This study was conducted to help Manulife better understand the perceptions and behaviours of this market with respect to online financial activities. Manulife’s goal is to understand a younger demographic in hopes of developing a new strategy to capture this group earlier and establish them as lifetime customers. Manulife is particularly interested in gaining an initial understanding of the perceptions and values of Generation Y towards finances and planning for the future, with an emphasis on understanding online usage. Specifically, their interest is focused on current college and university students aged 18 to 25 years old. This study will provide Manulife with a deeper understanding of the awareness, perceptions and motivations of 18 to 25 year olds with respect to financial institutions and Manulife.

Research Objectives 1. 2. 3. 4. 5.

Identify what online services/features college/university students deem important when choosing a financial institution. Determine where college/university students seek out financial information and what types of information. Determine what method (online/face‐to‐face/phone) of banking/financial consulting college/university students use and why. Identify the current (debt vs. assets) and future financial concerns of college/university students. Measure the current awareness level of college/university students regarding Manulife and its services.

Methodology Fieldwork was completed during the last two weeks in April and the first week in May at Conestoga College, the University of Waterloo and Wilfrid Laurier University. A total of 159 questionnaires were self‐administered by Conestoga College students, 152 by students at the University of Waterloo and 151 by students at Wilfrid Laurier University; totalling sample of 463 students. All respondents were between the ages of 18 and 25 and were enrolled at one of the three schools. Fieldwork was completed at various campus locations and times of the day to increase representation of the sample. It was originally planned in the proposal to approach every third student. This proved to be unfeasible due to the large number of stationary students in highly frequented areas on the campuses. Students were approached either in transit or where they sat and no repeat students were ever approached . Respondents: 61% female and 39% male. The following chart illustrates the respondent profile: 100

81 17.5%

80 60

54 11.6%

93 20.1% 57

79 17.1% 46

79 17.1% 43

0 20

21 Males

32 6.9% 20 12

22 4.8% 11 11

18 3.9% 10 8

Females

For analysis purposes, respondents were separated into two different classifications when applicable. These include: • •

Knowledgeable Students This includes all students who believe themselves to be either very knowledgeable or somewhat knowledgeable about financial investments A total of 212 respondents qualify for this group

• •

Not Knowledgeable Students This includes all students who believe themselves to be either not very knowledgeable or not at all knowledgeable about financial investments A total of 251 respondents qualify for this group

Objective 1 Identify what online services/features college/university students deem important when choosing a financial institution.

Importance of Providing Financial Services Online

Services Checking Account Balances Online Paying Bills Online (Credit cards, Phone, Cable, Internet, etc.)

Transferring Money Between Accounts Monitoring Your Investments Online Providing a Consolidated View of All Your Finances Online Applying for a Loan or Credit Online Downloading Information to Accounting and/or Personal Finance Software Buying Investments Online (Mutual Funds, Stocks, GICS) Obtaining or Renewing Mortgages Buying Life Insurance Online

Importance of Providing Financial Services Online Not At All Not so Fairly Neutral Important Important Important # % # % # % # % 2 0.4 12 2.7 33 7.3 72 15.9

Very Important # % 333 73.7

# 452

% 100.0

4.60

0.9

2.4

7.7

17.1

329

72.0

457

100.0

4.57

9 11

2.0 2.4

15 17

3.3 3.7

28 71

6.2 15.6

96 109

21.1 23.9

307 248

67.5 54.4

455 456

100.0 100.0

4.49 4.24

2.0

4.8

18.7

118

25.9

221

48.6

455

100.0

4.14

3.7

7.0

17.6

179

38.9

151

32.8

460

100.0

3.90

4.4

9.0

168

36.7

107

23.4

122

26.6

458

100.0

3.59

5.2

10.2

140

30.4

153

33.3

20.9

460

100.0

3.54

33 38

7.2 8.4

47 61

10.3 13.4

159 168

34.8 36.9

135 113

29.5 24.8

83 75

18.2 16.5

457 455

100.0 100.0

3.41 3.28

Totals

Mean

Table 1.1

While all online services are important to students; the top three services that students feel are very important are checking their account balances online, paying their bills online and transferring money between accounts online. Monitoring investments online is also considered very important as well. Buying life insurance online, buying investments online, obtaining or renewing a mortgage online were chosen the most as being the online services that are not at all important and not so important to them.

Mean Scale Not At All Important Not So Important Neutral Fairly Important Very Important

1 2 3 4 5

SERVICES Checking Account Balances Online Paying Bills Online

Importance of Providing Financial Services Online by Age MEANS Age 18 19 20 21 22 23 4.61 4.61 4.62 4.62 4.64 4.57

(Credit Cards, Phone, Cable, Internet, etc.)

Transferring Money Between Accounts Online Monitoring Your Investments Online Providing a Consolidated View of All Your Finances Online Applying for a Loan or Credit Online Downloading Information to Accounting and/or Personal Finance Software Online Buying Investments Online (Mutual Funds, Stocks, GICS) Obtaining or Renewing Mortgages Online Buying Life Insurance Online

24 4.33

25 4.61

Mean

Range

4.60

0.31

4.40

4.54

4.55

4.57

4.71

4.74

4.45

4.76

4.58

0.36

4.45 4.15

4.48 4.04

4.46 4.09

4.46 4.41

4.64 4.50

4.56 4.22

4.36 4.27

4.50 4.59

4.50 4.25

0.28 0.55

4.06

4.10

4.01

4.14

4.35

4.28

4.23

4.11

4.15

0.34

3.74

3.81

3.94

3.97

3.95

4.00

3.82

4.06

3.90

0.32

3.30

3.44

3.56

3.71

3.77

3.72

3.55

4.00

3.60

0.70

3.37

3.48

3.42

3.54

3.71

3.81

3.59

3.89

3.55

0.52

3.39 3.29 3.26 3.48 3.92 3.53 3.44 3.11 3.27 3.29 3.32 3.19 Refer to Table 1.2 in Appendix A for detailed data

3.55 3.45

3.78 3.44

3.42 3.28

0.66 0.34

Regardless of the student’s age, checking account balances, paying bills and transferring money online lies between fairly and very important. These three services are the most popular for all age ranges. Online services with the greatest response variability (range) were: downloading information, obtaining or renewing mortgages, monitoring investments and buying investments. Note that these services increase in importance to students as they age.

Mean Scale Not At All Important Not So Important Neutral Fairly Important Very Important

1 2 3 4 5

Importance of Providing Financial Services by Male and Female Mean Totals SERVICES Male Female

Checking Account Balances Online 4.47 Paying Bills Online (Credit Cards, Phone, Cable, Internet, etc.) 4.43 Transferring Money Between Accounts Online 4.28 Monitoring Your Investments Online 4.29 Providing a Consolidated View of All Your Finances Online 4.06 Applying for a Loan or Credit Online 3.87 Downloading Information to Accounting and/or Personal 3.55 Finance Software Online Buying Investments Online (Mutual Funds, Stocks, GICS) 3.70 Obtaining or Renewing Mortgages Online 3.45 Buying Life Insurance Online 3.19 Refer to Table 1.3 in Appendix A for detailed data.

Difference (Female vs. Male)

4.69 4.67 4.63 4.22 4.21 3.93

+0.22 +0.24 +0.35 ‐0.07 +0.15 +0.06

3.62

+0.07

3.46 3.40 3.34

‐0.24 ‐0.05 +0.15

There is little difference between males and females as to what they consider to be the most important services. Both genders feel that checking account balances, paying bills and transferring money are the most important services to be offered online. However, compared to males, females deemed these services more important. While the majority of the services were considered more important to females, buying investments online and monitoring investments appear to be more important to males.

Mean Scale Not At All Important Not So Important Neutral Fairly Important Very Important

1 2 3 4 5

Objective 2 Determine where college/university students seek out financial information and what types of information.

Sources of Personal Financial Information All Sources that Students Use When Searching for Financial Information Knowledgeable All Students Students SOURCES OF FINANCIAL INFORMATION # % # % Family 409 88.3 189 89.2 Financial Institution 234 50.5 117 55.2 Friends 232 50.1 106 50.0 Financial Advisors 179 38.7 95 44.8 Financial Institution Websites 157 33.9 77 36.3 Google Finance, Yahoo! Finance, etc. 100 21.6 58 27.4 Financial Advice Websites 95 20.5 54 25.5 Online Newspapers, Magazines, or Articles 87 18.8 49 23.1 Blogs 26 5.6 10 4.7 Other 15 3.2 6 2.8 Totals

1534 331.2 761 359.0 Table 2.1 Students use a variety of methods when looking for financial information or advice. On average, students use three different sources of information: their family, financial institutions and friends. Almost all students use their families as their primary source of information. Students who consider themselves knowledgeable about financial investments also look to their family, financial institution and friends for information.

Sources Students Use When Searching for Financial Information by Gender SOURCES OF FINANCIAL INFORMATION Family Financial Institution Friends Financial Advisors Financial Institution Websites Google Finance, Yahoo! Finance, etc. Financial Advice Websites Online Newspapers, Magazines, or Articles Blogs Other Totals

Males

Females

% 83.2 53.6 50.3 48.0 35.2 29.1 27.4 27.9 8.4 2.2

% 91.4 48.6 49.6 32.1 33.6 17.1 16.4 13.2 3.9 3.9

365.3 Refer to Table 2.2 in Appendix B for detailed data.

309.8

Males tend to use more sources to seek out financial information in comparison to females.

Sources Students Use When Searching for Financial Information by Age 18

Family

90.7

92.6

85.4

84.8

83.5

27.7

95.5

88.9

Financial Institution

46.3

55.6

40.6

58.2

46.8

5.8

45.5

61.1

Friends

55.6

37.0

42.7

57.0

54.4

5.1

45.5

77.8

Financial Advisors

29.6

39.5

38.5

45.6

38.0

3.2

36.4

33.3

Financial Institution Websites

35.2

38.3

27.1

35.4

36.7

2.9

36.4

38.9

Google Finance, Yahoo! Finance, etc. Financial Advice Websites

25.9

16.0

19.8

21.5

24.1

2.9

22.7

22.2

16.7

22.2

24.0

19.0

20.3

1.9

18.2

22.2

Online Newspapers, Magazines, or Articles

22.2

14.8

19.8

20.3

1.0

13.6

33.3

Blogs

1.9

3.7

4.2

5.1

12.7

0.3

4.5

11.1

Other

3.7

2.1

2.5

3.8

0.3

0.0

11.1

113.4

250.5

399.9

SOURCES OF FINANCIAL INFORMATION

Totals

327.8 323.4 304.2 349.4 340.6 Refer to Table 2.3 in Appendix B for detailed data.

Regardless of age, most students seek financial advice from their family.

Sources Students Use When Searching for Financial Information by School Conestoga College University of Waterloo SOURCES OF FINANCIAL INFORMATION # % # % Family 74 49.3 87 59.6 At a Financial Institution 17 11.3 18 12.3 Friends 4 2.7 5 3.4 Financial Advisors 39 26.0 13 8.9 Financial Institution Websites 7 4.7 9 6.2 Google Finance, Yahoo! Finance, etc. 4 2.7 6 4.1 Financial Advice Websites 2 1.3 2 1.4 Online Newspapers, Magazines, or Articles 1 0.7 2 1.4 Blogs 1 0.7 2 1.4 Other 1 0.7 2 1.4 Totals

Wilfrid Laurier # % 81 54.4 25 16.8 3 2.0 23 15.4 6 4.0 7 4.7 1 0.7 2 1.3 1 0.7 0 0.0

150

100.0 146 100.0 149 100.0 Table 2.4 Conestoga College students feel that financial advisors are a more important source when seeking out financial information compared to both Waterloo and Laurier students. Furthermore, students from Conestoga College are less likely to consider their family as the most important source. While, students from the University of Waterloo place the highest importance on advice from their family, Wilfrid Laurier students were more inclined to search for information at a financial institution compared to those at Conestoga College and University of Waterloo.

Most Important Source of Personal Financial Information Sources Students Use When Searching for Financial Information Where Do You Look? Most Important Source SOURCES OF FINANCIAL INFORMATION # % # % Family 409 88.3 242 54.4 Financial Institution 234 50.5 60 13.5 Friends 232 50.1 12 2.7 Financial Advisors 179 38.7 75 16.9 Financial Institution Websites 157 33.9 22 4.9 Google Finance, Yahoo! Finance, etc. 100 21.6 17 3.8 Financial Advice Websites 95 20.5 5 1.1 Online Newspapers, Magazines, or Articles 87 18.8 5 1.1 Blogs 26 5.6 4 0.9 Other 15 3.2 3 0.7 Totals

1534 331.2 445 100.0 Table 2.5 Family is the most commonly used and most important source of financial information. While 50.1% of students said they would ask their friends for financial information, only 2.7% of students actually choose their friends as their most important source. Similarly, while a lot of students search for information at a financial institution, only a small relative percentage chose that as their most important source.

