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Adopter Details Financial Consumer Agency of Canada
The 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.
Organization type
- Government - Federal
Country
- Canada
Related priorities
This adopter has contributed to the following priorities and target outcomes of the National Financial Literacy Strategy:
Related headlines
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
Almost 1 in 3 Canadians face challenges because of bank branch closures.
Branch closures can create difficulties for Canadians, especially for those who are unable to manage their finances online due to limited digital access.
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 Canadians' Use of Banking Products and Services
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
Many Buy-Now-Pay-Later users don’t understand all aspects of the service.
Buy-Now-Pay-Later services allow people to pay off purchases in instalments, but it’s not always clear how they work. This lack of understanding could lead to unexpected fees or financial difficulties for users.
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
Many Canadians do not understand their rights with respect to financial products and services.
Credit card protection insurance is optional and can help cover balances in the event of life changes such as job loss or hospitalization. Knowing their rights can help consumers choose whether credit card protection insurance is right for them.
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: 2022 Consumer Research Study, Survey of Consumers' Awareness of their Financial Rights and Responsibilities
Many Canadians with a disability experience difficulty with banking.
An effective financial ecosystem should be accessible to all Canadians. Understanding and improving banking accessibility for Canadians with disabilities will promote financial inclusion and equity.
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, Survey on Savings for Persons with Disabilities
Most people don’t know when it’s financially beneficial to borrow money.
Borrowing money can be beneficial, but it can also be difficult to know when it should be avoided. Knowing when and how to borrow money helps people avoid unnecessary debt and make better financial decisions.
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
Most people prepare for retirement, but fewer than half of them know how much to save.
Preparing for retirement can lead to a comfortable future. However, it can be difficult to know exactly how much money to save. This lack of understanding can lead to financial shortfalls and increased financial stress later in life.
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
Only half of Canadians know there is a government agency to protect financial consumers.
The Financial Consumer Agency of Canada (FCAC) is responsible for protecting the rights and interests of financial consumers in Canada. The Agency’s mandate is to supervise federally regulated financial entities such as banks, and to strengthen the financial literacy of Canadians.
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 Canadians' Use of Banking Products and Services
The costs of homebuying are unclear to many.
Unclear or confusing costs can lead to unexpected financial strain and stress when buying a home. Having a clear understanding of all the costs involved in buying a home is essential to make an informed financial decision, create an effective budget, and avoid unexpected debt.
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, Mortgage Consumer Survey
Related findings
3% of Canadians were victims of a pyramid or Ponzi scheme.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
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
About 40% of Canadians compared credit cards from different companies before applying.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 40% of Canadians understand when it is financially beneficial to borrow money.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 70% of Canadians say they are financially preparing for retirement.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
About 75% of Canadians understand what lowers house mortgage costs.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
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
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
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
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
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
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
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
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
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
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
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
Fewer than 10% of Canadians reported using a Buy-Now-Pay-Later service during 2021. Among them, few made a complaint or tried to resolve a dispute with a financial service provider, or reported their experience of the dispute-resolution process.
Initiative: Pilot Study: Buy Now, Pay Later Services in Canada
Adopter: Financial Consumer Agency of 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
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
Fewer than 50% of Canadians know how much money to save for retirement.
Initiative: Canadian Financial Capability Survey
Adopter: Financial Consumer Agency of Canada
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
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
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
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
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
Related measures
Related initiatives
Pilot Study: Buy Now, Pay Later Services in Canada
The Pilot Study: Buy Now, Pay Later Services in Canada is a survey from the Financial Consumer Agency of Canada. It aimed to broaden the Agency's understanding of the buy now, pay later market in Canada, from the perspective of Canadian consumers.
Survey of Consumers' Awareness of their Financial Rights and Responsibilities
The Survey of Consumers' Awareness of their Financial Rights and Responsibilities gathers evidence of certain financial rights and responsibilities, highlights potential gaps in consumers’ awareness of certain financial risks identified in the Financial Consumer Agency of Canada's industry review of bank sales practices, and assesses results against the baseline established in 2019.
Canadian Financial Capability Survey
The Canadian Financial Capability Survey is designed to shed light on Canadians’ knowledge, abilities and behaviours as they relate to making financial decisions. A key objective is to assess how Canadians are doing on indicators of financial well-being and inform ongoing efforts aimed at strengthening their financial literacy.
Mystery Shopping at Domestic Retail Banks
The goal of the mystery shopping project is to better understand how frontline bank employees sell financial products and services and how consumers experience the sales process.
Survey of Canadians' Use of Banking Products and Services
The Survey of Canadians’ Use of Banking Products and Services is designed to collect information during the pandemic about how Canadians are consuming financial products during the pandemic and to what extent they are accessing COVID-19-related financial assistance offered by the banks.
Monthly Financial Well-Being Monitor
The Monthly Financial Well-Being Monitor (formerly known as the COVID-19 Financial Well-Being Survey) is a monthly survey designed to collect information about Canadians’ day-to-day financial management and financial well-being.
Survey on Banking of Canadians
The Survey on Banking of Canadians assesses the banking experiences of older Canadians as well as to identify challenges and potential solutions.
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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