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Finding

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

Finding

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

Initiative: Mortgage Consumer Survey

Adopter: Canada Mortgage and Housing Corporation

Finding

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

Initiative: Monthly Financial Well-Being Monitor

Adopter: Financial Consumer Agency of Canada

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

Finding

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

Finding

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

Finding

About half of Canadians understand that a mutual fund provides a safer return than an individual stock.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization

Finding

About half of Canadians understand the relationship between bonds and interest rates.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization

Finding

54% of Canadians have received information on identifying investment fraud, mainly from bank resources, online material, financial advisors, or social media.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization

Finding

20% of Canadian investors do not know whom to contact if they want to make a formal complaint.

Initiative: Investor Survey

Adopter: Canadian Investment Regulatory Organization

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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