Most Important Sources Students Use When Searching for Financial Information by Gender Males Females SOURCE OF FINANCIAL INFORMATION # % # % Family 83 47.7 159 59.3 11 6.3 48 17.9 At a Financial Institution Friends 7 4.0 5 1.9 Financial Advisors 43 24.7 30 11.2 Financial Institution Websites 11 6.3 11 4.1 12 6.9 5 1.9 Google Finance, Yahoo! Finance, etc. Financial Advice Websites 3 1.7 2 0.7 1 0.6 4 1.5 Online Newspapers, Magazines, or Articles Blogs 3 1.7 1 0.4 Other 0 0.0 3 1.1

Differences # +11.6 +11.6 ‐2.1 ‐13.5 ‐2.2 ‐5.0 ‐1.0 ‐0.9 ‐1.3 +1.1

‐ 174 100.0 268 100.0 Table 2.6 There are differences between males and females with respect to the source that they feel are most important when searching for financial information. Females are much more likely to rely on family and financial institutions than males; whereas males are more likely to rely on financial advisors. Total

Financial Information Searched for Online Financial Information All Students and Knowledgeable Students Have Searched for Online Knowledgeable Students All Students INFORMATION SEARCHED # % # % 291 65.8 Credit Cards Online 146 70.9 177 40.0 Loans Online 88 42.7 119 26.9 Stocks Online 83 40.3 109 24.7 Tax Free Savings Account Online 63 30.6 71 16.1 Mutual Funds Online 55 26.7 63 14.3 Other Online 39 18.9 55 12.4 Bonds Online 31 15.0 49 11.1 Mortgages Online 24 11.7 29 6.6 Life Insurance Online 18 8.7 26 5.9 Retirement Plans Online 17 8.3 Totals

989 Table 2.7

223.8

564

273.8

Most students have searched online for credit card information. Other commonly searched products and services are loans, stocks and tax free savings accounts. On average, students have searched for two types of financial information online as shown by the over 200% response rate. It is important to note that students who consider themselves knowledgeable about financial investments have searched for more financial information online compared to those who consider themselves not knowledgeable about financial investments.

INFORMATION SEARCHED Credit Cards Online Loans Online Stocks Online Tax Free Savings Account Online Mutual Funds Online Other Online Bonds Online Mortgages Online Life Insurance Online Retirement Plans Online Totals

Financial Information Students Have Searched for Online by Age 20 21 22 18 19 % % % % % 76.3 57.1 62.0 69.0 62.7 47.4 26.5 35.4 37.9 45.3 35.5 30.6 27.8 26.4 28.0 28.9 14.3 22.8 26.4 28.0 22.4 10.2 13.9 12.6 16.0 7.9 20.4 13.9 16.1 17.3 15.8 18.4 12.7 11.5 9.3 21.1 4.1 5.1 5.7 9.3 3.9 6.1 7.6 4.6 5.3 3.9 4.1 8.9 5.7 4.0 191.8 210.1 215.9 225.2 263.1 Refer to Table 2.8 in Appendix B for detailed data.

23 % 71.9 40.6 12.5 25.0 9.4 9.4 6.3 21.9 3.1 6.3

24 % 71.4 33.3 9.5 14.3 23.8 14.3 4.8 9.5 14.3 4.8

25 % 55.6 55.6 27.8 38.9 33.3 5.6 22.2 27.8 27.8 16.7

206.4

200

311.3

Students who are 22 years old have searched for credit cards or stocks online more than any other age, whereas students who are 25 search for loan information online more so than any other age. Students under the age of 22 tend to search online for services more often than students over 23 and over.

Financial Information Students Have Searched for Online by Gender Females Males INFORMATION SEARCHED # % # % 109 63.7 Credit Cards Online 182 68.2 66 38.6 Loans Online 109 40.8 81 47.4 Stocks Online 38 14.2 45 26.3 Tax Free Savings Account Online 64 24.0 46 26.9 Mutual Funds Online 25 9.4 22 12.9 Other Online 40 15.0 31 18.1 Bonds Online 24 9.0 24 14.0 Mortgages Online 24 9.0 14 8.2 Life Insurance Online 15 5.6 16 9.4 Retirement Plans Online 10 3.7 Totals

171 265.5 Table 2.9 Males are more likely to search online for mutual funds, stocks or bonds than females.

267

198.9

Expected Financial Information to Search for Online Financial Information Students See Themselves Searching for in the Next 5 Years Online INFORMATION SEARCHED

Mortgages Online

142

67.9

Credit Cards Online

117

56.0

Loans Online

115

55.0

Stocks Online

45.0

Mutual Funds Online

43.1

Tax Free Savings Accounts Online

43.1

Life Insurance Online

42.1

Bonds Online

30.6

Retirement Plans Online

30.1

Other Online

6.7

Totals

877

419.6

Table 2.10 Over the next five years students plan to search for many types of financial information online, particularly regarding mortgages, credit cards and loans.

Financial Information Students See Themselves Searching for in the Next 5 Years by School PRODUCTS SEARCHED FOR IN THE NEXT FIVE YEARS

SCHOOL Conestoga College # %

University of Waterloo # %

Mortgages Online

117

75.0

54.0

Credit Cards Online Loans Online Stocks Online Mutual Funds Online Tax Free Savings Accounts Online Life Insurance Online Bonds Online Retirement Plans Online Other Online

75 79 58 56 54 66 31 42 12

48.1 50.6 37.2 35.9 34.6 42.3 19.9 26.9 7.7

92 94 50 45 50 53 31 30 5

61.3 62.7 33.3 30.0 33.3 35.3 20.7 20.0 3.3

Totals

171

378.2 267 Table 2.11

353.9

Wilfrid Laurier #

79 102

53.4

91 63 49 64 46 41 28 2

68.9 61.5 42.6 33.1 43.2 31.1 27.7 18.9 1.4

148

381.8

Conestoga students are the most likely to search for mortgages online in the next five years. Alternatively, Waterloo and Laurier students plan to search for credit cards online more often than mortgages in the next five years.

Financial Information Students See Themselves Searching for in the Next 5 Years by Age 18 19 20 21 22 23 24 INFORMATION SEARCHED # % # % # % # % # % # % # % Mortgages Online 23 42.6 47 59.5 55 61.8 48 61.5 53 67.1 25 78.1 13 61.9 Credit Cards Online 41 75.9 52 65.8 52 58.4 37 47.4 42 53.2 19 59.4 14 66.7 Loans Online 29 53.7 46 58.2 53 59.6 39 50.0 51 64.6 20 62.5 12 57.1 Retirement Plans Online 9 16.7 11 13.9 14 15.7 17 21.8 26 32.9 8 25.0 6 28.6 Stocks Online 20 37.0 26 32.9 29 32.6 31 39.7 33 41.8 14 43.8 8 38.1 Totals

25 # 12 10 10 9 9

% 66.7 55.6 55.6 50.0 50.0

Totals # 276 267 260 100 170

100.0 89 100.0 78 100.0 79 100.0 32 100.0 21 100.0 18 100.0 450 Table 2.12 Almost one‐fifth of 18 year olds and half of 25 year olds plan on searching online for retirement plans in the next five years. Appropriately enough, the older the students are planning to search for information regarding mortgages in the next five years.

54 100.0 79

Objective 3 Determine what method (online/face‐to‐face/phone) of banking/financial consulting college/university students use and why.

Methods Used Most Often

Methods Used Most Often for Each Service I Don't Use This Service # % 8 1.8 29 6.5 30 6.8 98 21.8 117 26.1 175 38.8 239 53.0 319 71.5 329 74.4

FINANCIAL SERVICES

Online

By Phone

METHODS Instant Teller Machine # % 53 12.2 22 5.2 20 4.8 17 4.8 3 0.9 10 3.6 8 3.8 7 5.5 5 4.4

In Person at a Branch # % 30 6.9 70 16.7 57 13.8 58 16.5 227 68.4 46 16.7 136 64.2 93 73.2 70 61.9

Totals

# % # % # % Checking Account Balances 346 79.4 7 1.6 436 100.0 Transferring Money Between Accounts 320 76.2 8 1.9 420 100.0 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 327 79.0 10 2.4 414 100.0 Providing a Consolidated View of All Your Finances 265 75.5 11 3.1 351 100.0 Applying for Loan or Credit 94 28.3 8 2.4 332 100.0 Monitoring Your Investments 216 78.3 4 1.4 276 100.0 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 61 28.8 7 3.3 212 100.0 Buying Life Insurance 23 18.1 4 3.1 127 100.0 Obtaining or Renewing Mortgage 33 29.2 5 4.4 113 100.0 Table 3.1 Overall, the services most commonly used by all students are checking account balances, transferring money between accounts and paying bills. The method most often used for day‐to‐day personal banking is online. However, for services that would not be completed on a day‐to‐day basis (applying for a loan or credit, buying investments, buying life insurance and obtaining or renewing a mortgage) in person at a branch was favoured. Very few students use the phone or an instant teller machine for financial services. It is important to note that three of Manulife Financial’s services are not widely used by students. Over half of students said they do not buy investments, almost three‐quarters said they do not buy life insurance, or obtain or renew mortgages.

Methods Used Most Often for Each Service by School METHODS Instant Teller Online By Phone Machine FINANCIAL SERVICES

I Don't Use This Service

In Person at a Branch

WLU

2.0

0.7

2.8

Checking Account Balances

78.4

78.1

81.6

0.7

1.4

2.8

11.5

14.4

10.6

9.5

6.2

5.0

5.3

8.7

5.4

Transferring Money Between Accounts

74.1

78.7

75.7

0.7

2.9

2.1

6.3

4.4

5.0

18.9

14.0

17.1

5.9

8.2

6.2

Paying Bills (Credit Card, Phone, Cable, Internet, etc.)

77.6

79.1

80.1

2.8

2.2

6.3

4.5

3.7

13.3

14.2

14.0

23.7

23.0

18.9

Providing a Consolidated View of All Your Finances

72.4

78.9

75.8

2.6

3.3

7.8

1.8

5.0

17.2

16.7

15.8

19.0

24.2

35.6

Applying for Loan or Credit

27.4

30.1

27.7

0.8

3.5

3.2

0.8

0.9

1.1

71.0

65.5

68.1

29.7

44.6

42.9

Monitoring Your Investments

78.0

82.9

73.8

0.9

1.2

2.4

2.8

3.7

4.8

18.3

12.2

19.0

45.8

54.4

58.9

Buying Investments (e.g. Mutual Funds, Stocks, GICS)

26.2

23.5

38.3

2.4

4.4

3.3

7.1

1.5

1.7

64.3

70.6

56.7

63.6

71.6

79.5

Buying Life Insurance

20.0

21.4

10.0

0.0

2.4

10.0

5.5

9.5

0.0

74.5

66.7

80.0

66.0

77.8

80.6

Obtaining or Renewing Mortgage

30.8

41.9

10.7

3.8

3.2

3.6

5.8

3.2

3.6

59.6

51.6

82.1

Refer to Table 3.2 in Appendix C for detailed data. The majority of students from all schools do not currently buy investments, life insurance, or obtain or renew mortgages. Students from University of Waterloo are more likely than Conestoga or Laurier students to monitor their investments online.

Methods Used Most Often for Each Service by Gender I Don't Use This Service Male

Female

% 1.2 6.9 7.1 17.0 23.6 21.7 33.0 63.2 64.1

% 2.2 6.2 6.6 24.6 27.8 49.6 65.9 76.9 81.1

FINANCIAL SERVICES

Online Male

Female

METHODS Instant Teller By Phone Machine Male

Female

Male

Female

In Person at a Branch Male

Female

% % % % % % % % 72.4 84.1 2.9 0.8 14.7 10.6 10.0 4.5 Checking Account Balances 73.3 78.6 2.5 1.6 8.1 3.1 16.1 16.7 Transferring Money Between Accounts 74.4 82.4 2.6 2.3 5.8 3.9 17.3 11.3 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 68.3 80.3 6.3 1.0 8.5 2.4 16.9 16.3 Providing a Consolidated View of All Your Finances 28.6 28.4 3.8 1.5 2.3 0.0 65.4 70.1 Applying for Loan or Credit 73.7 83.3 2.9 0.0 4.4 2.9 19.0 13.8 Monitoring Your Investments 35.6 20.4 4.2 2.2 4.2 3.2 55.9 74.2 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 19.0 17.5 3.2 3.2 11.1 0.0 66.7 79.4 Buying Life Insurance 29.8 31.4 5.3 3.9 8.8 0.0 56.1 64.7 Obtaining or Renewing Mortgage Refer to Table 3.3 in Appendix C for detailed data. Almost equally both female and males apply for loans in person at a branch . Regardless of method used, over half of females said that they don’t buy investments. However, almost two‐thirds of males buy investments, using online and in person at a branch predominately. While almost half of females do not monitor their investments, almost three‐quarters of males do monitor their investments, primarily online. Overall, males are more likely to use financial services and generally are less likely to do so online.

Why Students Use Each Method METHODS I Use Online Services I Speak With Someone at a Branch I Use Instant Teller Machines I Use Phone Services

What Methods Students Use by School Conestoga College University of Waterloo Wilfrid Laurier University # % # % # % 148 96.7 143 95.3 143 97.3 144 95.4 137 91.3 136 91.3 140 92.7 128 85.9 128 90.1 84 56.0 65 44.5 69 48.6 Table 3.4

Totals # % 434 96.4 417 92.7 396 89.6 218 49.8

Virtually all students use online services and manage their finances in person at a branch. Many also use instant teller machines. Of all the methods, Conestoga College was the heaviest user of phone, in person and instant teller services, while Laurier students were the heaviest user of online services. Methods Used To Manage Finances and Why Online By Phone Instant Teller Machine In Person at a Branch FEATURES # % # % # % # % It's Easy 403 92.9 85 39.0 275 69.4 156 37.4 It's Secure 139 32.0 68 31.2 179 45.2 277 66.4 It's Accessible 324 74.7 81 37.2 186 47.0 60 14.4 It's Fast 332 76.5 47 21.6 241 60.9 51 12.2 It's Reliable 165 38.0 68 31.2 172 43.4 262 62.8 It's Personable 40 9.2 76 34.9 28 7.1 304 72.9 It's Knowledgeable 51 11.8 69 31.7 23 5.8 284 68.1 It's Available 24/7 329 75.8 46 21.1 190 48.0 16 3.8 It Has a Variety of Services 136 31.3 31 14.2 47 11.9 160 38.4 Refer to Table 3.5 in Appendix C for detailed data.

