What Québec Wants™

For richer or poorer

Americans say they would need to earn an average salary of $440,000 per year to feel rich. Canadians would feel rich on $296,000. (Source: ADP Payday Poll conducted by Environics in August 2008)

The same survey also reveals that 54% of Canadians say they are now richer than their parents were at the same age. This number has declined since 2005 when 59% said so. Quebec stands out on this question: Atlantic Canadians (69%) and Albertans (68%) are the most likely to say they are richer than their parents were, while only 47% of Quebeckers say the same.

Quebeckers are most inclined to talk openly about how much they make.

The same survey reveals that 52% of Canadians are willing to tell how much they make. Quebeckers lead all other regions on this measure at 57%.

They might be more willing to openly discuss how much they make but are they telling you the truth?

A Leger Marketing poll conducted in February 2002 asked Canadians if they or their spouse ever made false declarations about their income or expenses on their income tax return. On average, 2.5% Canadians said yes. Quebeckers were most likely to say yes at 3.7%

Do they cheat more on their taxes or are they more honest about lying?

Trespassing and banking

I spotted two strategically located posters in Toronto and Montreal this week.

Ikea is intercepting people shopping for mattresses right in front of Sleep Country Canada’s new store at the corner of The Queensway and Kipling.

In Montreal, Laurentian Bank seems to have scouted every competitor’s branch in Montreal’s downtown core with the message “T’es sur d’avoir choisi la bonne banque?” (Are you sure you’ve chosen the right bank?).

This message is likely to be a tougher sell in Quebec than it would be in English Canada given Quebeckers’ apparent stronger loyalty to their financial institution.

Ipsos Reid’s Canadian Account Habits conducted for RBC in 2006 revealed that significantly more Quebeckers (60%) still had an account with the FI where they opened their first account (compared to 42% in Ontario and as low as 31% in the Prairies.) The same survey revealed that the main reason for opening the account at the time was as a “school account” among 5% of Quebeckers compared to 1% for the national average. And when asked about the person who taught them the most about managing money and saving when they were a child, 8% said their teacher compared to 3% for the national average. Maybe they should target teachers instead…

Desjardins. It’s not a bank. Actually, it’s more than a bank. What is it, really?

Desjardins has deep roots in Quebec as a “movement”. And it likes to say it’s not a bank. In fact, that was the financial institution’s advertising theme until 2006. The campaign that promoted its non-bank status and the unique position it holds in the Quebec financial landscape as a cooperative won a CASSIES in 2004 for effectiveness. The authors of the case study quote Alban d’Amours, the president of Desjardins whose term ends this month: “It’s about time money was at the service of people” and they add “On this basis, the relaunch was built around the theme: This is not a bank.” Read the full case 2004 Cassies Winner : Services - Financial

2006 brought a shift in direction. Desjardins is now “More than a bank”.

According to a piece in Quebec’s Le Devoir newspaper published on September 8, 2006, the “This is not a bank” theme sent the wrong signal to immigrants who, unaware of Desjardins’ history, sought “real” banks.

What might look like a not so unusual course correction when branding fails to take into account all stakeholders actually points to a much more significant struggle inside Desjardins. And this struggle is now most evident during the election of its new CEO currently underway.

Konrad Yakabuski summed it up best in a Globe & Mail article: "The election of a new CEO by 256 regional leaders and local caisse populaire managers is shaping up to be an epic battle between those who want Desjardins to stick to its knitting and those who believe the 5.8-million-member co-op is doomed unless it pursues its aggressive push to gain critical mass and credibility on Bay Street."

Is Desjardins becoming a "bank" and losing its values as a "movement"?

Read Konrad Yakabuski's article "Get ready for a culture clash at Desjardins"