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Finding Details In Ontario, nearly 1 in 6 consumers (15%) reported being refused a financial product or service, with credit history, income, and savings being the most cited reasons for the refusal. Credit products were the financial product most commonly refused.

Sample size

  • 595

Initiative

Collection dates

  • March 04, 2022 to March 18, 2022

Adopter

Related priorities

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

Priority 2

Build and provide for diverse needs

  • Target outcome 2.1
Related headlines
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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

In the last 2 years, have you been declined or refused a financial product or service?

  • Yes
  • No
  • Prefer not to say
  • Don't know
Related

Do you believe any of the following circumstances contributed to your being declined? [Select all that apply]

  • Credit history
  • Income/savings
  • Employment status
  • Age
  • Health
  • Gender
  • Where you live
  • Sexual orientation
  • Race/ethnicity
  • Other
  • None of these
  • Don’t know
  • Prefer not to say
Related

You mentioned earlier that a financial services provider has declined or refused to sell to you, or provide you with, financial products or services in the last two years. Which products or services were these? [Select all that apply]

  • A credit card
  • A line of credit
  • A personal loan
  • A mortgage
  • A store card
  • Another kind of loan (e.g., a payday loan)
  • Financial advice or financial planning
  • Pet insurance
  • Life insurance
  • Auto insurance
  • Travel insurance
  • Disability or critical illness insurance
  • Home insurance—contents/buildings
  • Home buildings insurance
  • A business loan
  • A basic bank account
  • Personal health insurance
  • Other
  • None of these
  • Don’t know
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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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