facts and figures icons

The digital world

91%

The percentage of Canadians who have at least one social media account.1

88%

In a survey among Canadians, 88 percent reported using online banking, and over half said it’s their most common method of banking.2

70%

Over 70 percent of Canadians spend at least 3 to 4 hours online per day. The most common online activities among Canadians are emailing, banking, using social media, accessing news and shopping.3

Have you considered your digital footprint as part of your estate plans? Please read our feature article, “Redefining your estate in the digital age.”

Wills and wealth transfer

How many Canadians have an updated Will?4
15%

Age 18 to 34

29%

Age 35 to 54

58%

Age 55 or over

For Canadians who don’t have a Will in place, one-quarter say they are “too young” to worry about it.5

While over half of Canadians intend to transfer their wealth to the next generation after they pass away, 47 percent are not comfortable sharing the specific details of their plans in advance, and 13 percent are not open to sharing any information at all with intended beneficiaries.6

For more information on aspects to consider when drafting or reviewing your Will, please see the Will checklists in this edition.

Financial knowledge

According to a recent survey, when asked who in their household regularly participates in wealth planning decisions, only 41 percent of respondents noted that their spouse or partner takes part. For respondents who said they personally don’t participate in the planning, the number-one reason given was that “household responsibilities are split and I don’t assume responsibility for planning.” Another common reason was lacking the information or knowledge necessary to be involved.7

33%

3 or lower

On a scale of 1 to 5 (1 being not at all confident and 5 being very confident), 33 percent of survey respondents scored themselves as a 3 or lower when it comes to their knowledge of wealth and money.8

Interested in learning more about financial literacy? Please read “Managing money: Improve your financial management skills at every life stage.”

Making an impact

52%

The percentage of Canadian consumers who look for companies that take a stand on social, cultural, environmental and political issues they feel strongly about.9

Consumers are attracted to organizations that are committed to:10

Using good-quality ingredients

83%

Treating employees well

66%

Reducing plastics and improving the environment

58%

When it comes to responsible investing, Millennials (those born between 1980 and 1993) are 65 percent more likely than Baby Boomers to consider environmental, social and governance (ESG) factors when making investment decisions. Millennials are also 60 percent more likely than Baby Boomers to exit an investment because of objectionable corporate activity on social or environmental issues.11

Find out more about ESG issues and responsible investing.

References
  1. SOCIALscape: Canada’s definitive measurement of social media and messaging platform usage patterns. Pollara Strategic Insights, June 2018. https://www.pollara.com/wp-content/uploads/2017/12/Pollara-SOCIALscape-2018June-Rpt.pdf.
  2. “How Canadians Bank.” Canadian Bankers Association, March 2019. https://cba.ca/Assets/CBA/Documents/Files/Article%20Category/PDF/SPARK-CBA-How_Candians_Bank-Infographic-2019-EN6.pdf.
  3. “Canada’s Internet Factbook 2019.” Canadian Internet Registration Authority (CIRA) website. Accessed July 2019. https://cira.ca/resources/corporate/factbook/canadas-internet-factbook-2019.
  4. “What ‘will’ happen with your assets? Half of Canadian adults say they don’t have a last will and testament.” Angus Reid Institute poll. Released January 2018. http://angusreid.org/will-and-testament/.
  5. Ibid.
  6. 2017 Wealth Transfer Report. RBC Wealth Management and Scorpio Partnership, 2017. https://www.rbcwealthmanagement.com/ca/en/wealth-transfer.
  7. RBC Wealth Management in partnership with Phoenix Marketing. Spring/Summer 2019 Survey findings. Accessed June 2019.
  8. Ibid.
  9. “Majority of Canadian consumers buying from companies that take a stand on issues they care about and ditching those that don’t Accenture study finds.” Accenture plc, January 28, 2019. https://www.accenture.com/ca-en/company-news-release-canadians-buying-companies.
  10. Ibid.
  11. “Millennials and responsible investing.” RBC Global Asset Management website. Accessed July 2019. https://www.rbcgam.com/en/ca/learn-plan/investment-strategies/millennials-and-responsible-investing/detail ; and 2016 Millennials, Women, and the Future of Responsible Investing Report. Responsible Investment Association, April 2016. https://www.riacanada.ca/research/millennials-women-and-the-future-of-responsible-investing/.