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Finding

2 in 3 Canadians understand how compound interest works.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization

Finding

Over 40% of bitcoin owners answer incorrectly or are uncertain about the basics of how bitcoin works.

Initiative: Bitcoin Omnibus Survey

Adopter: Bank of Canada

Finding

About 60% of Canadians understand that bitcoin is not backed by a government.

Initiative: Bitcoin Omnibus Survey

Adopter: Bank of Canada

Finding

Nearly 80% of recent homebuyers believed that they understood how much mortgage they could afford.

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Finding

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

Finding

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

Finding

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

Finding

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

Finding

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

Finding

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 one-third (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

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.

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