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Opens in new tabFinancial Consumer Agency of Canada (FCAC)

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Findings, initiatives, adopters and headlines that collectively improve financial literacy in Canada

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Findings, initiatives, adopters and headlines that collectively improve financial literacy in Canada

Initiative

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

Headline

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

Initiative

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

Finding

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

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Finding

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

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Initiative

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

Finding

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

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Finding

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

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Initiative

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

Headline

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

Initiative

FCAC recommended measures

These measures were created to support the goal of Strategy-Alignment.

Adopter: Financial Consumer Agency of Canada (FCAC)

Finding

About 75% of Canadians understand what lowers house mortgage costs.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Finding

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)

Finding

3% of Canadians were victims of a pyramid or Ponzi scheme.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada (FCAC)

Finding

In 2020, 75% of Canadians reported having conducted online banking.

Initiative: Canadian Internet Use Survey

Adopter: Statistics Canada

Headline

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

Finding

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

Finding

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

Headline

Only half of Canadians know there is a government agency to protect financial consumers.

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

Finding

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)

Headline

Many Buy-Now-Pay-Later users don’t understand all aspects of the service.

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

Headline

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

Initiative

Shashank Initiative _English

Shashank Initiative _English is created for testing purpose

Adopter: Shashank Organization_English

Headline

Saving habits can help reduce the impact of money stress in the workplace.

Headline

Investing, retirement, and budgeting are top-of-mind for financial advice.

Finding

40% of workshop participants opened tax-free savings accounts for emergency savings.

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Headline

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

Adopter

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.

Headline

Credit card sign-ups are better understood than rights to limit increases.

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

Adopter

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.

Headline

Almost 1 in 3 Canadians face challenges as a result of branch closures.

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

Headline

2 studies discovered, 20% to 40% of disabled Canadians had difficulty banking

English description

Source: Mortgage Consumer Survey

Adopter

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.

Adopter

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.

Headline

Test: Fewer than half of Canadians shop around for a credit card before applying

Adopter

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.

Headline

Fintech apps help some people save.

Adopter

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.

Adopter

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.

Headline

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

Adopter

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.

Adopter

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.

Adopter

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.

Headline

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

Adopter

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.

Adopter

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.

Adopter

CANage

CanAge is Canada’s national seniors’ advocacy organization, working to improve the lives of older adults through advocacy, policy, and community engagement.

Adopter

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.

Headline

Test Title

English descriptive text

Adopter

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.

Pagination

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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