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- Ecosystem Priority Details
Priority 1 Communicate in ways people understand
The aim of this priority is to encourage stakeholders to communicate in ways everyone can understand.
PRIORITY 1 - TARGET OUTCOMES
Target outcome 1.1
Target outcome 1.2
Target outcome 1.3
WHAT FCAC WILL DO
- Lead by example in testing to ensure all our resources for consumers are understood by them.
- Explore ways to showcase excellence in clear communication and plain language, including by recognizing those that successfully convey financial information to consumers.
- Develop targeted education outreach strategies, programs, and interventions that relay understandable and relevant information to specific audiences.
2 in 3 Canadians understand how compound interest works.
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
35% of homebuyers paid more than what they had planned.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
35% of investors who have an advisor do not know how their advisors are compensated.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
51% of homebuyers said that they discussed unexpected costs with their mortgage professional.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
About 40% of Canadians compared credit cards from different companies before applying.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 40% of Canadians understand when it is financially beneficial to borrow money.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 60% of Canadians understand that bitcoin is not backed by a government.
Initiative: Bitcoin Omnibus Survey
Adopter: Bank of Canada
About 60% of Canadians understand the effect of inflation on savings.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
About 70% of Canadians say they are financially preparing for retirement.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 75% of Canadians understand what lowers house mortgage costs.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About half of Canadians understand that a mutual fund provides a safer return than an individual stock.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
About half of Canadians understand the relationship between bonds and interest rates.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
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
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
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
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
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
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
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 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
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
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
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
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
Fewer than 50% of Canadians know how much money to save for retirement.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
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
Only 1 in 4 Canadians can correctly identify the compounding effect of fees on investments over time.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
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
Bitcoin Omnibus Survey
The Bitcoin Omnibus Survey monitors trends in Canadians’ awareness, ownership and use of Bitcoin and other crypto assets. The survey also measures Canadians’ financial and crypto literacy, and their use of cash.
Adopter: Bank of Canada
Canadian Financial Capability Survey
The Canadian Financial Capability Survey is designed to shed light on Canadians’ knowledge, abilities and behaviours as they relate to making financial decisions. A key objective is to assess how Canadians are doing on indicators of financial well-being and inform ongoing efforts aimed at strengthening their financial literacy.
Adopter: Financial Consumer Agency of Canada
Charitable Allowance
Charitable Allowance is an online tool that empowers adults to help kids and teens practice generosity and build valuable life skills. By allocating charitable funds through Impact Accounts, children can explore causes they care about, make thoughtful giving decisions, and develop financial literacy—all with guidance from trusted adults.
Adopter: Charitable Impact
CPA Canada survey
CPA Canada conducts nationally representative surveys annually to examine people’s attitudes and feelings towards their personal finances. The surveys help monitor how Canadians are handling new financial realities, managing financial stressors, and engaging in personal financial planning.
Adopter: Chartered Professional Accountants of Canada (CPA)
Financial Literacy Evaluation Toolkit
Financial Literacy Evaluation Resource Kit includes Strategy-Aligned Measures that gather information about the frequency and kinds of financial help opportunities that consumers engage in.
Adopter: Prosper Canada
Guided Outcomes (GO)™
Eckler partners with employers, pension plans and unions across Canada to deliver workplace financial wellness services to employees and their members. Eckler’s Guided Outcomes (GO)™ financial wellness curriculum is a modular, multi-channel educational program that addresses the full spectrum of financial wellness: from cashflow management to retirement readiness.
Adopter: Eckler
Help! Managing Your Money on Campus Program
The Help! Managing Your Money on Campus program is designed to equip post-secondary students with essential financial skills to navigate their educational journey and beyond. It also provides valuable training and employment opportunities, empowering students to build both financial literacy and work experience for a brighter future.
Adopter: Canadian Foundation for Economic Education
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
Mortgage Consumer Survey
Surveying over 4,000 Canadians, this tool has helped understand consumers’ thoughts, attitudes and behaviours regarding homeownership and the process of obtaining a mortgage.
Adopter: Canada Mortgage and Housing Corporation
OBSI programs
Share insights, experience and statistical information with regulators, government, industry and consumer groups to help inform public policy decisions.
Adopter: Ombudsman for Banking Services and Investments
Pilot Study: Buy Now, Pay Later Services in Canada
The Pilot Study: Buy Now, Pay Later Services in Canada is a survey from the Financial Consumer Agency of Canada. It aimed to broaden the Agency's understanding of the buy now, pay later market in Canada, from the perspective of Canadian consumers.
Adopter: Financial Consumer Agency of Canada
Survey of Consumers' Awareness of their Financial Rights and Responsibilities
The Survey of Consumers' Awareness of their Financial Rights and Responsibilities gathers evidence of certain financial rights and responsibilities, highlights potential gaps in consumers’ awareness of certain financial risks identified in the Financial Consumer Agency of Canada's industry review of bank sales practices, and assesses results against the baseline established in 2019.
Adopter: Financial Consumer Agency of Canada
Your Money Seniors
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
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
Bank of Canada
The Bank of Canada is the nation's central bank whose main role is “to promote the economic and financial welfare of Canada,” as defined in the Bank of Canada Act.
Canada Mortgage and Housing Corporation
Canada Mortgage and Housing Corporation (CMHC) plays an important part of Canada's housing finance system. CMHC’s research, thought leadership, and commercial operations make CMHC a vital contributor to housing system sustainability and stability. CMHC is driven by 1 goal: ensuring everyone living in Canada has a place to call home.
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 Foundation for Economic Education
The Canadian Foundation for Economic Education (CFEE) is dedicated to empowering Canadians with the knowledge and skills needed to make informed financial decisions. Through its programs and resources, CFEE supports individuals and communities in improving their financial literacy, leading to greater financial well-being and opportunities. By providing tools that foster a deeper understanding of money management, CFEE helps Canadians build a more secure and prosperous financial future.
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).
Charitable Impact
Chartered Professional Accountants of Canada (CPA)
Chartered Professional Accountants Canada (CPA Canada) is one of the largest national accounting organizations in the world, representing the Canadian accounting profession at the national and international levels. With over 220,000 members, CPA Canada supports the profession and acts in the public interest by promoting transparency in financial markets, preparing members for a rapidly evolving business environment and contributing to standard setting and public policy. Globally, it works together with international bodies to build a stronger accounting profession worldwide.
Eckler
Eckler was established in 1927 and is Canada's largest independent actuarial and consulting firm. Eckler provides their services in many different areas including pension, retirement, financial wellness, investment, group benefits, compensation and more. Eckler does not sell financial products. They provide unbiased financial wellness expertise and insights.
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.
Ombudsman for Banking Services and Investments
Ombudsman for Banking Services and Investments (OBSI) resolves disputes between participating banking services and investment firms and their customers if they can't solve them on their own.
Prosper Canada
Prosper Canada is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation.
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