Students predominately manage their finances online because it’s easy, fast, available 24/7 and accessible. Fewer students use the phone to manage finances and those who do, do so for a variety of reasons. Some consider it easy, others fast and others consider it to be personable. Most students prefer instant teller machines because they are easy to use, and most use in person at a branch because it is personable and knowledgeable.

I USE ONLINE BECAUSE: It's Easy It's Secure It's Accessible It's Fast It's Reliable It's Personable It's Knowledgeable It's Available 24/7 It Has a Variety of Services Totals

Why Students Manage Their Finances Online By School Conestoga College University of Waterloo Wilfrid Laurier University # % # % # % 92.3 93.7 137 92.6 132 134 27.7 30.1 37.8 41 43 54 68.9 77.6 77.6 102 111 111 70.9 82.5 76.2 105 118 109 29.7 39.2 45.5 44 56 65 10.8 7.7 9.1 16 11 13 13.5 11.2 10.5 20 16 15 73.0 76.2 78.3 108 109 112 25.0 35.7 33.6 37 51 48 610 412.1 647 452.5 661 462.3 Table 3.6

Totals # % 92.9 403 31.8 138 74.7 324 76.5 332 38.0 165 9.2 40 11.8 51 75.8 329 31.3 136 1918

49.1

All students overwhelmingly said that they manage their finances online because it’s easy to use. Interestingly, students from Laurier appreciate the security of online more than students from Waterloo or Conestoga. Over three‐quarters of Waterloo and Laurier students said accessibility was a reason for using online, whereas just over two‐thirds of Conestoga students said this. Sixty percent of students from all three schools did not select a variety of services as a reason for using online.

I USE THE PHONE BECAUSE: It's Easy It's Secure It's Accessible It's Fast It's Reliable It's Personable It's Knowledgeable It's Available 24/7 It Has a Variety of Services Totals

Why Students Manage Their Finances By Phone by School Conestoga College University of Waterloo Wilfrid Laurier University # % # % # % 41.5 30.4 37 44.0 27 21 29.2 27.5 29 34.5 19 19 43.1 31.9 31 36.9 28 22 27.7 17.4 17 20.2 18 12 29.8 36.9 27.5 25 24 19 31.0 35.4 39.1 26 23 27 23.8 40.0 33.3 20 26 23 16.7 24.6 23.2 14 16 16 10.7 15.4 17.4 9 10 12 208

247.6

191 Table 3.7

293.8

171

247.7

Totals # % 39.0 85 30.7 67 37.2 81 21.6 47 31.2 68 34.9 76 31.7 69 21.1 46 14.2 31 570

29.1

Almost half of Conestoga students use phone services to do their banking because they believe it to be easy, whereas just over a quarter of Laurier students chose this as a reason for banking by phone.

Why Students Manage Their Finances Using Instant Teller Machines by School Conestoga College University of Waterloo Wilfrid Laurier University I USE INSTANT TELLER MACHINES BECAUSE: # % # % # % 70.3 75.8 It's Easy 87 62.1 90 97 48.6 39.1 47.7 It's Secure 68 50 61 42.1 46.9 53.1 It's Accessible 59 60 68 56.4 65.6 60.9 It's Fast 79 84 78 44.3 34.4 51.6 It's Reliable 62 44 66 11.4 3.1 6.3 It's Personable 16 4 8 7.9 3.9 5.5 It's Knowledgeable 11 5 7 44.3 47.7 52.3 It's Available 24/7 62 61 67 11.4 9.4 14.8 It Has a Variety of Services 16 12 19

Totals # % 69.2 274 45.2 179 47.0 186 60.9 241 43.4 172 7.1 28 5.8 23 48.0 190 11.9 47

Totals

1340

460

328.5 410 Table 3.8

320.4

471

368.0

37.6

When compared to Conestoga students, students from Laurier were more inclined to say that using an instant teller machine is ease – with almost a 15 percent difference, this is interesting to note. Almost half of students feel that 24/7 availability is an important factor when using an instant teller machine. Interestingly, sixty percent of Waterloo Students did not select security as a significant factor in using instant teller machines. Almost half of Laurier students listed accessibility as a reason for using instant teller machines.

Why Students Manage Their Finances By Speaking With Someone at a Branch by School Conestoga College University of Waterloo Wilfrid Laurier University I SPEAK WITH SOMEONE AT A BRANCH BECAUSE: # % # % # % 32.8 40.4 It's Easy 56 38.9 45 55 68.8 63.5 66.2 It's Secure 99 87 90 14.6 16.1 12.5 It's Accessible 21 22 17 11.1 10.9 14.7 It's Fast 16 15 20 59.0 64.2 65.4 It's Reliable 85 88 89 67.4 73.7 77.9 It's Personable 97 101 106 64.6 71.5 68.4 It's Knowledgeable 93 98 93 3.5 4.4 3.7 It's Available 24/7 5 6 5 35.4 43.1 36.8 It Has a Variety of Services 51 59 50 Totals

Totals # % 156 37.4 276 66.2 60 14.4 51 12.2 262 62.8 304 72.9 284 68.1 3.8 16 160 38.4

523

363.3 521 380.2 525 332.3 1569 41.8 Table 3.9 Over three‐quarters of Laurier students feel that speaking with someone at a branch is personable, whereas Conestoga students were less inclined to say this. Over two‐thirds of all students speak with someone at a branch because of its security. Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service # % Yes 111 24.4 No 344 75.6 Totals

455

100.0

Refer to Table 3.10 in Appendix C for detailed data.

Regardless of age, gender or school attended, students wouldn’t consider banking with an institution that offers only online or telephone services.

Objective 4 Identify the current (debt vs. asset) and future financial concerns of college/university students.

Current and Expected Debt Range RANGE None $1 ‐ $4,999 $5,000 ‐ $9,999 $10,000 ‐ $14,999 $15,000 ‐ $19,999 $20,000 ‐ $29,999 $30,000+

# 200 109 44 39 24 21 20

Totals

457

Current Debt Range of Students % Cumulative % 43.8 43.8 23.9 67.6 9.6 77.2 8.5 85.8 5.3 91.0 4.6 95.6 4.4 100.0

Expected Debt Range of Students Upon Graduation # 135 80 67 38 41 39 55

% 29.7 17.6 14.7 8.4 9.0 8.6 12.1

Cumulative % 29.7 47.3 62.0 70.3 79.3 87.9 100.0

100.0

‐ 455 100.0 ‐ Table 4.1 Over two‐thirds of students said that they currently have debt less than $5,000, with almost half of all students having no debt at all. Almost five percent of students said they current have more then $30,000 worth of debt. Appropriately enough, students expect to graduate with greater debt than they currently have; however almost one‐third of all students expect to graduate with no debt at all.

Current and Expected Debt Range by School Conestoga College DEBT RANGE

None $1 ‐ $9,999 $10,000 +

Current # % 58 37.2 60 38.5 38 24.3

Expected # % 37 23.6 64 40.8 56 35.6

Totals

156 100.0

157 100.0

University of Waterloo Current # % 64 43.0 45 30.2 40 26.8

Expected # % 41 27.5 40 26.9 68 45.6

Wilfrid Laurier Current # % 78 51.7 47 31.1 26 17.2

Expected # % 57 38.5 43 29.1 48 32.4

149 100.0 149 100.0 151 100.0 148 100.0 Table 4.2 Currently, Conestoga College students have the most debt, while students from Wilfrid Laurier currently have the least. Just over half of all students expect to graduate with a debt range that is below $10,000; a decrease from the student’s current debt range.

DEBT RANGE None $1 ‐ $9,999 $10,000 +

Current and Expected Debt Range by Gender Males Females Current Expected Current Expected # % # % # % # % 73 41.0 46 26.0 126 45.5 88 31.9 59 33.2 59 33.4 93 33.6 87 31.5 46 25.8 72 40.6 58 20.9 101 36.6

277 100.0 276 100.0 455 100.0 Table 4.3 Currently males have more debt and expect to graduate with even more debt when compared to females. Totals

178 100.0

177 100.0

Totals Current Expected # % # % 199 43.7 134 29.6 152 33.4 146 32.2 104 22.9 173 38.2 453 100.0

Students’ Future Concerns Concerns of Students Very Concerned # %

LEVEL OF CONCERN Somewhat Not Concerned Concerned # % # %

Having Enough Money to Live Independently and Still Save

342

75.3

16.5

Having a Secure Source of Income

335

73.6

18.7

Getting a Job After Graduation

330

72.5

Education/College or University Costs

299

65.4

Paying for Basic Living Expenses

296

Paying Off Debt

CONCERNS

Means

8.1

454

100.0

2.67

7.7

455

100.0

2.66

19.1

8.4

455

100.0

2.64

106

23.2

11.4

457

100.0

2.54

64.9

109

23.9

11.2

456

100.0

2.54

231

50.8

103

22.6

121

26.6

455

100.0

2.24

The Government's Ability to Fund Services for Health Care Needs

184

40.8

174

38.6

20.6

451

100.0

2.20

Buying a Vehicle

182

40.3

154

34.1

116

25.7

452

100.0

2.15

Buying a Home

170

37.4

160

35.2

124

27.3

454

100.0

2.10

Starting Investment and Asset Plans

142

31.3

197

43.5

114

25.2

453

100.0

2.06

Saving for Retirement

141

31.3

164

36.4

146

32.4

451

100.0

1.99

Renting a Home

114

25.2

194

42.8

145

32.0

453

100.0

1.93

Providing for Your Spouse/Family if You Should Die Unexpectedly

137

30.4

128

28.4

186

41.2

451

100.0

1.89

Saving for Child/Childrens’ Education

119

26.3

140

31.0

193

42.7

452

100.0

1.84

Buying Life Insurance

20.8

148

32.7

210

46.5

452

100.0

1.74

69 15.3 Table 4.4

151

33.5

231

51.2

451

100.0

1.64

Leasing a Vehicle

The top three concerns of students are having enough money to live independently and still save, having a secure source of income and getting a job after graduation. Students are least concerned with buying life insurance, leasing a vehicle and saving for a child/children’s education costs.

Totals

Mean Chart Very Concerned Somewhat Concerned Not Concerned

3 2 1

Top 3 Areas Students are Very Concerned With by Expected Debt Range of Students Upon Graduation None $1‐ $9,999 $10,000 + DEBT RANGE # % # % # % 92 68.7 111 76.6 134 79.3 Having Enough Money to live Independently and Still Save 91 68.4 109 75.2 130 76.0 Having a Secure Source of Income 90 67.2 112 76.7 123 72.8 Getting a Job After Graduation Refer to Table 4.5 for detailed data. As students’ expected debt upon graduation increases, they generally become more concerned with having enough money to live and still save and having a secure source of income.

3 Areas Students Are Not Concerned With by Expected Debt Range of Students Upon Graduation None $1‐ $9,999 $10,000 + DEBT RANGE # % # % # % Buying Life Insurance

53.0

47.2

41.8

Leasing a Vehicle

61.5

45.5

48.2

Saving for a Child/Children’s Education

45.5

44.1

39.6

Refer to Table 4.6 for detailed data. Students who expect to have no debt upon graduation are least concerned with leasing a vehicle in the future.

Products Currently Owned Investment and Insurance Products Students Currently Own PRODUCTS # % Credit Cards 326 71.5 Loans 142 31.1 Tax Free Savings Accounts 89 19.5 Stocks 77 16.9 Mutual Funds 59 12.9 Bonds 54 11.8 None 53 11.6 Life Insurance 47 10.3 Retirement Plans 36 7.9 Mortgages 8 1.8 Other 32 7.0 Totals

891 202.4 Table 4.7 Most students possess two investment and insurance products, which are generally a credit card and one other product.

Products Planned to be Owned Investment and Insurance Products Students Plan to Purchase in the Next 5 Years PRODUCTS # % Credit Cards 267 59.2 Mortgages 221 49.0 Loans 201 44.6 Stocks 163 36.1 Life Insurance 145 32.2 Tax Free Savings Accounts 124 27.5 Mutual Funds 122 27.1 Bonds 121 26.8 Retirement Plans 112 24.8 Nothing 32 7.1 Other 8 1.8 Totals

1516

336.1

Table 4.8 Students plan to purchase several investment and insurance products in the next five years – the top three are credit cards, mortgages and loans.

