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Initiative Details 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.

Initiative type

  • Survey

Demographics collected

  • Age
  • Education
  • Ethno-cultural group
  • Financially responsible for dependent
  • First language
  • Gender
  • Household income
  • Immigration status
  • Marital status
  • Personal income
  • Physical or mental disability
  • Place of birth
  • Province/territory of residence
  • Status or non-status indigenous person
  • Urban/rural
  • Visible minority
  • Work situation
  • Year of landing (if born outside of Canada)

Target population

  • General public

Adopter

Link

Related priorities

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

Priority 1

Communicate in ways people understand

  • Target outcome 1.1
  • Target outcome 1.2

Priority 4

Enhance access to trustworthy and affordable financial help

  • Target outcome 4.3
Related headlines
Headline

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
Headline

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
Headline

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
Headline

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
Finding

3% of Canadians were victims of a pyramid or Ponzi scheme.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Finding

About 40% of Canadians compared credit cards from different companies before applying.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Finding

About 40% of Canadians understand when it is financially beneficial to borrow money.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Finding

About 70% of Canadians say they are financially preparing for retirement.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Finding

About 75% of Canadians understand what lowers house mortgage costs.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Finding

Fewer than 50% of Canadians know how much money to save for retirement.

Initiative: Canadian Financial Capability Survey

Adopter: Financial Consumer Agency of Canada
Related measures
Use the Opens in new tabMeasures Library to search for Strategy-Aligned Measures (SAMs) that help stakeholders in the financial ecosystem track progress toward achieving the National Strategy’s target outcomes.

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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