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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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Canadians who experienced personal health challenges or major life events had fewer investable assets.
Initiative: Investor Survey
Adopter: Canadian Investment Regulatory Organization
43% of Canadians considered their primary financial institution helpful to their financial wellness.
Initiative: Free independent ecosystem reports
Adopter: Financial Resilience Institute
Participants of the FinLit U program reported seeking help with money more actively after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
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
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
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
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
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
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
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
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
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
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
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
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 staying within their means more often after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
In Ontario, distrust in banks was more common among consumers with high financial vulnerability (35%) compared to consumers with no financial vulnerability (17%).
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
Participants of the FinLit U program reported more frequently paying bills on time after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
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
Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.
Initiative: QUBER App
Adopter: QUBER
In Ontario, few consumers who report experiencing issues make a formal complaint. Among those who chose not to complain, many did not believe complaining would make a difference.
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
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
Participants of the FinLit U program reported more proactive debt reduction after the 8-week workshop.
Initiative: FinLit U
Adopter: Black Moms Connection
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
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
In Ontario, 1 in 3 consumers (33%) reported experiencing an issue with financial service providers; poor customer service was the most common issue reported (16%).
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
If provided with an opportunity to speak to a financial advisor about 1 topic, Canadians ranked investing first, followed by retirement and budgeting.
Initiative: QUBER App
Adopter: QUBER
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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