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Finding Details 33% of participants in a financial literacy workshop reported having either no chequing, or no savings account (i.e. underbanked), whereas 8% reported having neither (i.e. unbanked). Most unbanked and underbanked participants are under 21 and are less likely to have an income.

Sample size

  • 897

Initiative

Collection dates

  • November 01, 2023 to March 31, 2024

Adopter

Related priorities

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

Priority 4

Enhance access to trustworthy and affordable financial help

  • Target outcome 4.2
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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

Check all that apply to you:

  • I have a chequing account
  • I have a savings account
  • I have a Registered Education Savings Plan (RESP)
  • I use cheque cashing or payday lending services when I need to
  • Using a bank is hard for me
  • I have a plan for saving money
Related

If you don’t use a credit union or bank, tell us why. Check all that apply.

  • I don't have any income
  • I can't easily get to a credit union or bank
  • I don't have the documents required to open an account
  • I don't want to use a bank or credit union
  • I don't know what financial products or services are right for me
  • I don't think banks have financial products or services that are right for me
  • I don't want my finances to be vulnerable to seizure
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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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