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Findings, initiatives, adopters and headlines that collectively improve financial literacy in Canada
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Many Canadians with a disability experience difficulty with banking.
An effective financial ecosystem should be accessible to all Canadians. Understanding and improving banking accessibility for Canadians with disabilities will promote financial inclusion and equity.
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, Survey on Savings for Persons with Disabilities
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
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
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
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
Quiz on Banking 101 – Credit Cards
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.
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
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.
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
43% of Canadians considered their primary financial institution helpful to their financial wellness.
Initiative: Free independent ecosystem reports
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.
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
Monthly Financial Well-Being Monitor
The Monthly Financial Well-Being Monitor (formerly known as the COVID-19 Financial Well-Being Survey) is a monthly survey designed to collect information about Canadians’ day-to-day financial management and financial well-being.
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
IRCC-funded Settlement Program
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).
Canadians who experienced personal health challenges or major life events had fewer investable assets.
Initiative: Investor Survey
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
Fintech Cadence programs
Fintech Cadence supports the financial literacy ecosystem—and, in turn, promotes increased digital access and digital literacy—by helping to build and sustain the Fintech community. They promote the education of Fintech talent, support early-stage start-ups, and develop collaborations with financial institutions to help solve industry challenges. They track the FinTechs in Canada, their areas of specialty, what kinds of products and services they provide, as well as details about their target audiences.
Quiz on Being New to Canada
The Quiz on Being New to Canada helps gauge consumers’ understanding of the article: A newcomer’s guide to choosing a bank account, which provides information on eligibility to open a bank account, explains how to choose and open a bank account prior to arriving in Canada, account options once in Canada, potentially building a credit score, etc.
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
Money and You: Seniors Edition Program
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.
Participants of the FinLit U program reported seeking help with money more actively after the 8-week workshop.
Initiative: FinLit U
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
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
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
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
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
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
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
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
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
Participants of the FinLit U program reported keeping track of spending and income more frequently after the 8-week workshop.
Initiative: FinLit U
After being enrolled in a debt reduction program for up to two 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 staying within their means more often after the 8-week workshop.
Initiative: FinLit U
BEAR financial consumer research
BEAR publishes guides and reports for stakeholders on how to apply behavioural insights, as well as engage in financial consumer research—for example, collecting data on credit card choice and ways to effectively promote savings behaviours.
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 more frequently paying bills on time after the 8-week workshop.
Initiative: FinLit U
Seedwell app
Seedwell is a personal finance app using behavioural insights to help consumers. Provided by employers, the app provides a central hub to help employees navigate the financial marketplace starting directly from their paycheque deposit. Consumers are provided with nudges (e.g., anticipating their pay and identifying ways they could use those funds), and access to financial literacy material and financial advisors, without being recommended specific products.
Adopter: Seedwell
Equifax programs
Equifax is currently focused on acquiring rental data in Canada to support the credit underserved. Canadians who rent their homes are often paying more than they would pay for a mortgage, but don’t get credit for consistently making those payments. Adding this to the mix can paint a more accurate picture for those who don’t have data traditionally used to describe financial health, helping them have more equitable access to credit.
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
Money and Youth Program
The Money and Youth program offers a widely popular financial literacy resource for students, empowering them to make informed financial decisions as they prepare for their futures. In addition to this resource, the program provides engaging finance workshops for students, as well as for the parents and teachers supporting their financial education journey.
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
Mystery Shopping at Domestic Retail Banks
The goal of the mystery shopping project is to better understand how frontline bank employees sell financial products and services and how consumers experience the sales process.
Participants of the FinLit U program reported more proactive debt reduction after the 8-week workshop.
Initiative: FinLit U
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
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)
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
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
Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.
Initiative: QUBER App
SAFE Women
SAFE Women is a professional development training course to help financial literacy educators understand and apply trauma- and violence-informed approaches (TVIA) when supporting women.
Adopter: Families Canada
Pagination
Disclaimer
Disclaimer: 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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