What Products Students Plan to Purchase in the Next 5 Years by Age 18 19 20 21 22 23 24 % % % % % % % 77.4 63.0 57.8 53.8 52.6 58.1 47.6 32.1 37.0 44.4 53.8 61.5 71.0 52.4 54.7 35.8 40.0 41.0 48.7 48.4 57.1 30.2 25.9 30.0 32.1 35.9 32.3 28.6 22.6 18.5 17.8 30.8 37.2 35.5 38.1 32.1 25.9 23.3 25.6 33.3 32.3 14.3 30.2 33.3 33.3 47.4 35.9 41.9 28.6 20.8 27.2 22.2 37.2 28.2 25.8 19.0 26.4 16.0 21.1 21.8 32.1 32.3 23.8 7.5 8.6 6.7 7.7 2.6 3.2 14.3 Refer to Table 4.9 in Appendix D for detailed data.

PRODUCTS Credit Cards Mortgages Loans Life Insurance Mutual Funds Tax Free Saving Accounts Stocks Bonds Retirement Plans Nothing

25 % 55.6 61.1 44.4 61.1 44.4 33.3 33.3 27.8 50.0 16.7

Totals # 265 221 199 144 122

% 58.9 49.1 44.2 32.0 27.1

124 163 121 112 32

27.6 36.2 26.9 24.9 7.1

The likelihood of 18 to 22 year olds purchasing a mortgage in the next five years increases as students get older. Those who are 23 years old are the most likely to obtain a mortgage in the next five years. The majority of 25 year olds plan to purchase life insurance in the next five years. The likelihood of students wanting a credit card in the next five years decreases between the ages of 18 to 22.

Products Students Plan to Purchase in Next 5 Years by Gender Males Females PRODUCTS # % # % Credit Cards 104 59.1 162 59.3 Mortgages 84 47.7 137 50.2 Loans 77 43.8 123 45.1 Life Insurance 49 28.7 96 35.2 Mutual Funds 57 32.4 65 23.8 Tax Free Savings Account 54 30.7 70 25.6 Stocks 86 48.9 77 28.2 Bonds 64 36.4 57 20.9 Retirement Plans 58 33.0 54 19.8 Nothing 14 8.0 18 6.6 Totals

647 Table 4.10

368.7

859

314.7

Men expect to purchase more financial products in the next five years. They are more likely to purchase investment products (stocks, mutual funds, bonds, retirement plans). Generally, women plan to purchase less but they are more likely to purchase life insurance.

What Products Students Plan to Purchase in the Next 5 Years by What Students Plan to Search for Online in the Next 5 Years PRODUCTS SEARCH FOR

Purchase Credit Cards

Purchase Mortgages

% 65.9 64.0 76.0

% 87.7 62.7 60.0

Purchase Loans

Purchase Life Insurance

Purchase Mutual Funds

Purchase Tax Free Savings Accounts

Purchase Stocks

Purchase Bonds

Purchase Retirement Plans

Purchase Nothing

% % % % % % % % 66.0 74.8 78.5 74.0 67.5 71.7 73.9 28.6 77.5 57.3 62.8 59.3 60.0 58.3 65.8 53.6 67.0 62.2 63.6 70.7 64.4 66.7 65.8 28.6 Refer to Table 4.11 in Appendix D for detailed data. Of the top three financial services that students expect to purchase in the next five years, students said that they plan to search online for information. Over half of students who said they would purchase nothing in the next five years, also said they would search for loans online. Mortgages Online Loans Online Credit Cards Online

Knowledge About Financial Investments by Top 3 Products Students Own KNOWLEDGE OF FINANCIAL INVESTMENTS PRODUCTS Knowledgeable Not Knowledgeable Totals # % # % # Credit Cards 165 78.6 161 65.2 326 Tax Free Savings Accounts 49 23.4 40 16.2 89 Loans 64 30.5 78 31.6 142 Table 4.12 Students who said they were knowledgeable about financial investments are more likely to own credit cards and Tax Free Savings Accounts. Typically, students who are not knowledgeable in financial investments are more likely to possess loans. Knowledge About Financial Investments by Top 3 Products Students Plan to Purchase in the Next 5 Years Knowledgeable Not Knowledgeable Totals PRODUCTS # % # % # Mortgages 112 53.6 109 44.7 221 Credit Cards 113 54.1 154 63.1 267 Loans 83 39.7 118 48.4 201 Table 4.13 Over the next five years students who are knowledgeable in financial investments plan to purchase mortgages and loans. A higher percentage of students who are not knowledgeable plan to purchase credit cards more often than students who are knowledgeable since the knowledgeable students already own them.

Objective 5 Measure the current awareness level of college/university students regarding Manulife and its services.

Awareness of Manulife’s Services

PRODUCTS Credit Cards Bank Accounts (Chequing and Savings Accounts) Loans Travel Insurance Mortgages Health & Dental Insurance Manulife One Investments (e.g. Mutual Funds, Stocks, GICs, etc.) Critical Illness Insurance Group Benefits Professional Advice Pension Plans Life Insurance

Awareness of Manulife Financial Services Yes, I Know Manulife I Would Think Offers This Manulife Offers This # % # % 194 44.5 191 43.8 176 40.2 194 44.3 129 29.7 235 54.0 97 22.4 238 55.0 86 20.0 241 55.9 74 17.2 223 51.7 70 16.0 225 51.5 56 12.9 240 55.4 54 12.3 262 59.8 54 12.3 249 56.8 52 12.0 219 50.3 49 11.1 264 60.0 26 5.9 229 52.4 Table 5.1

I Don't Think They Would Offer This # % 51 11.7 68 15.5 71 16.3 98 22.6 104 24.1 134 31.1 142 32.5 137 31.6 122 27.9 135 30.8 164 37.7 127 28.9 182 41.6

Totals # 436 438 435 433 431 431 437 433 438 438 435 440 437

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Awareness of Manulife Financial Services Life Insurance Pension Plans Professional Advice Group Benefits Critical Illness Insurance Investments (e.g. Mutual Funds, Stocks, GICs, … Manulife One Health & Dental Insurance Mortgages Travel Insurance Loans Bank Accounts (Chequing and Savings Accounts) Credit Cards

Yes, I Know Manulife Offers This I Would Think Manulife Offers This I Don't Think They Would Offer This

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%

Students had a high degree of awareness that Manulife offers credit cards, bank accounts and loans. There was a low degree of awareness among students with regard to the majority of the services that Manulife offers.

PRODUCTS Bank Accounts (Chequing and Savings Accounts)

Credit Cards Critical Illness Insurance Group Benefits Pension Plans Health & Dental Insurance Investments (e.g. Mutual Funds, Stocks, GICs, etc.)

Life Insurance Loans Manulife One Mortgages Professional Advice Travel Insurance

Gender by Awareness of Manulife Financial Services Yes, I Know Manulife Offers This I Would Think Manulife Offers This I Don't Think They Would Offer This Male Female Male Female Male Female % % % % % % 35.4

43.5

49.1

40.8

15.4

15.6

38.9 11.4 14.2 10.9 15.8

48.1 13.0 11.1 11.4 18.1

50.3 61.4 57.4 62.9 55.6

39.6 58.6 56.3 58.0 49.0

10.9 27.3 28.4 26.3 28.7

12.3 28.4 32.6 30.7 32.8

13.1

12.9

55.7

55.1

31.3

32.0

6.9 24.7 13.1 21.0 13.6 20.0

5.3 33.1 18.1 19.3 10.9 24.1

53.8 57.5 51.7 56.8 50.6 57.1

51.3 51.5 51.2 55.1 50.0 53.3

39.3 17.8 35.2 22.2 35.8 22.9

43.3 15.4 30.8 25.6 39.1 22.6

Table 5.2 Males and females have a high degree of awareness of the same services: credit cards, bank accounts and loans. Overall, females appear more confident with their knowledge of the services that Manulife offers.

Awareness of Manulife Financial Services by School General Awareness of Manulife Financial Services Yes I Know Manulife Offers I Would Think Manulife I Don’t Think They Would This Offers This Offer This PRODUCTS

U of W

WLU

U of W

WLU

U of W WLU %

36.6 40.8 50.7 42.2 16.2 12.7 17.0 43.2 40.5 Bank Accounts (Chequing and Savings Accounts) 40.1 44.8 47.9 43.4 11.5 120 11.7 Credit Cards 48.6 39.9 16.1 8.9 57.3 69.2 35.1 26.6 21.9 12.2 Critical Illness Insurance 52.7 12.7 10.9 57.7 63.9 37.8 29.6 25.2 Group Benefits 13.5 48.6 13.3 8.2 61.5 64.4 34.0 25.2 27.4 Pension Plans 12.0 54.0 22.0 13.9 49.6 58.3 37.2 28.4 27.8 Health & Dental Insurance 15.2 47.6 14.1 11.2 55.6 58 34.0 30.3 30.8 Investments (e.g. Mutual Funds, Stocks, GICs, etc.) 12.9 53.1 7.7 3.4 55.9 58.2 50.3 36.4 38.4 Life Insurance 6.8 42.9 27.5 26.4 56.3 54.2 13.5 16.2 19.4 Loans 35.1 51.4 16.1 12.5 55.9 50.0 31.5 28.0 37.5 Manulife One 19.5 49.0 19.1 16.2 58.2 59.2 24.5 22.7 24.6 Mortgages 24.5 51.0 11.9 8.4 53.1 55.2 41.2 35.0 36.4 Professional Advice 15.5 43.2 20.4 19.7 54.9 60.6 23.0 24.6 19.7 Travel Insurance 27.0 50.0 Refer to Table 5.3 in Appendix E for detailed data. Overall, students from each school were not confident in their knowledge of Manulife’s service offerings. On average, students were less inclined to answer “Yes, I know they offer this” compared to the other response options. All three schools were most confident in saying “Yes, I know they offer this” for credit cards, bank accounts and loans. Interestingly, the most significant answer for “I don’t think they would offer this” was life insurance.

Overall Conclusions Most often students check account balances, pay bills and transfer money online. These services are the most frequently utilized regardless of age, gender or school. The online services that they feel to be the least important are buying life insurance, buying investments and obtaining or renewing a mortgage. There is no difference among males and females as to what they consider to be the most important services; although females tend to consider most services to be more important. Students typically seek advice from their family, friends or financial institutions for personal financial information. Students overall deem their family as the most important source of advice when seeking information for personal finance, with females considering family as the most important source more so than males. Students currently search online for information about credit cards, loans and stocks. The students who consider themselves knowledgeable about financial investments generally search for more information online than the non‐knowledgeable students. Students under the age of 22 tend to search online for services more often than students over 23. Over the next five years, students plan to search for many types of financial information online, particularly regarding mortgages, credit cards and loans. The method used most often for managing personal finance is online. Almost three‐quarters of all students prefer to check account balances, pay bills, and transfer money between accounts online. However, for other services such as applying for a loan, buying investments, buying life insurance and obtaining or renewing a mortgage, students favour doing this in person at a branch. It is important to note that three financial services are not widely used by students: buying investments, life insurance or obtaining or renewing mortgages. Students prefer online because it is easy to use, fast and available 24/7; they prefer in person because it is personable, secure and knowledgeable; phone because it is easy, accessible and personable; and finally they prefer instant teller because it is easy, fast and available 24/7. Three quarters of students would not consider doing business with a financial institution that only offers online and telephone services. Overall, students generally have low levels of debt, with almost half of students having no debt at all, and over two thirds currently holding under $5,000. While students expect to graduate with more debt then they currently have, over a third of students expect to graduate with no debt. Males currently have more debt and expect to graduate with even more compared to females. Students are most concerned about having enough money to live independently and still save, having a secure source of income and getting a job after graduation.

Most students currently own two investment products. Most students own a credit card and the second product tends to vary. The top three most common financial products that students own are credit cards, loans and Tax Free Savings Accounts. Over the next five years the top three financial products that students plan to purchase are credit cards, mortgages and loans. Generally, the older the student, the higher the chance that they are going to purchase mortgages and the less likely they are to purchase credit cards in this time frame. Of the top three financial services (credit cards, mortgages and loans) that students expect to purchase in the next five years, students most commonly plan to search for information regarding them online. Students who consider themselves knowledgeable in financial investments typically own credit cards and Tax Free Savings Accounts and plan to obtain mortgages in the next five years while those who are not knowledgeable do not have less intent to do so. Overall, there was a low degree of awareness among students with regard to the majority of the services that Manulife offers. Students had a higher level of awareness for Manulife’s credit cards, bank accounts and loans. Both females and males demonstrated the highest level of awareness for credit cards; conversely they had the lowest level of awareness that Manulife offers life insurance.

