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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 (FCAC)

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 (FCAC)

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 two-factor authentication or personalized security questions.

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

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 (FCAC)

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.

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

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

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 (FCAC)

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 (FCAC)

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 one-third (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 (FCAC)

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 (FCAC)

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 (FCAC)

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 (FCAC)

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

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 (FCAC)

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 (FCAC)

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 (FCAC)

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 (FCAC)

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 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 (FCAC)

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

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 (FCAC)

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. 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 (FCAC)

In 2021, one in five Canadians with a health condition said their condition made it difficult to deal with their bank.

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

Adopter: Financial Consumer Agency of Canada (FCAC)

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

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 more frequently paying bills on time after the 8-week workshop.

Initiative: FinLit U

Adopter: Black Moms Connection

Users of QUBER, a personal finance app with behavioural insights, build an emergency fund of $1,000 or more in 2 years, on average.

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

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

Participants of the FinLit U program reported more proactive debt reduction after the 8-week workshop.

Initiative: FinLit U

Adopter: Black Moms Connection

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

Among Canadians who have debt, 30% of them sought advice from financial professionals to help them manage debt.

Initiative: COVID-19 Financial Well-Being Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Fewer than 50% of Canadians know how much money to save for retirement.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

89% of participants reported having improved skills using the Internet following a digital literacy training program.

Initiative: Digital Literacy Exchange Program

Nearly 80% of recent homebuyers believed that they understood how much mortgage they could afford.

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

The longer users have been saving with QUBER, the lower the chance they report reduced productivity at work due to money stress.

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

Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.

One year after a digital literacy training, the percentage of people who never use the Internet dropped from 3% to 1%.

Initiative: Digital Literacy Exchange Program

About 40% of Canadians understand when it is financially beneficial to borrow money.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Participants of the FinLit U program reported more frequent saving after the 8-week workshop.

Initiative: FinLit U

Adopter: Black Moms Connection

About 60% of Canadians understand that bitcoin is not backed by a government.

Initiative: Bitcoin Omnibus Survey

Adopter: Bank of Canada

If provided with an opportunity to speak to a financial advisor about one topic, Canadians ranked investing first, followed by retirement and budgeting.

About 70% of Canadians say they are financially preparing for retirement.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

About 40% of Canadians compared credit cards from different companies before applying.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

51% of homebuyers said that they discussed unexpected costs with their mortgage professional.

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

35% of homebuyers paid more than what they had planned.

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation