Search Catalogue

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

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

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

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

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

The Quiz on Student Banking 101 Video helps gauge students’ understanding of the video: Check out our Student Banking 101. This video gives information on student account options, online banking and mobile app use, how to get financial advice, creating and managing a budget, and borrowing wisely. It also provides education on scams and frauds, providing “To-Do” lists on opening accounts, borrowing, and online security.

Adopter: Scotiabank

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

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

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada

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)

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

Stress about finances can affect workplace productivity. Developing good saving habits can alleviate financial worries, leading to a more focused and productive work environment.

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

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

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

The Canadian Center for Women's Empowerment is currently working with financial service providers, social service agencies, policymakers and family lawyers to build tools and resources that will help them identify and respond to signs of domestic economic abuse for victims of intimate partner violence. These tools include the Economic Abuse Screening Tool for social service providers that helps frontline workers detect victims and refer them to appropriate financial resources; fact sheets for banks, social service providers and the general public on economic abuse tactics and resources; a financial literacy course specifically designed for victim-survivors to recover from economic abuse.

Adopter: Canadian Center for Women’s Empowerment

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

The Consumer Research study, that consisted of 4,000 adults from Ontario, provides an important opportunity for FSRA to better understand consumer attitudes (e.g., trust, satisfaction), engagement with regulated financial services (e.g., consumer knowledge, behaviours), and consumer characteristics, including vulnerability. The study will enable FSRA to, over time, monitor the impact of market changes, industry responses, and regulatory efforts on consumers, members, and beneficiaries.

Adopter: Financial Services Regulatory Authority of Ontario

As part of its IMAGINE 2030 vision of financial wellness for all Canadians, FP Canada has committed to conducting an annual survey to measure Canadians’ financial health through indices tracking 4 areas: financial well-being; financial confidence; access to financial advice; and trust in financial professionals. The results of the inaugural survey were published in the IMAGINE 2030 Benchmark Report, released in May 2022. FP Canada will provide a progress report each year until 2030.

Adopter: FP Canada

Digital nudges can encourage Canadians to improve their financial habits. Nudges can include sending helpful reminders, providing information at just the right time, or presenting material in a way that is easy to understand.

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

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

Black Moms Connection launched FinLit U in 2020. It is an 8-week financial literacy masterclass designed for Black mothers and is led by Black financial professionals. The program leaders consult with consumers and financial professionals from the Black community to ensure a highly tailored approach that aims to improve confidence and rates of inclusion in the financial system. They use qualitative and quantitative feedback to assess consumers’ access and use of financial products and services, as well as to get a sense of the kinds of negative experiences that Black consumers may face.

Adopter: Black Moms Connection

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

Branch closures can create difficulties for Canadians, especially for those who are unable to manage their finances online due to limited digital access.

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

Many Canadians find building up savings to be challenging. For example, only half of Canadian households have an emergency savings fund that would cover 3 months of expenses. Through sharing data with financial technology or “fintech” providers, Canadians can access digital tools that can help encourage positive financial behaviours.

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

Financial education tailored to individual needs equips people with the skills to make informed decisions about their unique financial situation.

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: Credit Canada GOLD, FinLit U

Financial institutions offer a variety of credit cards with different interest rates, fees, and rewards and benefits. Comparing credit cards before applying for one can save Canadians money.

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

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

Initiative: QUBER App

Adopter: QUBER

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada

Unclear or confusing costs can lead to unexpected financial strain and stress when buying a home. Having a clear understanding of all the costs involved in buying a home is essential to make an informed financial decision, create an effective budget, and avoid unexpected debt.

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, Mortgage Consumer Survey

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario

The financial marketplace is increasingly digital. Consumers with limited digital access or digital literacy risk being excluded. Overcoming these challenges is crucial to ensuring that all Canadians can benefit from digital banking.

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, Free independent ecosystem reports

The Managing Your Money in Canada program helps newcomers navigate Canadian financial systems by integrating finance topics with language training, making them feel more prepared for life in Canada. With workshops available at basic, intermediate, and advanced levels, the program offers tailored financial education to suit diverse learning needs and backgrounds.

Adopter: Canadian Foundation for Economic Education

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

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada

QUBER is a personal finance app that encourages saving and learning through gamification. They use savings challenges, lotteries, and matched savings programs to nudge people to save more. Working with employers and Financial Institutions, they are able to capture key demographic and vulnerability-related information (e.g., people without emergency funds or those living paycheque-to-paycheque), as well as Strategy-Aligned Measures on the success, and number, of users completing challenges. They track saving amounts, frequencies, retention, fees paid, and confidence levels.

Adopter: QUBER

Savings Circles is an Individual Development Account (IDA) program that works with people in Calgary and surrounding area and Indigenous people within Treaty 7 Territory who are living on lower incomes and striving for more stability. For 6 months, participants commit to saving between $5 and $50 each month, engage in a minimum of 2 individual meetings with the facilitator, and attend 7 money management workshops. Monthly during the program, a participant’s savings are matched 3:1. This allows them to save up to $1,200 to purchase a productive and meaningful asset that will make a difference in the quality of their life.

Adopter: Momentum

Initiative: Survey on Savings for Persons with Disabilities

Adopter: Statistics Canada

Initiative: Survey on Savings for Persons with Disabilities

Adopter: Statistics Canada

Through peer-to-peer mentoring, PennyDrops has reached more than 17,000 high school students and 6,500 university students across Canada by delivering workshop-based sessions by trained university students. PennyDrops has also partnered with Indigenous empowerment organizations to develop programs that deliver financial literacy lessons to Indigenous youth. To track their impact, PennyDrops uses pre- and post-training surveys to assess the change in participants’ knowledge.

Adopter: PennyDrops

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario

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

Initiative: Pilot Study: Buy Now, Pay Later Services in Canada

Adopter: Financial Consumer Agency of Canada

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

The IRCC-funded Settlement Program aims to provide newcomers to Canada with information to make informed decisions, adequate official language skills, and support to build networks within their new communities. The Performance Measurement Strategy for the Program allows for the ongoing measurement and reporting of the Program’s expected results (including through data, research and reports).

Adopter: Immigration, Refugees and Citizenship Canada

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

The Quiz on Banking 101 – Credit Cards helps gauge consumers’ understanding of the article: Common financial mistakes to avoid in Canada, which provides advice on budgeting, reading the fine print in agreements/contracts, creating and maintaining a good credit history, different credit card options, credit card misuse, etc.

Adopter: Scotiabank

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada

Initiative: Survey of Consumers' Awareness of their Financial Rights and Responsibilities

Adopter: Financial Consumer Agency of Canada

The Money and You: Seniors Edition program is designed to help older Canadians navigate financial and retirement planning with confidence. Through specialized workshops, the program provides valuable guidance on managing finances in retirement, ensuring seniors are well-prepared for their financial futures.

Adopter: Canadian Foundation for Economic Education