Appendix A: Objective 1 Charts Identify what online services/features college/university students deem important when choosing a financial institution. LEVEL OF IMPORTANCE

18 % # 9.3 4 7.4 8 18.5 12 29.6 30 35.2 25

Importance of Applying For a Loan or Credit Online by Age 19 20 21 22 23 % # % # % # % # % 5.1 2 2.2 3 3.8 1 1.3 1 3.1 10.1 5 5.4 4 5.1 6 7.6 2 6.3 15.2 19 20.4 13 16.5 14 17.7 4 12.5 38.0 38 40.9 31 39.2 33 41.8 14 43.8 31.6 29 31.2 28 35.4 25 31.6 11 34.4

Not At All Important Not So Important Neutral Fairly Important Very Important

# 5 4 10 16 19

Totals

54 100.0 79 100.0 93

Means

3.74

3.81

100.0 79 3.94

100.0 79

3.97 Table 1.2:1

100.0 32 3.95

# 0 2 6 8 6

100.0 22 4.00

24 % 0.0 9.1 27.3 36.4 27.3

# 1 0 3 7 7

100.0 18 3.82

25 % 5.6 0.0 16.7 38.9 38.9

Totals # % 17 3.7 31 6.8 81 17.8 177 38.8 150 32.9

100.0 456 4.06

100.0 3.90

LEVEL OF IMPORTANCE

18 % 11.1 13.0 29.6 20.4 25.9

Not At All Important Not So Important Neutral Fairly Important Very Important

# 6 7 16 11 14

Totals

54 100.0 81

Means

3.37

# 4 9 27 26 15

Importance of Buying Investments Online by Age 19 20 21 22 23 % # % # % # % # % 4.9 5 5.4 4 5.1 3 3.8 0 0.0 11.1 12 12.9 9 11.5 5 6.4 3 9.4 33.3 34 36.6 23 29.5 20 25.6 7 21.9 32.1 23 24.7 25 32.1 34 43.6 15 46.9 18.5 19 20.4 17 21.8 16 20.5 7 21.9 100.0 93 3.48

100.0 78 100.0 78 3.42

3.54 Table 1.2:2

100.0 32 3.71

# 0 1 9 10 2

100.0 22 3.81

24 % 0.0 4.5 40.9 45.5 9.1

# 1 1 3 7 6

100.0 18 3.59

25 % 5.6 5.6 16.7 38.9 33.3

Totals # % 23 5.0 47 10.3 139 30.5 151 33.1 96 21.1

100.0 456 100.0 3.89

3.55

LEVEL OF IMPORTANCE

18 % # 11.1 6 11.1 12 29.6 36 18.5 19 29.6 7

Importance of Buying Life Insurance Online by Age 19 20 21 22 23 % # % # % # % # % 7.5 8 8.6 7 9.1 4 5.3 3 9.4 15.0 13 14.0 10 13.0 11 14.7 6 18.8 45.0 35 37.6 25 32.5 28 37.3 10 31.3 23.8 20 21.5 24 31.2 21 28 8 25 8.8 17 18.3 11 14.3 11 14.7 5 15.6

Not At All Important Not So Important Neutral Fairly Important Very Important

# 6 6 16 10 16

Totals

54 100.0 80 100.0 93

Means

3.44

3.11

100.0 3.27

100.0 75

3.29 Table 1.2:3

100.0 32 3.32

# 1 1 11 5 4

100.0 22 3.19

24 % 4.5 4.5 50.0 22.7 18.2

# 2 2 4 6 4

100.0 18 3.45

25 % 11.1 11.1 22.2 33.3 22.2

Totals # % 37 8.2 61 13.5 165 36.6 113 25.1 75 16.6

100.0 451 3.44

100.0 3.28

LEVEL OF IMPORTANCE

18 % # 2.0 0 0.0 1 7.8 7 15.7 14 74.5 57

Importance of Checking Account Balances Online by Age 19 20 21 22 23 % # % # % # % # % 0.0 0 0.0 1 1.3 0 0.0 0 0.0 1.3 3 3.3 5 6.3 2 2.6 1 3.3 8.9 8 8.7 0 0.0 5 6.4 3 10.0 17.7 10 10.9 11 13.9 12 15.4 4 13.3 72.2 71 77.2 62 78.5 59 75.6 22 73.3

Not At All Important Not So Important Neutral Fairly Important Very Important

# 1 0 4 8 38

Totals

51 100.0 79 100.0 92

Means

4.61

100.0 79 100.0 78 4.62

4.62 Table 1.2:4

100.0 30 4.64

# 0 0 3 8 10

100.0 21 4.57

24 % 0.0 0.0 14.3 38.1 47.6

# 0 0 2 3 13

25 % 0.0 0.0 11.1 16.7 72.2

Totals # % 2 0.4 12 2.7 32 7.1 70 15.6 332 74.1

100.0 18

100.0

448 100.0

4.33

4.61

4.60

LEVEL OF IMPORTANCE

Importance of Downloading Information Online To Accounting Software by Age 18 19 20 21 22 23 24 % # % # % # % # % # % # % 11.1 3 3.8 5 5.4 2 2.5 2 2.6 1 3.1 0 0.0 11.1 14 17.9 9 9.7 6 7.6 2 2.6 2 6.3 1 4.5 37.0 26 33.3 29 31.2 30 38.0 34 43.6 11 34.4 11 50.0 18.5 16 20.5 29 31.2 16 20.3 14 17.9 9 28.1 7 31.8 22.2 19 24.4 21 22.6 25 31.6 26 33.3 9 28.1 3 13.6

Not At All Important Not So Important Neutral Fairly Important Very Important

# 6 6 20 10 12

Totals

54 100.0 78 100.0 93

Means

3.30

3.44

100.0 3.56

100.0 78

3.71 Table 1.2:5

100.0 32 3.77

100.0 22 3.72

# 1 0 4 6 7

100.0 18 3.55

25 % 5.6 0.0 22.2 33.3 38.9

Totals # % 20 4.4 40 8.8 165 36.3 107 23.6 122 26.9

100.0 454 4.00

100.0 3.60

LEVEL OF IMPORTANCE Not At All Important Not So Important Neutral Fairly Important Very Important

# 3 0 9 16 26

Totals

54 100.0 79 100.0 93

Means

18 % # 5.6 2 0.0 6 16.7 15 29.6 20 48.1 36

Importance of Monitoring Finances Online by Age 19 20 21 22 23 % # % # % # % # % 2.5 3 3.2 2 2.5 1 1.3 0 0.0 7.6 5 5.4 2 2.5 0 0.0 3 9.4 19.0 19 20.4 9 11.4 7 9.2 4 12.5 25.3 20 21.5 15 19.0 20 26.3 8 25.0 45.6 46 49.5 51 64.6 48 63.2 17 43.1

4.15

4.04

100.0 79 100.0 76 4.09

4.41 Table 1.2:6

100.0 32 4.50

# 0 0 5 6 11

100.0 22 4.22

24 % 0.0 0.0 22.7 27.3 50.0

# 0 0 2 3 12

100.0 17 4.27

25 % 0.0 0.0 11.8 17.6 70.6

Totals # % 11 2.4 16 3.5 70 15.5 108 23.9 247 54.6

100.0 452 4.59

100.0 4.25

LEVEL OF IMPORTANCE

18 % 13.0 5.6 35.2 22.2 24.1

Importance of Renewing or Obtaining a Mortgage Online by Age 19 20 21 22 23 24 # % # % # % # % # % # % 5 6.3 12 13.0 3 3.8 33 3.9 2 6.3 0 0.0 10 12.5 7 7.6 9 11.4 8 10.5 2 9.4 2 9.1 29 36.3 36 39.1 26 32.9 28 36.8 8 25.0 9 40.9 29 36.3 19 20.7 29 36.7 20 26.3 12 37.5 8 36.4 7 8.8 18 19.6 12 15.2 17 22.4 7 21.9 3 13.6

Not At All Important Not So Important Neutral Fairly Important Very Important

# 7 3 19 12 13

Totals

54 100.0 80 100.0 92

Means

3.39

3.29

100.0 3.26

100.0 76

3.48 Table 1.2:7

100.0 32 3.92

100.0 22 3.53

# 1 2 3 6 6

100.0 18 3.55

25 % 5.6 11.1 16.7 33.3 33.3

Totals # % 33 7.3 44 9.7 158 34.9 83 29.8 83 18.3

100.0 453 3.78

100.0 2.96

LEVEL OF IMPORTANCE Not At All Important Not So Important Neutral Fairly Important Very Important

# 3 0 4 12 34

Totals

53 100.0 79

Means

18 % 5.7 0.0 7.5 22.6 64.2 4.40

# 0 3 7 13 56

19 % 0.0 3.8 8.9 16.5 70.9

Importance of Paying Bills Online by Age 20 21 22 23 # % # % # % # % 0 0.0 1 1.3 0 0.0 0 0.0 1 1.1 4 5.1 2 2.5 0 0.0 11 11.8 4 5.1 3 3.8 1 3.2 17 18.3 10 12.7 11 13.9 6 19.4 64 68.8 60 75.9 63 79.7 24 77.4

100.0 93 4.54

100.0 79 100.0 79 4.55

4.57 Table 1.2:8

100.0 31 4.71

# 0 0 3 6 13

100.0 22 4.74

24 % 0.0 0.0 13.6 27.3 59.1

# 0 0 1 2 14

100.0 17 4.45

25 % 0.0 0.0 5.9 11.8 82.4

Totals # % 4 0.9 10 2.2 34 7.5 77 17.0 328 72.4

100.0 453 100.0 4.76

4.58

LEVEL OF IMPORTANCE

Importance of Providing a Consolidated View of Finances Online by Age 18 19 20 21 22 23 24 % # % # % # % # % # % # % 5.7 1 1.3 3 3.3 1 1.3 0 0.0 0 0.0 0 0.0 1.9 6 7.6 3 3.3 6 7.7 3 3.9 1 3.1 0 0.0 18.9 14 17.7 23 25.0 16 20.5 9 11.7 5 15.6 6 27.3 28.3 21 26.6 24 26.1 13 16.7 23 29.9 10 31.3 5 22.7 45.3 37 46.8 39 42.4 42 53.8 42 54.5 16 50.0 11 50.0

Not At All Important Not So Important Neutral Fairly Important Very Important

# 3 1 10 15 24

Totals

53 100.0 79 100.0 92 100.0 78 100.0 77

Means

4.06

4.10

4.01

4.14 Table 1.2:9

100.0 32 4.35

100.0 22 4.28

# 1 1 2 5 9

100.0 18 4.23

25 % 5.6 5.6 11.1 27.8 50.0

Totals # % 9 2.0 21 4.7 85 18.8 116 25.7 220 48.8

100.0 451 4.11

100.0 4.15

LEVEL OF IMPORTANCE Not At All Important Not So Important Neutral Fairly Important Very Important

# 2 0 7 7 37

Totals

53 100.0 80

Means

18 % 3.8 0.0 13.2 13.2 69.8 4.45

# 1 3 5 19 52

Importance of Transferring Money Online by Age 19 20 21 22 23 % # % # % # % # % 1.3 2 2.2 2 2.5 0 0.0 1 3.1 3.8 3 3.3 5 6.3 2 2.6 1 3.1 6.3 5 5.5 3 3.8 1 1.3 2 6.3 23.8 22 24.2 14 17.7 19 25.0 3 9.4 65.0 59 64.8 55 69.6 54 71.1 25 78.1 100.0 91 4.48

100.0 79 100.0 76 4.46

4.46 Table 1.2:10

100.0 32 4.64

# 1 0 1 3 13

25 % 5.6 0.0 5.6 16.7 72.2

Totals # % 9 2.0 14 3.1 27 6.0 95 21.1 306 67.8

100.0 22 100.0 18

100.0

451 100.0

4.56

# 0 0 3 8 11

24 % 0.0 0.0 13.6 36.4 50.0 4.36

4.50

SERVICES Applying for a Loan or Credit Online Buying Investments Online (Mutual Funds, Stocks, GICS) Buying Life Insurance Online Checking Account Balances Online Downloading Information to Accounting and/or Personal Finance Software Online Monitoring Your Investments Online Obtaining or Renewing Mortgages Online Paying Bills Online (Credit Cards, Phone, Cable, Internet, etc.) Providing a Consolidated View of All Your Finances Online Transferring Money Between Accounts Online

Importance of Providing Financial Services Online by Males Not At All Not So Fairly Neutral Important Important Important # % # % # % # % 9 5.0 12 6.7 27 15.1 77 43.0

Very Important # % 54 30.2

# 179

% 100.0

3.87

Totals

Means

4.5

7.3

27.5

35.4

25.3

178

100.0

3.70

19 2

10.9 1.1

24 5

13.7 2.9

67 19

38.3 10.9

35 32

20.0 18.3

30 117

17.1 66.9

175 175

100.0 100.0

3.19 4.47

5.1

9.6

36.0

24.2

25.3

178

100.0

3.55

5 13

2.8 7.3

4 17

2.3 9.5

24 60

13.6 33.5

45 54

25.6 30.2

98 35

55.7 19.6

176 179

100.0 100.0

4.29 3.45

2.2

3.4

9.0

19.7

117

65.7

178

100.0

4.43

2.3

5.6

20.9

26.6

44.6

177

100.0

4.06

2.8

5.1

8.5

27.8

55.7

176

100.0

4.28

Table 1.3:1

Importance of Providing Financial Services Online by Females Not at all Not So Fairly Neutral Important Important Important # % # % # % # % 8 2.9 19 6.8 54 19.4 100 36.0

Very Important # % 97 34.9

# 278

% 100.0

3.93

Totals

Means

5.4

12.2

32.3

31.9

18.3

279

100.0

3.46

18 0

6.5 0.0

37 7

13.4 2.6

99 13

35.7 4.7

78 38

28.2 13.9

45 216

16.2 78.8

277 274

100.0 100.0

3.34 4.69

4.0

8.3

102

36.8

23.1

27.8

277

100.0

3.62

6 20

2.2 7.3

12 28

4.3 10.2

46 98

16.6 35.6

63 81

22.7 29.5

150 48

54.2 17.5

277 275

100.0 100.0

4.22 3.40

0.0

1.4

6.5

15.2

212

76.8

276

100.0

4.67

1.8

4.0

17.5

25.1

142

51.6

275

100.0

4.21

1.4

1.8

4.3

16.7

209

75.7

276

100.0

4.63

Table 1.3:2

Appendix B: Objective 2 Charts Determine where college/university students seem out financial information and what types of information.

