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Finding Details 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).

Sample size

  • 3,008

Initiative

Collection dates

  • March 04, 2021 to March 25, 2021

Adopter

Related priorities

This finding relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 1

Communicate in ways people understand

  • Target outcome 1.1

Priority 6

Strengthen consumer protection measures

  • Target outcome 6.3
Related headlines
Headline

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
Related measures

The measure(s) below make up the Strategy-Aligned Measure (SAM) used to generate this finding. Please note that some SAMs require the use of multiple measures, while others work as a standalone measure. Refer to the Measures Library for more details.

Related

I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know. The first/next statement is…Credit card protection insurance will always cover the outstanding balance on your credit card if your claim is approved.

  • Don’t know
  • True
  • False
  • Prefer not to answer
Opens in new tabContribute findings and Strategy-Aligned Measures

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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