Search catalogue
Findings, initiatives, adopters and headlines that collectively improve financial literacy in Canada
Search
Search for findings, initiatives, adopters and headlines
All
Headlines
Findings
Initiatives
Adopters
The most common reasons given for not opening an RDSP were: 1) not having enough money to save (46%); 2) lacking information about the RDSP program (29%); and 3) feeling it was too complicated (15%).
Initiative: Survey on Savings for Persons with Disabilities
Adopter: Statistics Canada
Awareness remains highest among consumers that banks are required to provide easy-to-understand information on the cost of financial products and services they offer (81%, unchanged from 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, most used credit card, linked bank account, or online bill payment to make scheduled payments. However, about 10% found it difficult to understand how their payments would be made.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Of the Canadians who contacted their bank for pandemic-related financial assistance, 52% received it. However, 8% turned down the offer for various reasons, such as the cost, concern about damaging their credit score, and the effort involved.
Initiative: Survey of Canadians' Use of Banking Products and Services
Adopter: Financial Consumer Agency of Canada
Among 230 users of QUBER, a personal finance app with behavioural insights, most of them feel confident that they could reach their short-term saving goals.
Initiative: QUBER App
Adopter: QUBER
In Ontario, 1 in 10 consumers reported being offered a product with unreasonable terms, suggesting credit history, income/savings, and age were the main reasons for such offers. Credit cards and insurance products were those most commonly identified.
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
8% of participants in a financial literacy workshop reported having neither chequing, nor savings, account (i.e. unbanked). A quarter of those participants noted not knowing what financial products or services best suit their needs as a major reason.
Initiative: Money Matters
Adopter: ABC Life Literacy Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 20% found it difficult to understand the penalties or interest charges for missed or partial payments.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Just over half of Canadians (55%) said they are aware the Government of Canada has a department or agency dedicated to protecting its financial consumers. Among the rest, approximately 1/3 (35%) did not know and 10% said no there is no such department or agency.
Initiative: Survey of Canadians' Use of Banking Products and Services
Adopter: Financial Consumer Agency of Canada
Many Buy-Now-Pay-Later users don’t understand all aspects of the service.
Buy-Now-Pay-Later services allow people to pay off purchases in instalments, but it’s not always clear how they work. This lack of understanding could lead to unexpected fees or financial difficulties for users.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Pilot Study: Buy Now, Pay Later Services in Canada
In 2022, nearly 75% of Canadians reported enabling optional security features to verify their identity when accessing accounts or applications over the Internet, such as 2-factor authentication or personalized security questions.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, few made a complaint or tried to resolve a dispute with a financial service provider, or reported their experience of the dispute-resolution process.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 35% found it difficult to understand how to resolve a potential dispute.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Consumers' understanding that a bank cannot increase their credit card limit without their approval has declined since 2019 (down 3 points to 57% versus 60%).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Adopter: Financial Consumer Agency of Canada
Awareness remains lowest among consumers that credit card protection insurance does not always cover the outstanding balance on their card (32% are aware, which is not a statistically significant change since 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Most of them understood the amount of each scheduled payment.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Of people who said it was too complicated to open an RDSP, 29% cited complications filling in the tax forms and 44% had complications visiting the bank to open a plan.
Initiative: Survey on Savings for Persons with Disabilities
Adopter: Statistics Canada
Consumers have a better understanding of their rights about signing up for a credit card than they do about credit card limit increases.
Credit cards are offered by many different financial institutions and are used by a large number of Canadians. Understanding the complexities of these products and understanding consumer rights when using these products can be challenging.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Canadians want to understand how the actions they take or the services they use might impact their credit score.
Financial institutions use credit scores to decide whether to lend a consumer money. Credit bureaus and lenders often do not share the formulas they use to calculate credit scores. For this reason, it is difficult to know the impact actions can have on credit scores.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Pilot Study: Buy Now, Pay Later Services in Canada, Survey of Canadians' Use of Banking Products and Services
33% of participants in a financial literacy workshop reported having either no chequing, or no savings account (i.e. underbanked), whereas 8% reported having neither (i.e. unbanked). Most unbanked and underbanked participants are under 21 and are less likely to have an income.
Initiative: Money Matters
Adopter: ABC Life Literacy Canada
In Ontario, nearly 1 in 6 consumers (15%) reported being refused a financial product or service, with credit history, income, and savings being the most cited reasons for the refusal. Credit products were the financial product most commonly refused.
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
Seniors (68%) were more likely than non-seniors (62%) to agree that bank employees have the knowledge and skills to help them identify signs of financial abuse, fraud, or scams.
Initiative: Survey on Banking of Canadians
Adopter: Financial Consumer Agency of Canada
Many Canadians do not understand their rights with respect to financial products and services.
Credit card protection insurance is optional and can help cover balances in the event of life changes such as job loss or hospitalization. Knowing their rights can help consumers choose whether credit card protection insurance is right for them.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: 2022 Consumer Research Study, Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 45% found it difficult to understand the impact of using the service on their credit score.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
In Ontario, a nearly 30% gap related to banking access at credit unions and access to health and life insurance was reported between consumers with high financial vulnerability and consumers with no financial vulnerability.
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
In Ontario, 48% of mortgage brokerage users and 59% of health and life insurance users indicated they did not know their rights and protections related to these financial products.
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
About 1 in 5 Canadians approached with a fraudulent investment opportunity were defrauded, with first-generation Canadians being most vulnerable to this type of fraud.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
35% of buyers reported experiencing unexpected costs during the homebuying process. Immediate repairs were the most reported unexpected expense, followed by lawyer fees.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
Most people protect themselves online, but some are still vulnerable to cyberattacks and financial loss.