Sources Students Use When Searching for Financial Information by Gender Males

SOURCES OF FINANCIAL INFORMATION

Females

Family Financial Institution Friends Financial Advisors Financial Institution Websites Google Finance, Yahoo! Finance, etc. Financial Advice Websites Online Newspapers, Magazines, or Articles Blogs Other

# 149 96 90 86 63 52 49 50 15 4

% 83.2 53.6 50.3 48.0 35.2 29.1 27.4 27.9 8.4 2.2

# 256 136 139 90 94 48 46 37 11 11

% 91.4 48.6 49.6 32.1 33.6 17.1 16.4 13.2 3.9 3.9

Totals

179

365.3

280

309.8

Table 2.2

Sources Students Use When Searching for Financial Information by Age 18

SOURCES OF FINANCIAL INFORMATION

Family

90.7

92.6

85.4

84.8

83.5

27.7

95.5

88.9

Financial Institution

46.3

55.6

40.6

58.2

46.8

5.8

45.5

61.1

Friends

55.6

37.0

42.7

57.0

54.4

5.1

45.5

77.8

Financial Advisors Financial Institution Websites Google Finance, Yahoo! Finance, etc. Financial Advice Websites Online Newspapers, Magazines, or Articles

29.6

39.5

38.5

45.6

38.0

3.2

36.4

33.3

35.2

38.3

27.1

35.4

36.7

2.9

36.4

38.9

25.9

16.0

19.8

21.5

24.1

2.9

22.7

22.2

16.7

22.2

24.0

19.0

20.3

1.9

18.2

22.2

14.8

19.8

20.3

1.0

13.6

33.3

Blogs

1.9

3.7

4.2

5.1

12.7

0.3

4.5

11.1

Other

3.7

2.1

2.5

3.8

0.3

0.0

11.1

Totals

327.8

323.4

340.6

101 113.4

250.5

399.9

304.2 79 349.4 Table 2.3

Financial Information Students Have Searched for Online by Age 18 19 20 21 22 23 # # % # % # % # % % % INFORMATION SEARCHED # Credit Cards Online 28 57.1 49 62.0 60 69.0 47 62.7 58 76.3 23 71.9 Loans Online 13 26.5 28 35.4 33 37.9 34 45.3 36 47.4 13 40.6 Stocks Online 15 30.6 22 27.8 23 26.4 21 28.0 27 35.5 4 12.5 TFSA Online 7 14.3 18 22.8 23 26.4 21 28.0 22 28.9 8 25.0 Mutual Funds Online 5 10.2 11 13.9 11 12.6 12 16.0 17 22.4 3 9.4 Other Online 10 20.4 11 13.9 14 16.1 13 17.3 6 7.9 3 9.4 Bonds Online 9 18.4 10 12.7 10 11.5 7 9.3 12 15.8 2 6.3 Mortgages Online 2 4.1 4 5.1 5 5.7 7 9.3 16 21.1 7 21.9 Life Insurance Online 3 6.1 6 7.6 4 4.6 4 5.3 3 3.9 1 3.1 Retirement Plans Online 2 4.1 7 8.9 5 5.7 3 4.0 3 3.9 2 6.3 Totals 49 191.8 79 210.1 87 215.9 75 225.2 76 263.1 32 206.4 Table 2.8 Financial Information Students See Themselves Searching for in the Next 5 Years by Age 18 19 20 21 22 23 INFORMATION SEARCHED # % # % # % # % # % # % # Life Insurance Online 21 38.9 27 34.2 31 34.8 27 34.6 31 39.2 12 37.5 8 Mutual Funds Online 17 31.5 17 21.5 28 31.5 25 32.1 34 43.0 10 31.3 9 Mortgages Online 23 42.6 47 59.5 55 61.8 48 61.5 53 67.1 25 78.1 13 Credit Cards Online 41 75.9 52 65.8 52 58.4 37 47.4 42 53.2 19 59.4 14 Tax Free Savings Accounts Online 22 40.7 28 35.4 26 29.2 28 35.9 34 43.0 14 43.8 9 Loans Online 29 53.7 46 58.2 53 59.6 39 50.0 51 64.6 20 62.5 12 Retirement Plans Online 9 16.7 11 13.9 14 15.7 17 21.8 26 32.9 8 25.0 6 Stocks Online 20 37.0 26 32.9 29 32.6 31 39.7 33 41.8 14 43.8 8 Bonds Online 13 24.1 17 21.5 17 19.1 17 21.8 22 27.8 8 25.0 4 Other Online 2 3.7 1 1.3 4 4.5 5 6.4 3 3.8 2 6.3 1 Totals

54 100.0 79

100.0 89

100.0 78 100.0 79 100.0 32 Table 2.12

100.0 21

24 # 15 7 2 3 5 3 1 2 3 1 21

25 # 10 10 5 7 6 1 4 5 5 3 18

% 55.6 55.6 27.8 38.9 33.3 5.6 22.2 27.8 27.8 16.7 311.3

# 7 8 12 10 7 10 9 9 5 1

25 % 38.9 44.4 66.7 55.6 38.9 55.6 50.0 50.0 27.8 5.6

Totals # 164 148 276 267 168 260 100 170 103 19

100.0 18

100.0

450

24 % 38.1 42.9 61.9 66.7 42.9 57.1 28.6 38.1 19.0 4.8

% 71.4 33.3 9.5 14.3 23.8 14.3 4.8 9.5 14.3 4.8 200

Appendix C: Objective 3 Charts Determine what method (online/face‐to‐face/phone) of banking/financial consulting college/university students use and why.

I Don't Use This Service # % 3 2.0 8 5.3 9 5.9 36 23.7 29 19.0 46 29.7 71 45.8 96 63.6 101 66.0

Methods Used Most Often for Each Service by Conestoga College METHODS Instant Teller In Person at a FINANCIAL SERVICES Online By Phone Machine Branch # % # % # % # % 116 78.4 1 0.7 17 11.5 14 9.5 Checking Account Balances 106 74.1 1 0.7 9 6.3 27 18.9 Transferring Money Between Accounts 111 77.6 4 2.8 9 6.3 19 13.3 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 72.4 3 2.6 9 7.8 20 17.2 Providing a Consolidated View of All Your Finances 84 34 27.4 1 0.8 1 0.8 88 71.0 Applying for Loan or Credit 85 78.0 1 0.9 3 2.8 20 18.3 Monitoring Your Investments 22 26.2 2 2.4 6 7.1 54 64.3 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 11 20.0 0 0.0 3 5.5 41 74.5 Buying Life Insurance 16 30.8 2 3.8 3 5.8 31 59.6 Obtaining or Renewing Mortgage Table 3.2:1

Totals # 148 143 143 116 124 109 84 55 52

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

I Don't Use This Service # % 1 0.7 13 8.7 12 8.2 34 23.0 36 24.2 66 44.6 81 54.4 106 71.6 112 77.8

Methods Used Most Often for Each Service by University of Waterloo METHODS Instant Teller FINANCIAL SERVICES Online By Phone Machine # % # % # % 114 78.1 2 1.4 21 14.4 Checking Account Balances 107 78.7 4 2.9 6 4.4 Transferring Money Between Accounts 106 79.1 3 2.2 6 4.5 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 78.9 3 2.6 2 1.8 Providing a Consolidated View of All Your Finances 90 34 30.1 4 3.5 1 0.9 Applying for Loan or Credit 68 82.9 1 1.2 3 3.7 Monitoring Your Investments 16 23.5 3 4.4 1 1.5 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 9 21.4 1 2.4 4 9.5 Buying Life Insurance 13 41.9 1 3.2 1 3.2 Obtaining or Renewing Mortgage Table 3.2:2

In Person at a Branch # % 9 6.2 19 14.0 19 14.2 19 16.7 74 65.5 10 12.2 48 70.6 28 66.7 16 51.6

Totals # 146 136 134 114 113 82 68 42 31

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

I Don't Use This Service # % 4 2.8 8 5.4 9 6.2 28 18.9 52 35.6 63 42.9 86 58.9 116 79.5 116 80.6

Methods Used Most Often for Each Service by Wilfrid Laurier University METHODS Instant Teller In Person at FINANCIAL SERVICES Online By Phone Machine a Branch # % # % # % # % 115 81.6 4 2.8 15 10.6 7 5.0 Checking Account Balances 106 75.7 3 2.1 7 5.0 24 17.1 Transferring Money Between Accounts 109 80.1 3 2.2 5 3.7 19 14.0 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 75.8 4 3.3 6 5.0 19 15.8 Providing a Consolidated View of All Your Finances 91 26 27.7 3 3.2 1 1.1 64 68.1 Applying for Loan or Credit 62 73.8 2 2.4 4 4.8 16 19.0 Monitoring Your Investments 23 38.3 2 3.3 1 1.7 34 56.7 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 3 10.0 3 10.0 0 0.0 24 80.0 Buying Life Insurance 3 10.7 1 3.6 1 3.6 23 82.1 Obtaining or Renewing Mortgage Table 3.2:3

Totals # 141 140 136 120 94 84 60 30 28

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Methods Used Most Often for Each Service by Males I Don't Use This Service # % 41 23.6 58 33.0 108 63.2 2 1.2 38 21.7 109 64.1 12 7.1 29 17.0 12 6.9

FINANCIAL SERVICES

Online

# % 38 28.6 Applying for Loan or Credit 42 35.6 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 12 19.0 Buying Life Insurance 123 72.4 Checking Account Balances 101 73.7 Monitoring Your Investments 17 29.8 Obtaining or Renewing Mortgage 116 74.4 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 97 68.3 Providing a Consolidated View of All Your Finances 118 73.3 Transferring Money Between Accounts Table 3.3:1

By Phone # 5 5 2 5 4 3 4 9 4

% 3.8 4.2 3.2 2.9 2.9 5.3 2.6 6.3 2.5

METHODS Instant Teller Machine # % 3 2.3 5 4.2 7 11.1 25 14.7 6 4.4 5 8.8 9 5.8 12 8.5 13 8.1

In Person at a Branch # % 87 65.4 66 55.9 42 66.7 17 10.0 26 19.0 32 56.1 27 17.3 24 16.9 26 16.1

Totals # 133 118 63 170 137 57 156 142 161

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Methods Used Most Often for Each Service by Females I Don't Use This Service # % 76 27.8 180 65.9 210 76.9 6 2.2 136 49.6 219 81.1 18 6.6 68 24.6 17 6.2

FINANCIAL SERVICES

Online

# % 56 28.4 Applying for Loan or Credit 19 20.4 Buying Investments (e.g. Mutual Funds, Stocks, GICS) 11 17.5 Buying Life Insurance 222 84.1 Checking Account Balances 115 83.3 Monitoring Your Investments 16 31.4 Obtaining or Renewing Mortgage 211 82.4 Paying Bills (Credit Card, Phone, Cable, Internet, etc.) 167 80.3 Providing a Consolidated View of All Your Finances 202 78.6 Transferring Money Between Accounts Table 3.3:2

By Phone # 3 2 2 2 0 2 6 2 4

% 1.5 2.2 3.2 0.8 0.0 3.9 2.3 1.0 1.6

METHODS Instant Teller Machine # % 0 0.0 3 3.2 0 0.0 28 10.6 4 2.9 0 0.0 10 3.9 5 2.4 8 3.1

In Person at a Branch # % 138 70.1 69 74.2 50 79.4 12 4.5 19 13.8 33 64.7 29 11.3 34 16.3 43 16.7

Totals # 197 93 63 264 138 51 256 208 257

% 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Methods Used To Manage Finances and Why by Gender METHODS Online By Phone Instant Teller Machine Males Females Males Females Males Females # % # % # % # % # % # % 156 91.2 246 88.8 30 17.9 55 20.4 101 59.4 173 63.8 64 37.4 74 26.6 28 16.7 40 14.9 79 46.5 100 36.9 118 69.0 205 73.7 29 17.3 52 19.3 68 40.0 118 43.5 122 71.3 210 75.5 17 10.1 30 11.2 90 52.9 151 55.7 75 43.9 90 32.4 23 13.7 45 16.7 73 42.9 99 36.5 146 85.4 263 94.6 26 15.4 50 18.6 13 7.6 15 5.5 24 14.0 27 9.7 23 13.6 46 17.1 8 4.7 15 5.5 122 71.3 206 74.3 17 10.1 29 10.8 72 42.4 117 43.2 53 31.0 83 29.9 12 7.1 19 7.1 17 10.0 30 11.1 4 2.3 11 4.0 85 50.6 133 49.4 22 12.9 24.0 8.9

FEATURES

It's Easy It's Secure It's Accessible It's Fast It's Reliable It's Personable It's Knowledgeable It's Available 24/7 It Has a Variety of Services I Do Not Use This Method Totals

884

In Person at a Branch Males Females # % # % 66 37.9 88 32.0 104 59.8 172 62.5 24 13.8 35 12.7 17 9.8 33 12.0 93 53.4 168 61.1 114 65.5 188 68.4 102 58.6 181 65.8 6 3.4 10 3.6 64 36.8 96 34.9 10 5.7 22 8.0

516.8 1415 509.5 290 172.5 499 185.5 543 319.3 872 310.6 1126 519.4 993 587.4 Table 3.5

Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by School Yes No Total SCHOOL # % # % # % Conestoga College 48 30.4 110 69.6 158 100.0 University of Waterloo 36 24.5 111 75.5 147 100.0 Wilfrid Laurier University 27 18.1 122 81.9 149 100.0 Totals

111 24.4 Table 3.10:1

343

75.6

454 100.0

Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Year of Study Yes No Total YEAR OF STUDY # % # % # % 100.0 1 37 22.8 125 77.2 162 100.0 2 23 20.2 91 79.8 114 100.0 3 24 23.8 77 76.2 101 100.0 4+ 22 34.4 42 65.6 64 Totals

24.0 335 76.0 441 100.0 Table 3.10:2 Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Age Yes No Total AGE # % # % # % 18 8 14.8 46 85.2 54 100.0 19 18 22.2 63 77.8 81 100.0 20 21 22.6 72 77.4 93 100.0 21 19 24.4 59 75.6 78 100.0 22 20 26.3 56 73.7 76 100.0 23 11 34.4 21 65.6 32 100.0 24 6 27.3 16 72.7 22 100.0 25 8 47.1 9 52.9 17 100.0 Totals

106

111

24.5

342 Table 3.10:3

75.5

453

100.0

Would Students Consider Doing Business With A Financial Service Company That Offers Only Online And Telephone Service by Gender Yes No Totals GENDER # % # % # % Male 43 24.3 134 75.7 177 100.0 Female 68 24.5 209 75.5 277 100.0 Totals

111

24.4 343 Table 3.10:4

75.6

454

100.0

Appendix D: Objective 4 Charts Identify the current (debt vs. asset) and future financial concerns of college/university students. Students Level of Concern for Having Enough Money to Live Independently and their Expected Debt Range Upon Graduation None

LEVEL OF CONCERN

$1 ‐ $9,999

$10,000+

Totals

# 14 28 92 134

% # % # % # Not concerned 10.4 12 8.3 10 5.9 36 Somewhat concerned 20.9 22 15.2 25 14.8 75 Very concerned 68.7 111 76.6 134 79.3 337 Totals 100.0 145 100.0 169 100.0 448 Table 4.5:1 Students Level of Concern for Having a Secure Source of Income and their Expected Debt Range Upon Graduation None

LEVEL OF CONCERN

$1 ‐ $9,999

$10,000+

Totals

# 13 29 91 133

% # % # % # 9.8 13 9 8 4.7 34 Not concerned 21.8 23 15.9 33 19.3 85 Somewhat concerned 68.4 109 75.2 130 76 330 Very concerned 100.0 145 100.0 171 100.0 449 Totals Table 4.5:2 Students Level of Concern for Getting a Job After Graduation and their Expected Debt Range Upon Graduation None

LEVEL OF CONCERN Not concerned Somewhat concerned Very concerned Totals

# 16 28 90 134

$1 ‐ $9,999

% # 11.9 10 20.9 24 67.2 112 100.0 146 Table 4.5:3

% 6.8 16.4 76.7 100.0

$10,000+ # 11 35 123 169

% 6.5 20.7 72.8 100.0

% 8 16.7 75.2 100.0

% 7.6 18.9 73.5 100.0

Totals # 37 87 325 449

% 8.2 19.4 72.4 100.0

Not Concerned

Student’s Level of Concern for Leasing a Vehicle and their Expected Debt Range Upon Graduation None $1 ‐ $9,999 $10,000+ Totals LEVEL OF CONCERN # % # % # % # % 80 61.5 66 45.5 82 48.2 228 51.2

Somewhat Concerned

22.3

42.1

35.3

150

33.7

Very Concerned

16.2

12.4

16.5

15.1

Totals

130 100.0 Table 4.6:1

145

100.0

170

100.0

445

100.0

Student’s Level of Concern for Buying Life Insurance and their Expected Debt Range Upon Graduation None $1 ‐ $9,999 $10,000+ Totals LEVEL OF CONCERN # % # % # % # % 70 53.0 68 47.2 71 41.8 209 46.9 Not Concerned 44 33.3 46 31.9 57 33.5 147 33.0 Somewhat Concerned 18 13.6 30 20.8 42 24.7 90 20.2 Very Concerned 132 100.0 144 100.0 170 100.0 446 100.0 Table 4.6:2 Student’s Level of Concern for Saving for a Child/Children’s Education Costs and their Expected Debt Range Upon Graduation None $1 ‐ $9,999 $10,000+ Totals LEVEL OF CONCERN # % # % # % # % 60 45.5 64 44.1 67 39.6 191 42.8 Not Concerned 35 26.5 47 32.4 57 33.7 139 31.2 Somewhat Concerned 37 28.0 34 23.4 45 26.6 116 26.0 Very Concerned Totals

Totals

132 100.0 Table 4.6:3

145

100.0

169

100.0

446

100.0

PRODUCTS Credit Cards Mortgages Loans Life Insurance Mutual Funds Tax Free Saving Accounts Stocks Bonds Retirement Plans Nothing

# 41 17 29 16 12

What Products Students Plan to Purchase in the Next 5 Years by Age 18 19 20 21 22 23 % # % # % # % # % # % 77.4 51 63.0 52 57.8 42 53.8 41 52.6 18 58.1 32.1 30 37.0 40 44.4 42 53.8 48 61.5 22 71.0 54.7 29 35.8 36 40.0 32 41.0 38 48.7 15 48.4 30.2 21 25.9 27 30.0 25 32.1 28 35.9 10 32.3 22.6 15 18.5 16 17.8 24 30.8 29 37.2 11 35.5 25.6

Totals

# 10 11 12 6 8

% 47.6 52.4 57.1 28.6 38.1

# 10 11 8 11 7

% 55.6 61.1 44.4 61.1 44.4

# 265 221 199 144 122

% 58.9 49.1 44.2 32.0 27.1

32.1

21 25.9

23.3

33.3

32.3

14.3

33.3

124

27.6

16 11 14 4

30.2 20.8 26.4 7.5

27 33.3 22 27.2 13 16.0 7 8.6

30 20 19 6

33.3 22.2 21.1 6.7

37 47.4 28 29 37.2 22 17 21.8 25 6 7.7 2 Table 4.9

35.9 28.2 32.1 2.6

13 8 10 1

41.9 25.8 32.3 3.2

16 4 5 3

28.6 19.0 23.8 14.3

6 5 6 3

33.3 27.8 50.0 16.7

163 121 112 32

36.2 26.9 24.9 7.1

What Products Students Plan to Purchase in the Next 5 Years by What Students Plan to Search for Online in the Next 5 Years PRODUCTS Purchase Mortgages

Purchase Loans

Purchase Life Insurance

Purchase Mutual Funds

Purchase Tax Free Saving Account

Purchase Stocks

Purchase Bonds

203 76.0 132 60.0 134 67.0

62.2

63.6

70.7 103

64.4

66.7

65.8

28.6

176 65.9 193 87.7 132 66.0 107 171 64.0 138 62.7 155 77.5 82

74.8 57.3

95 76

78.5 62.8

92 73

74.0 108 59.3 96

67.5 60.0

86 70

71.7 58.3

82 73

73.9 8 65.8 15

28.6 53.6

100 37.5

44.1

81 40.5 102

71.3

48.8

41.9

42.5

56.8

25.0

33.7

40.5

72 36.0

48.3

73.6

46.3

49.4

52.5

51.4

17.9

113 42.3

40.0

86 43.0

45.5

48.8 101

82.1

44.4

47.5

47.7

21.4

102 38.2 64 24.0

87 53

39.5 24.1

76 38.0 48 24.0

58 40

40.6 28.0

73 47

60.3 38.8

59 45

48.0 121 36.6 71

75.6 44.4

82 68

68.3 56.7

57 41

51.4 36.9

5 2

17.9 7.1

27.7

46 23.0

37.8

37.2

35.8

31.3

31.7

59.5

10.7

PRODUCTS Purchase SEARCHED Credit Cards # Credit Cards Mortgages Loans Life Insurance Mutual Funds Tax Free Saving Accounts Stocks Bonds Retirement Plans Totals

23.6

267 405.2 220 426.3 200

Purchase Retirement Plans

Purchase Nothing

415 143 465.8 121 512.4 123 501.6 160 478.9 120 495.9 111 509.2 28 210.8 Table 4.11

Appendix E: Objective 5 Charts Measure the current awareness level of college/university students regarding Manulife and its services.

PRODUCTS

Conestoga College by Awareness of Manulife Financial Services KNOWLEDGE OF MANULIFE SERVICES Yes, I Know They Offer I Would Think They I Don't Think They This Offer This Would Offer This # % # % # %

Totals

Means

Bank Accounts (Chequing and Savings Accounts)

43.2

40.5

16.2

148

100.0

2.27

Credit Cards Critical Illness Insurance Group Benefits Pension Plans Health & Dental Insurance Investments

48.6

39.9

11.5

148

100.0

2.37

12.2

52.7

35.1

148

100.0

1.77

20 18

13.5 12.0

72 81

48.6 54.0

56 51

37.8 34.0

148 150

100.0 100.0

1.76 1.78

15.2

47.6

37.2

145

100.0

1.78

(e.g. Mutual Funds, Stocks, GICs, etc.)

12.9

53.1

34.0

147

100.0

1.79

Life Insurance Loans Manulife One Mortgages Professional Advice Travel Insurance

10 52 29 36 23 40

6.8 35.1 19.5 24.5 15.5 27.0

63 76 73 75 64 74

74 20 47 36 61 34

50.3 13.5 31.5 24.5 41.2 23.0

147 148 149 147 148 148

100.0 100.0 100.0 100.0 100.0 100.0

1.56 2.22 1.88 2.00 1.74 2.04

42.9 51.4 49.0 51.0 43.2 50.0 Table 5.3:1

University of Waterloo by Awareness of Manulife Financial Services

PRODUCTS

Yes, I Know They Offer This # %

KNOWLEDGE OF MANULIFE SERVICES I Would Think They I Don't Think They Offer This Would Offer This # % # %

Totals

Means

Bank Accounts

(Chequing and Savings Accounts)

36.6

50.7

12.7

142

100.0

2.24

Credit Cards Critical Illness Group Benefits Pension Plans Health & Dental Investments

57 23 18 19 31

40.1 16.1 12.7 13.3 22.0

68 82 82 88 70

47.9 57.3 57.7 61.5 49.6

17 38 42 36 40

120 26.6 29.6 25.2 28.4

142 143 142 143 141

100.0 100.0 100.0 100.0 100.0

2.28 1.90 1.83 1.88 1.94

(e.g. Mutual Funds, Stocks, GICs, etc.)

14.1

55.6

30.3

142

100.0

1.84

Life Insurance Loans Manulife One Mortgages Professional Advice Travel Insurance

11 39 23 27 17 29

7.7 27.5 16.1 19.1 11.9 20.4

80 80 80 82 76 78

52 23 40 32 50 35

36.4 16.2 28.0 22.7 35.0 24.6

143 142 143 141 143 142

100.0 100.0 100.0 100.0 100.0 100.0

1.71 2.11 1.88 1.96 1.77 1.96

55.9 56.3 55.9 58.2 53.1 54.9 Table 5.3:2

PRODUCTS

Wilfrid Laurier University by Awareness of Manulife Financial Services KNOWLEDGE OF MANULIFE SERVICES Yes, I Know They Offer I Would Think They I Don't Think They Totals This Offer This Would Offer This # % # % # % # %

Means

Bank Accounts (Chequing and Savings Accounts)

40.8

42.2

17.0

147

100.0

2.24

Credit Cards Critical Illness Insurance Group Benefits Pension Plans Health & Dental Insurance Investments

44.8

43.4

11.7

145

100.0

2.33

8.9

101

69.2

21.9

146

100.0

1.87

16 12

10.9 8.2

94 94

63.9 64.4

37 40

25.2 27.4

147 146

100.0 100.0

1.86 1.81

13.9

58.3

27.8

144

100.0

1.86

(e.g. Mutual Funds, Stocks, GICs, etc.)

