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- Ecosystem Priority Details
Priority 3 Support increased digital access and digital literacy
The aim of this priority is to ensure Canadians are equipped with the digital resources, tools, and skills they need to participate fully in today’s increasingly digital financial marketplace.
PRIORITY 3 - TARGET OUTCOMES
Target outcome 3.1
Target outcome 3.2
Target outcome 3.3
WHAT FCAC WILL DO
- Lead by example in building, testing, and providing reliable digital financial resources and tools targeted to a diverse audience with various competency levels (for example, FCAC Budget Planner and other online tools).
- Collaborate with partners to strengthen digital financial literacy and access.
- Test and validate resources that will help consumers avoid online financial fraud and scams.
54% of Canadians have received information on identifying investment fraud, mainly from bank resources, online material, financial advisors, or social media.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
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
89% of participants reported having improved skills using the Internet following a digital literacy training program.
Initiative: Digital Literacy Exchange Program
Adopter: Innovation, Science and Economic Development Canada
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
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
Among Canadians who did not shop online in 2022, 12% said that it was too difficult to order online.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
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
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
For Canadians who used online shopping in 2020, the most common payment method was by credit card.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
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
In 2020, 75% of Canadians reported having conducted online banking.
Initiative: Canadian Internet Use Survey
Adopter: Statistics 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
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
In 2023, about 5% of Canadians reported that they could not access digital financial tools or resources.
Initiative: Free independent ecosystem reports
Adopter: Financial Resilience Institute
One year after a digital literacy training, the percentage of people who never use the Internet dropped from 3% to 1%.
Initiative: Digital Literacy Exchange Program
Adopter: Innovation, Science and Economic Development Canada
Canadian Internet Use Survey
The 2022 Canadian Internet Use Survey gathers data on how digital technologies and the Internet are transforming society, the economy, and the everyday lives of Canadians.
Adopter: Statistics Canada
Digital Literacy Exchange Program
The Digital Literacy Exchange Program supports initiatives that teach fundamental digital literacy skills and promotes inclusion for Canadians from underrepresented groups who lack the fundamental digital literacy skills to participate in the digital economy and society. The program tracks many Strategy-Aligned Measures, including the percentage of program participants from underrepresented groups in the digital economy, and the percentage of program users that have increased their confidence, as well as those who report having improved their skills in using the Internet.
Adopter: Innovation, Science and Economic Development Canada
Free independent ecosystem reports
The Financial Resilience Institute engages in regular data collection, analytics and publishing of free independent ecosystem reports on the financial resilience, financial health and financial well-being of Canadians and more financially vulnerable populations, plus Canadians’ financial inclusion and access-to-help challenges. This includes measurement and tracking of household financial resilience through the Institute’s peer reviewed Seymour Financial Resilience Index® and Financial Well-Being studies instruments.
Adopter: Financial Resilience Institute
Indicators for Financial Empowerment
Indicators for Financial Empowerment serve as a resource for ecosystem stakeholders to track progress in a systematic way.
Adopter: Prosper Canada
Investor Survey
The objective of the national investor survey is to help CIRO understand the attitudes, knowledge, beliefs and behaviours of Canadians, particularly Canadian investors.
Adopter: Canadian Investment Regulatory Organization
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)
Survey of Canadians' Use of Banking Products and Services
The Survey of Canadians’ Use of Banking Products and Services is designed to collect information during the pandemic about how Canadians are consuming financial products during the pandemic and to what extent they are accessing COVID-19-related financial assistance offered by the banks.
Adopter: Financial Consumer Agency of Canada
Your Money Students
Free, non commercial financial literacy education seminars designed to help Canadians gain an understanding of responsible financial management and achieve financial well-being. The seminars are presented by volunteer bankers in communities across Canada in English and French and are available both virtually and in-person.
Adopter: Canadian Bankers Association
Autorité des marchés financiers (AMF)
The Autorité des marchés financiers (AMF) (in French only) is the organization the Government of Quebec has mandated to oversee Quebec's financial sector and provide assistance to consumers of financial products and services. It stands apart thank to its integrated oversight of insurance, securities, derivatives, deposit-taking institutions (with the exception of banks) and the distribution of financial products and services, including mortgage brokerage and the work of credit assessment agents.
Canadian Bankers Association
Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals.
Canadian Investment Regulatory Organization
The Canadian Investment Regulatory Organization (CIRO) is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers, and trading activity on Canada’s debt and equity marketplaces. The Office of the Investor has a mandate to support policy development, educate investors, engage in investor outreach, perform investor research, and support the Investor Advisory Panel (IAP).
Financial Consumer Agency of Canada
The Financial Consumer Agency of Canada (FCAC) is an independent federal government agency responsible for protecting the rights and interests of consumers of financial products and services. It supervises federally regulated financial entities, such as banks, and strengthens the financial literacy of Canadians.
Financial Resilience Institute
Financial Resilience Institute is a non-profit organization dedicated to improving the financial resilience and well-being of Canadians and global citizens. We partner with policymakers, financial institutions and business leaders to develop and implement solutions that improve financial resilience, health and well-being for all, including those who are more financially vulnerable.
Innovation, Science and Economic Development Canada
Innovation, Science and Economic Development Canada (ISED) works with Canadians in all areas of the economy and in all parts of the country to improve conditions for investment, enhance Canada's innovation performance, increase Canada's share of global trade and build a fair, efficient and competitive marketplace.
Prosper Canada
Prosper Canada is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation.
Statistics Canada
Statistics Canada is the national statistical office. The agency ensures Canadians have the key information on Canada's economy, society and environment that they require to function effectively as citizens and decision makers.
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