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Ecosystem Priority Details
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3% of Canadians were victims of a pyramid or Ponzi scheme.
Initiative: Canadian Financial Capability Survey
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
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
35% of homebuyers paid more than what they had planned.
Initiative: Mortgage Consumer Survey
43% of Canadians considered their primary financial institution helpful to their financial wellness.
Initiative: Free independent ecosystem reports
8% of Canadians reported that they could not get the financial support or advice they needed.
Initiative: Free independent ecosystem reports
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
85% of those shopping for chequing accounts and 80% of those shopping for credit cards said the recommendations they received were appropriate.
Initiative: Mystery Shopping at Domestic Retail Banks
About 75% of Canadians understand what lowers house mortgage costs.
Initiative: Canadian Financial Capability Survey
About half of Canadians do not own investments, citing not having enough money to invest as the top reason.
Initiative: Investor Survey
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
Among Canadians who have debt, 30% of them sought advice from financial professionals to help them manage debt.
Initiative: Monthly Financial Well-Being Monitor
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
More than 10% of Canadians reported that they could not access trustworthy and unbiased financial advice.
Initiative: Free independent ecosystem reports
Nearly 80% of recent homebuyers believed that they understood how much mortgage they could afford.
Initiative: Mortgage Consumer Survey
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
Participants in a financial coaching program improved their credit score by 4% on average after 3 months.
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
Participants of the FinLit U program reported more frequent saving after the 8-week workshop.
Initiative: FinLit U
Participants of the FinLit U program reported more frequently paying bills on time after the 8-week workshop.
Initiative: FinLit U
Participants of the FinLit U program reported more proactive debt reduction after the 8-week workshop.
Initiative: FinLit U
Participants of the FinLit U program reported seeking help with money more actively after the 8-week workshop.
Initiative: FinLit U
Participants of the FinLit U program reported staying within their means more often after the 8-week workshop.
Initiative: FinLit U
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
2022 Consumer Research Study
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.
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.
Credit Canada GOLD
Credit Canada GOLD is a financial coaching program that provides participants the personalized support they need to meet individual financial goals. The program consists of 6 weeks of classes followed by two years of continued support.
Adopter: Credit Canada
FinLit U
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.
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.
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.
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.
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).
Managing Your Money in Canada Program
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.
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.
Money Matters
A free introductory financial literacy program for adult learners. The program offers free resources, workshops, and online courses to help learners increase their confidence to better manage their finances.
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.
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.
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.
QUBER App
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.
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.
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.
Credit Canada
Credit Canada is Canada’s first and longest-standing non-profit credit counselling agency. For more than 50 years, Credit Canada has been helping Canadians become debt-free and achieve financial wellness through financial coaching, education, and debt resolution.
Prosper Canada
Prosper Canada is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation.
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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