11.2

30.8

143

100.0

1.80

Life Insurance Loans Manulife One Mortgages Professional Advice Travel Insurance

5 38 18 23 12 28

3.4 26.4 12.5 16.2 8.4 19.7

85 78 72 84 79 86

56 28 54 35 52 28

38.4 19.4 37.5 24.6 36.4 19.7

146 144 144 142 143 142

100.0 100.0 100.0 100.0 100.0 100.0

1.65 2.07 1.75 1.92 1.72 2.00

58.2 54.2 50.0 59.2 55.2 60.6 Table 5.3:3

Appendix F: Questionnaire Generation Y Questionnaire The following questions relate to financial information and services. If you have never used financial services or searched for information, please answer these questions in terms of how you think you would use these services if they applied to you in your personal finances. 1. What school do you attend? Please check one. Conestoga College – Doon Campus1 University of Waterloo2 Wilfrid Laurier University3 2. How many years is your program? _________________ 3. What year of study are you currently in? _________________ 4. How knowledgeable would you say you are about financial investments? Are you... Very knowledgeable1 Somewhat knowledgeable2 Not very knowledgeable3 Not at all knowledgeable4 5. How knowledgeable would you say you are about life insurance? Are you... Very knowledgeable1 Somewhat knowledgeable2 Not very knowledgeable3 Not at all knowledgeable4 6. When you search for personal financial information where do you look or who do you ask? Please check all of the sources that you use or would use. At a financial institution (1) Financial institution websites (6) Blogs (2) Friends (7) Family (3) Online newspapers, magazines or articles (8) Financial advice websites (4) Google finance, Yahoo! finance, etc (9) Financial advisors (5) Other: ______________________ (10) 7. Please choose one source from the list in question #6 that is most important to you when searching for personal financial information. Please write the corresponding number on the line below. _____________ 8. What types of financial information have you ever searched for online? Please check all that apply: Loans6 Life Insurance1 Mutual Funds 2 Retirement Plans7 Mortgages3 Stocks8 Credit cards4 Bonds9 Tax Free Savings Account (TFSA)5 Other:______________________10

67 67

9. What types of financial information do you see yourself searching for online in the next 5 years? Please check all that apply: Loans6 Life Insurance1 Mutual Funds 2 Retirement Plans7 Mortgages3 Stocks8 Credit cards4 Bonds9 Tax Free Savings Account (TFSA)5 Other:______________________ 10 10. Following is a list of financial services. Please indicate how important it is to you that your financial institution provides each service online. Check the column that best represents the level of importance to you. Very Fairly Not so Not at All Important Important Neutral Important Important 4 3 2 1 Applying for loan or credit 5 Buying investments (e.g. mutual funds, stock, GICs) 5 4 3 2 1 Buying life insurance 5 4 3 2 1 Checking account balances 5 4 3 2 1 Downloading information to accounting and/or 5 4 3 2 1 personal finance software Monitoring your investments 5 4 3 2 1 Obtaining or renewing mortgage 5 4 3 2 1 Paying bills online (credit card, phone, cable, 5 4 3 2 1 internet, etc) Providing a consolidated view of all your finances 5 4 3 2 1 Transferring money between accounts 5 4 3 2 1 Other: ________________________________ 5 4 3 2 1 11. Please indicate the method you use most often for each financial service. Please check only one method for each financial service. METHODS Instant Teller In Person at I do not use Online By Phone Machine a Branch this service FINANCIAL SERVICES Apply for loan or credit 1 2 3 4 5 Buying investments (e.g. mutual funds, stock, GICs) 2 3 4 5 1 Buying life insurance 1 2 3 4 5 Checking account balances 1 2 3 4 5 Monitoring your investments 1 2 3 4 5 Obtaining or renewing mortgage 1 2 3 4 5 Paying bills (credit card, phone, cable, internet, 1 2 3 4 5 etc) Providing a consolidated view of all your finances 2 3 4 5 1 Transferring money between accounts 1 2 3 4 5 Other: ________________________________ 2 3 4 5 1

68 68

There are a variety of services available

I do not use this method

METHODS Online 1 2 3 4 5 6 7 By Phone 1 2 3 4 5 6 7 Instant Teller Machine 1 2 3 4 5 6 7 In Person at a Branch 1 2 3 4 5 6 7 13. Please check the box that indicates your current debt range: None1 $15,000 ‐ $19,9995 $1 ‐ $49992 $20,000 ‐ $30,0006 $5000 ‐ $99993 $30,000+7 $10,000 ‐ $14,9994

Service is available 24/7

It’s knowledgeable

It’s personable

It’s reliable

It’s fast

It’s easily accessible

It’s secure

It’s easy to use

12. For each of the following methods used to manage your finances, please check all of the features which best explain why you use that method. Please check all that are important in each column. FEATURES

8 8 8 8

9 9 9 9

10 10 10 10

14. Please check the box that you think will indicate your debt range immediately upon graduation: $15,000 ‐ $19,9995 None1 $1 ‐ $49992 $20,000 ‐ $30,0006 $5000 ‐ $99993 $30,000+7 $10,000 ‐ $14,9994 15. What investments and/or insurance products do you currently own? Please check all that apply: Stocks7 Life Insurance1 Mutual Funds2 Bonds8 Mortgage3 Retirement Plans9 Credit cards4 None10 Tax Free Savings Account (TFSA)5 Other: _____________________11 Loans6 16. What investments and/or insurance products do you expect to purchase in the next 5 years? Please check all that apply: Stocks7 Life Insurance1 Mutual Funds2 Bonds8 Mortgage3 Retirement Plans9 Credit cards4 None10 Tax Free Savings Account (TFSA)5 Other: _____________________11 Loans6

69 69

17. We are interested in what you know about Manulife. For each of the services below, indicate whether you know for sure they offer, whether you think they would offer it, or whether they don’t offer it. Please mark the appropriate column. Yes, I know I would think I don’t think they Manulife offer this… Manulife offer this… would offer this 2 1 Bank Accounts (chequing and savings accounts) 3 Credit Card 3 2 1 Critical Illness Insurance 3 2 1 Group Benefits 3 2 1 Pension plans 3 2 1 Health & Dental Insurance 3 2 1 Investments (e.g. mutual funds, stocks, GICs, etc.) 3 2 1 Life Insurance 3 2 1 Loans 3 2 1 Manulife One (combines your mortgage with your 3 2 1 chequing and savings account) Mortgages 3 2 1 Professional Advice 3 2 1 Travel Insurance 3 2 1 18. Considering the following topics, how concerned would you say you are with each? Very Somewhat Concerned Concerned Not Concerned Buying a home 3 2 1 Renting a home 3 2 1 Buying a vehicle 3 2 1 Leasing a vehicle 3 2 1 Buying life insurance 2 1 3 Education/college or university costs 3 2 1 Getting a job after graduation 3 2 1 Having a secure source of income 3 2 1 Having enough money to live independently and still save 3 2 1 Paying for basic living expenses 3 2 1 Paying off debt 3 2 1 Providing for your spouse or family if you should die unexpectedly 3 2 1 Saving for child/childrens’ education 3 2 1 Saving for retirement 3 2 1 Starting investment and asset plans 3 2 1 The Government's ability to fund services for health care needs 3 2 1 Other:____________________________________ 3 2 1

70 70

19. Would you consider doing business with a financial services company that offers only online and telephone services? (ie. no face‐to‐face service) Yes1 No2 20. How old are you? Please check one. 203 181 192 214 21. What is your gender? Please check one. Male1 Female2

225 236

247 258

Name:_________________________________ Phone Number: _________________________ Our professor, Lisa Symons, requires your name and phone number for quality control purposes. Your information will not be used for any other purpose. Thank you for your time.

71 71

Appendix G: Response Summary Questionnaire

Manulife: Generation Y Questionnaire Total Answered: 463 1. What school do you attend? Please check one. Conestoga College – Doon Campus [159] University of Waterloo [152] Wilfrid Laurier University [151]

2. How many years is your program? 1 Year [20] 2 Years [46] 3 Years [101] 4 Years [254] 5 Years [36] 6 Years [1]

3. What year of study are you currently in? 1st [163] 2nd [117] 3rd [101] 4th [63] 5th [4] 6th [1]

4. How knowledgeable would you say you are about financial investments? Are you... Not at all knowledgeable [59] Not very knowledgeable [192] Somewhat knowledgeable [182] Very knowledgeable [30]

5. How knowledgeable would you say you are about life insurance? Are you... Not at all knowledgeable [147] Not very knowledgeable [207] Somewhat knowledgeable [90] Very knowledgeable [19]

6. When you search for personal financial information where do you look or who do you ask? Please check all of the sources that you use or would use. Family [409] At a Financial Institution [234] Friends [232] Financial Advisors [179] Financial Institution Websites [157] Google Finance, Yahoo! Finance, etc [100] Financial Advice Websites [95] Online Newspapers, Magazines or Articles [87] Blogs [26] Other [15] 7. Please choose one source from the list in question #6 that is most important to you when searching for personal financial information. Please write the corresponding number on the line below. Family Financial Advisors At a Financial Institution Financial Institution Websites Google Finance, Yahoo! Finance, etc Friends Financial Advice Websites Online Newspapers, Magazines or Articles Blogs Other

[242] [75] [60] [22] [17] [12] [5] [5] [4] [3]

8. What types of financial information have you ever searched for online? Please check all that apply: Credit cards [291] Loans [177] Stocks [119] Tax Free Savings Account (TFSA) [109] Mutual Funds [71] Other [63] Bonds [55] Mortgages [49] Life Insurance [29] Retirement Plans [26]

9. What types of financial information do you see yourself searching for online in the next 5 years? Please check all that apply: Mortgages [278] Credit cards [269] Loans [264] Stocks [171] Tax Free Savings Account (TFSA) [168] Life Insurance [165] Mutual Funds [150] Bonds [103] Retirement Plans [100] Other [19] 10. Following is a list of financial services. Please indicate how important it is to you that your financial institution provides each service online. Check the column that best represents the level of importance to you. Very Not so Fairly Not at All Important Important Neutral Important Important (5) (4) (3) (2) (1) Applying for loan or credit [151] [179] [81] [32] [17] Buying investments (e.g. mutual funds, stock, [96] [153] [140] [47] [24 GICs) Buying life insurance [75] [113] [168] [61] [38] Checking account balances [333] [72] [33] [12] [2] Downloading information to accounting [122] [107] [168] [41] [20] and/or personal finance software Monitoring your investments [248] [109] [71] [17] [11] Obtaining or renewing mortgage [83] [135] [159] [47] [33] Paying bills online (credit card, phone, cable, [329] [78] [35] [11] [4] internet, etc) Providing a consolidated view of all your [221] [118] [85] [22] [9] finances Transferring money between accounts [307] [96] [28] [15] [9] Other: making appointments, RRSPs, Mutual [1] [1] [0] [0] [0] Funds

It’s secure

It’s easily accessible

It’s fast

It’s reliable

It’s personable

It’s knowledgeable

Service is available 24/7

There are a variety of services available

I do not use this method

METHODS Online By Phone Instant Teller Machine In Person at a Branch

It’s easy to use

11. Please indicate the method you use most often for each financial service. Please check only one method for each financial service. METHODS Instant In Person I do not Teller at a use this Online By Phone Machine Branch service FINANCIAL SERVICES (1) (2) (3) (4) (5) Apply for loan or credit [94] [8] [3] [227] [117] Buying investments (e.g. mutual funds, stock, GICs) [61] [7] [8] [136] [239] Buying life insurance [23] [4] [7] [93] [319] Checking account balances [346] [7] [53] [30] [8] Monitoring your investments [216] [4] [10] [46] [175] Obtaining or renewing mortgage [33] [5] [5] [70] [329] Paying bills (credit card, phone, cable, internet, etc) [327] [10] [20] [57] [30] Providing a consolidated view of all your finances [265] [11] [17] [58] [98] Transferring money between accounts [320] [8] [22] [70] [29] Other: ________________________________ [0] [0] [0] [0] [0] 12. For each of the following methods used to manage your finances, please check all of the features which best explain why you use that method. Please check all that are important in each column. FEATURES

[403] [85] [275] [156]

[139] [68] [179] [277]

[324] [81] [186] [60]

[332] [47] [241] [51]

[165] [68] [172] [262]

[40] [76] [28] [304]

[51] [69] [23] [284]

[329] [46] [190] [16]

[136] [31] [47] [160]

[16] [220] [46] [32]

13. Please check the box that indicates your current debt range: None [200] $1 ‐ $4,999 [109] $5,000 ‐ $9,999 [44] $10,000 ‐ $14,999 [39] $15,000 ‐ $19,999 [24] $20,000 ‐ $30,000 [21] $30,000+ [20]

14. Please check the box that you think will indicate your debt range immediately upon graduation: None [135] $1 ‐ $4,999 [80] $5,000 ‐ $9,999 [67] $10,000 ‐ $14,999 [38] $15,000 ‐ $19,999 [41] $20,000 ‐ $30,000 [39] $30,000+ [55]

15. What investments and/or insurance products do you currently own? Please check all that apply: Credit cards [326] Loans [142] Tax Free Savings Account (TFSA) [89] Stocks [77] Mutual Funds [59] Bonds [54] None [53] Life Insurance [47] Retirement Plans [36] Other [32] Mortgages [8] 16. What investments and/or insurance products do you expect to purchase in the next 5 years? Please check all that apply: Credit cards [267] Mortgages [221] Loans [201] Stocks [163] Life Insurance [145] Tax Free Savings Account (TFSA) [124] Mutual Funds [122] Bonds [121] Retirement Plans [112] None [32] Other [8]

18. Considering the following topics, how concerned would you say you are with each? Very Somewhat Concerned Concerned (3) (2) Buying a home [170] [160] Renting a home [114] [94] Buying a vehicle [182] [154] Leasing a vehicle [69] [151] Buying life insurance [94] [148] Education/college or university costs [299] [106] Getting a job after graduation [330] [87] Having a secure source of income [335] [85] Having enough money to live independently and still save [342] [75] Paying for basic living expenses [296] [109] Paying off debt [231] [103] Providing for your spouse or family if you should die unexpectedly [137] [128] Saving for child/childrens’ education [119] [140] Saving for retirement [141] [164] Starting investment and asset plans [142] [197] The Government's ability to fund services for health care needs [184] [174] Other: gambling debts, painting my car [2] [1]

Not Concerned (1)

[124] [145] [116] [231] [210] [52] [38] [35] [37] [51] [121] [186] [193] [146] [114] [93] [1]

19. Would you consider doing business with a financial services company that offers only online and telephone services? (ie. no face‐to‐face service) No [344] Yes [111]

20. How old are you? Please check one. 18 [54] 19 [81] 20 [93] 21 [79] 22 [79] 23 [32] 24 [22] 25 [18]

21. What is your gender? Please check one. Female [280] Male [179]