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Findings, initiatives, adopters and headlines that collectively improve financial literacy in Canada
Digital Credit Survey
The Digital Credit Survey is a phone survey designed to assess the size of the market and key characteristics of digital credit users in Kenya.
Adopter: Financial Sector Deepening Kenya
Fewer than half of Canadians shop around for a credit card before applying.
Fewer than half of Canadians shop around for a credit card before applying.
Source: Canadian Financial Capability Survey
OBSI programs
Share insights, experience and statistical information with regulators, government, industry and consumer groups to help inform public policy decisions.
Adopter: Ombudsman for Banking Services and Investments
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)
Financial Well-Being Survey
The Financial Well-Being survey was designed to capture the different aspects of financial capability and well-being defined in a priori conceptual framework of financial well-being and its possible determinants.
Adopter: Consumption Research Norway
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
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
70% of Canadians say they're financially ready for retirement, fewer are
A test description of a short length
Source: Survey on Savings for Persons with Disabilities
FCAC recommended measures
These measures were created to support the goal of Strategy-Alignment.
Adopter: Financial Consumer Agency of Canada (FCAC)
About 75% of Canadians understand what lowers house mortgage costs.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada (FCAC)
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
Adopter: Financial Consumer Agency of Canada (FCAC)
3% of Canadians were victims of a pyramid or Ponzi scheme.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada (FCAC)
In 2020, 75% of Canadians reported having conducted online banking.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
Digital nudges can help consumers build savings.
Digital nudges can help consumers build savings.
Source: Canadian Financial Capability Survey, Canadian Internet Use Survey, Financial Well-Being Survey
80% of QUBER users accepted a saving challenge, and of those, more than 80% successfully completed the challenge.
Initiative: Canadian Internet Use Survey
Adopter: Statistics Canada
More than 60% of QUBER users took action to save money based on a behavioural nudge in the app.
Initiative: Financial Well-Being Survey
Adopter: Consumption Research Norway
Only half of Canadians know there is a government agency to protect financial consumers.
Source: Survey of Canadians' Use of Banking Products and Services
65% of QUBER users accepted and successfully completed a saving challenge, and of those, 80% continued with other saving goals.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada (FCAC)
Many Buy-Now-Pay-Later users don’t understand all aspects of the service.
Source: Pilot Study: Buy Now, Pay Later Services in Canada
Test: Most people protect themselves online, but some are still vulnerable to cyberattacks and financial loss.
Shashank Initiative _English
Shashank Initiative _English is created for testing purpose
Adopter: Shashank Organization_English
Saving habits can help reduce the impact of money stress in the workplace.
Investing, retirement, and budgeting are top-of-mind for financial advice.
40% of workshop participants opened tax-free savings accounts for emergency savings.
Initiative: Mortgage Consumer Survey
Adopter: Canada Mortgage and Housing Corporation
Many Canadians do not understand their rights with respect to credit card protection insurance.
Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Financial Consumer Agency of Canada (FCAC)
Financial Consumer Agency of Canada (FCAC) is an independent federal government agency responsible for protecting the rights and interests of consumers of financial products and services. It supervises federally regulated financial entities, such as banks, and strengthens the financial literacy of Canadians.
Credit card sign-ups are better understood than rights to limit increases.
Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Canadian Center for Women’s Empowerment
Canadian Center for Women’s Empowerment (CCFWE) is an Ottawa-based non-profit dedicated to addressing Economic Abuse, and Economic Injustice through system change, financial empowerment, and research.
Almost 1 in 3 Canadians face challenges as a result of branch closures.
Source: Survey of Canadians' Use of Banking Products and Services
2 studies discovered, 20% to 40% of disabled Canadians had difficulty banking
English description
Source: Mortgage Consumer Survey
Ombudsman for Banking Services and Investments
Ombudsman for Banking Services and Investments (OBSI) resolves disputes between participating banking services and investment firms and their customers if they can't solve them on their own.
West Neighbourhood House
West Neighbourhood House (West NH), formerly St. Christopher House, has been a multi-service neighbourhood centre serving all age groups in downtown west Toronto since 1912. The mission of West NH is to enable less advantaged individuals, families and groups in the community to gain greater control over their lives and within their community.
Test: Fewer than half of Canadians shop around for a credit card before applying
Behavioural Economics in Action at Rotman
Behavioural Economics in Action at Rotman (BEAR) is an academic centre at the University of Toronto that conducts leading edge academic research in the field of behavioural economics to help organizations better understand how real people act and in turn, design better products, services, and programs for them.
Fintech apps help some people save.
Canada Mortgage and Housing Corporation
Canada Mortgage and Housing Corporation (CMHC) plays an important part of Canada's housing finance system. CMHC’s research, thought leadership, and commercial operations make CMHC a vital contributor to housing system sustainability and stability. CMHC is driven by one goal: ensuring everyone living in Canada has a place to call home.
Canadian Bankers Association
Canadian Bankers Association (CBA) is the voice of more than 60 domestic and foreign banks that help drive Canada's economic growth and prosperity. The CBA advocates for public policies that contribute to a sound, thriving banking system to ensure Canadians can succeed in their financial goals.
Canadians want to understand the impact of services on their credit score.
Source: Pilot Study: Buy Now, Pay Later Services in Canada, Survey of Canadians' Use of Banking Products and Services, Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Black Moms Connection
Black Moms Connection is a global online village and leading national non-profit providing financial support grants and culturally relevant resources to empower and educate the Black woman.
ABC Life Literacy Canada
ABC Life Literacy Canada is a national charitable organization that champions literacy by empowering adult learners, raising awareness, and supporting the adult learning sector.
Chartered Professional Accountants of Canada (CPA)
Chartered Professional Accountants Canada (CPA Canada) is one of the largest national accounting organizations in the world, representing the Canadian accounting profession at the national and international levels. With over 220,000 members, CPA Canada supports the profession and acts in the public interest by promoting transparency in financial markets, preparing members for a rapidly evolving business environment and contributing to standard setting and public policy. Globally, it works together with international bodies to build a stronger accounting profession worldwide.
Many Canadians with a disability have difficulty banking.
Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities, Survey on Savings for Persons with Disabilities
Common Good Plan
Common Good Plan is a retirement savings plan for Canada's not-for-profit sector, designed to make retirement easier and more affordable.
FP Canada
FP Canada is a national not for profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.
CANage
CanAge is Canada’s national seniors’ advocacy organization, working to improve the lives of older adults through advocacy, policy, and community engagement.
Statistics Canada
Statistics Canada is the national statistical office. The agency ensures Canadians have the key information on Canada's economy, society and environment that they require to function effectively as citizens and decision makers.
Test Title
English descriptive text
Bank of Canada
Bank of Canada is the nation's central bank whose main role is “to promote the economic and financial welfare of Canada, as defined in the Bank of Canada Act.
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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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