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In Ontario, distrust in banks was more common among consumers with high financial vulnerability (35%) compared to consumers with no financial vulnerability (17%).
Initiative: 2022 Consumer Research Study
Adopter: Financial Services Regulatory Authority of Ontario
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
Users of QUBER, a personal finance app with behavioural insights, build an emergency fund of $1,000 or more in 2 years, on average.
Initiative: QUBER App
Adopter: QUBER
Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.
Initiative: QUBER App
Adopter: QUBER
More than 60% of QUBER users took action to save money based on a behavioural nudge in the app.
Initiative: QUBER App
Adopter: QUBER
QUBER App
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.
Adopter: QUBER
2 out of every 3 Canadians in debt don’t seek professional advice.
More than one third of Canadians report their debt has increased, and managing debt can be a difficult and stressful experience. Talking to a professional can help identify strategies for paying off debt on a schedule that meets an individual’s financial needs.
Source: FCAC Monthly Financial Well-being Monitor
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Monthly Financial Well-Being Monitor
Canadians want to understand how the actions they take or the services they use might impact their credit score.
Financial institutions use credit scores to decide whether to lend a consumer money. Credit bureaus and lenders often do not share the formulas they use to calculate credit scores. For this reason, it is difficult to know the impact actions can have on credit scores.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Pilot Study: Buy Now, Pay Later Services in Canada, Survey of Canadians' Use of Banking Products and Services
Consumers have a better understanding of their rights about signing up for a credit card than they do about credit card limit increases.
Credit cards are offered by many different financial institutions and are used by a large number of Canadians. Understanding the complexities of these products and understanding consumer rights when using these products can be challenging.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Fewer than half of Canadians shop around for a credit card before applying for one.
Financial institutions offer a variety of credit cards with different interest rates, fees, and rewards and benefits. Comparing credit cards before applying for one can save Canadians money.
The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.
Source: Canadian Financial Capability Survey
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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