The financial information of nearly 40% of Canadians will be targeted through phishing or hacking. These cyberattacks can cause serious financial and emotional distress.
Source: FCAC Monthly Financial Well-being Monitor
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Canadian Internet Use Survey
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 10% found it difficult to understand their payment schedule.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, about 10% found it difficult to understand the total cost of the service.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of Canada
Most people prepare for retirement, but fewer than half of them know how much to save.
Preparing for retirement can lead to a comfortable future. However, it can be difficult to know exactly how much money to save. This lack of understanding can lead to financial shortfalls and increased financial stress later in life.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Canadian Financial Capability Survey
Only half of Canadians know there is a government agency to protect financial consumers.
The Financial Consumer Agency of Canada (FCAC) is responsible for protecting the rights and interests of financial consumers in Canada. The Agency’s mandate is to supervise federally regulated financial entities such as banks, and to strengthen the financial literacy of Canadians.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Survey of Canadians' Use of Banking Products and Services
First Counselling Appointment Completion, Annual Review, and Debt Management Program Completion
The Credit Counselling Society (CCS) provides free, confidential credit counselling and low-cost debt solutions to support and empower Canadians. Clients are surveyed at 3 intervals (First Counselling Appointment Completion, Annual Review, and Debt Management Program Completion) to measure the effectiveness of the guidance and assistance provided, as well as the resulting short- and long-term behavioural impacts.
Adopter: Credit Counselling Society
Outiller les québécois victimes de fraudes à l'investissement en ligne (in French only)
Over the past decade or so, the Autorité des marchés financiers (AMF) has received reports from victims of fraud on fraudulent investment websites. This type of fraud has a range of consequences for victims. The Clinique de cyber-criminologie has been identified as a partner, as it offers prevention tools and individualised support services to victims of online fraud. The collaboration seeks to refer victims who contact the AMF to the clinic, so that they can receive support tailored to their situation.
Adopter: Autorité des marchés financiers (AMF)
Canadians’ top preference for receiving information about their investments is through digital channels (68%) followed by meeting with their advisor or getting a paper copy of their investment banking statement (15% each).
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
West Neighbourhood House Financial Counselling Platform
West Neighbourhood House and Prosper Canada have partnered to implement the use of a financial coaching/counselling platform. The goal is to develop a platform that seamlessly integrates all functions, from the first point of consumer contact to the financial coach’s/counsellor’s ongoing support of their client. Assessing and monitoring clients’ financial wellbeing is of key significance and will help tailor support to consumers’ needs. The platform will provide an understanding of key indicators such as income progression, savings, credit score, and financial goal progression.
Adopter: West Neighbourhood House
From 2020 to 2021, 30% of Canadians faced challenges as a result of branch closures, including challenges that could potentially have been avoided if they had had means to manage their finances online (e.g., depositing cheques, accessing funds).
Initiative: Survey of Canadians' Use of Banking Products and Services
Adopter: Financial Consumer Agency of Canada
Awareness remains highest among consumers that a bank cannot issue a credit card without the client’s prior approval (78%, unchanged from 2019).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Adopter: Financial Consumer Agency of Canada
Most people don’t know when it’s financially beneficial to borrow money.
Borrowing money can be beneficial, but it can also be difficult to know when it should be avoided. Knowing when and how to borrow money helps people avoid unnecessary debt and make better financial decisions.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Canadian Financial Capability Survey
70% of Canadians reported encountering a cyber security incident in 2022. Among those, 6% experienced a financial loss following the incident, from which they did not recover.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
Investing, retirement, and budgeting are top-of-mind for financial advice.
Fewer than half of Canadians consider themselves to be financially knowledgeable. Canadians may be more interested in learning about financial topics related to managing their monthly expenses or planning for the future compared to topics related to specific financial products like insurance.
Source: FCAC Monthly Financial Well-being Monitor
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: QUBER App
After being enrolled in a debt reduction program for up to 2 years, the total amount of debt paid off is $1 million across 186 participants, or over $5,000 per person on average.
Initiative: Credit Canada GOLD
Adopter: Credit Canada
2 out of every 3 Canadians in debt don’t seek professional advice.
More than 1/3 of Canadians report their debt has increased, and managing debt can be a difficult and stressful experience. Talking to a professional can help identify strategies for paying off debt on a schedule that meets an individual’s financial needs.
Source: FCAC Monthly Financial Well-being Monitor
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Monthly Financial Well-Being Monitor
Consumers' understanding that they do not have to agree to credit card protection when applying for a card has declined since 2019 (down 5 points to 64% versus 69%).
Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Adopter: Financial Consumer Agency of Canada
In 2022, 71% of Canadians took action to protect their laptop or computer from security incidents, such as keeping their operation systems up to date and using additional cyber security software.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
About 1 in 5 Canadians say they have been exposed to possible investment fraud; of those, 14% reported it, 81% did not and 5% did not know.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
Users of QUBER, a personal finance app with behavioural insights, build an emergency fund of $1,000 or more in 2 years, on average.
Initiative: QUBER App
Adopter: QUBER
Canadians took steps to protect their personal data online in 2022, such as restricting or refusing access to their geographical location (61%).
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
Participants of the FinLit U program reported keeping track of spending and income more frequently after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
Pagination
Disclaimer
Disclaimer: The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.
Feedback
Feedback: As an early user, your feedback is important to help us make the RDX and its features better for everyone. If you have any problems using the site or find any accessibility issues, please send us your feedback.
Page details
- Date modified: