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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

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

Adopter: Financial Consumer Agency of Canada (FCAC)

Families Canada is working to connect women living on low incomes with financial literacy programs that meet their needs. Through national research and consultations, they have identified gender-specific barriers that prevent women living on low incomes (particularly those that have experienced trauma and violence) from accessing financial literacy information and financial products and services. They offer professional development training to help financial literacy educators understand and apply trauma- and violence-informed approaches (TVIA) when supporting women. They continue to work to incorporate Strategy-Aligned Measures in their financial literacy work, and take a systemic approach to improving women's and girls' economic security and prosperity.

Adopter: Families Canada

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 four 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

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

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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 (FCAC)

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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: Survey on Savings for Persons with Disabilities

Adopter: Statistics Canada

Initiative: Survey on Savings for Persons with Disabilities

Adopter: Statistics Canada

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 six months, participants commit to saving between $5 and $50 each month, engage in a minimum of two individual meetings with the facilitator, and attend seven 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

The CCFWE are 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

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.

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 (FCAC)

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 (FCAC)

Just the Financial Facts surveyed an array of personal loan products, generally small unsecured loans, from various financial service providers in San Francisco’s Mission District. The first phase in the research process involved taking an inventory of all services offered by financial companies in the Mission. In the second phase of the study, the research team visited financial establishments and inquired about borrowing $1,000 to pay for a security deposit on an apartment.

Adopter: Mission Asset Fund

Monkiri uses modular gamified lessons that aim to improve both consumer knowledge and skills, using unbranded and neutral content, without offering or recommending specific financial products or services. They collect basic demographic information and track users' behavioural performance over time, including completion times and changes in confidence. Monkiri also empowers other organizations to create their own lessons which can be distributed and tracked through the mobile app.

Adopter: Monkiri

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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.

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: Survey of Canadians' Use of Banking Products and Services

Adopter: Financial Consumer Agency of Canada (FCAC)

Customer Outcomes-Based Approach to Consumer Protection is a pilot exercise that involved the Financial Sector Conduct Authority (FSCA) and five financial service providers in South Africa who focused on measuring intermediate customer outcomes from a supervisory perspective. It provides guidance and recommendations primarily to authorities for measuring and monitoring customer outcomes and to FSPs for leveraging internal data and tracking progress toward achieving better customer outcomes.

Adopter: Consultative Group to Assist the Poor

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

Adopter: Financial Consumer Agency of Canada (FCAC)

The 2019 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 (FCAC)

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

Adopter: Financial Consumer Agency of Canada (FCAC)

The COVID-19 Financial Well-Being Survey is a monthly survey designed to collect information during the pandemic about Canadians' day-to-day financial management and financial well-being.

Adopter: Financial Consumer Agency of Canada (FCAC)

The Financial Competence Framework for Adults in Europe promotes a shared understanding of the financial competences adults need to make sound decisions on personal finance.

Adopter: OECD International Network on Financial Education

Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.Most people don’t know when it’s financially beneficial to borrow money.

Source: Canadian Financial Capability Survey

Initiative: Survey of Canadians' Use of Banking Products and Services

Adopter: Financial Consumer Agency of Canada (FCAC)

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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.

Adopter: Behavioural Economics in Action at Rotman

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

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families’ balance sheets, pensions, income, and demographic characteristics. Information is also included from related surveys of pension providers and the earlier such surveys conducted by the Federal Reserve Board.

Adopter: Federal Reserve Board

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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

Adopter: Financial Consumer Agency of Canada (FCAC)

The US National Financial Well-Being Survey measures the financial well-being of a national sample of adults selected to reflect the U.S. population using the CFPB's Financial Well-Being Scale. It also includes measures of individual and household characteristics that may influence adults’ levels financial well-being.

Adopter: Consumer Financial Protection Bureau

Initiative: Survey on Banking of Canadians

Adopter: Financial Consumer Agency of Canada (FCAC)

Most people protect themselves online, but some are still vulnerable to cyberattacks and financial loss

Source: Canadian Internet Use Survey

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.

Adopter: Fintech Cadence

Initiative: Bitcoin Omnibus Survey

Adopter: Bank of 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 (FCAC)

Homebuying is often seen as a significant milestone, a dream come true for many. However, the journey to owning a home is fraught with challenges that can make the process daunting and stressful. One of the primary hurdles is finding the right property. With countless options available, each with its own set of pros and cons, prospective buyers must navigate a sea of choices to find a home that fits their needs, preferences, and budget.

Financial considerations add another layer of complexity. Securing a mortgage is not always straightforward, as it involves thorough scrutiny of one's financial health, credit score, and income stability. The process can be time-consuming and stressful, especially for first-time buyers who may not be familiar with the intricacies of mortgage applications and approvals.

The real estate market itself can be unpredictable. In a seller's market, competition among buyers can be fierce, leading to bidding wars that drive up prices. This can be particularly disheartening for buyers with limited budgets, as they may find themselves outbid on multiple properties. Additionally, market fluctuations can affect property values, making it difficult to determine the best time to buy.

Legal and administrative hurdles also pose significant challenges. The homebuying process involves a myriad of paperwork, including contracts, disclosures, and inspections. Each document requires careful review and understanding to avoid potential pitfalls. Missteps in this area can lead to costly mistakes or even legal disputes.

Unexpected costs are another common issue. Beyond the purchase price, buyers must consider expenses such as closing costs, property taxes, insurance, and potential repairs or renovations. These additional costs can strain a buyer's budget and add to the overall stress of the process.

Emotionally, homebuying can be taxing. The investment of time, money, and energy, coupled with the uncertainty and potential setbacks, can lead to anxiety and frustration. The emotional rollercoaster of finding a dream home, only to lose it to another buyer, can be particularly challenging.

Despite these obstacles, the reward of owning a home often outweighs the difficulties. The sense of stability, the freedom to personalize one's living space, and the potential for long-term financial benefits make the effort worthwhile. With careful planning, patience, and the right support, the dream of homeownership can become

Source: Canadian Financial Capability Survey, Mortgage Consumer Survey

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

Adopter: Financial Consumer Agency of Canada (FCAC)

Initiative: FinLit U

Adopter: Black Moms Connection

Initiative: Survey of Canadians' Use of Banking Products and Services

Adopter: Financial Consumer Agency of Canada (FCAC)