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Initiative Details 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.

Initiative type

  • Survey

Demographics collected

  • Age
  • Education
  • First language
  • Gender
  • Household income
  • Physical or mental disability
  • Province/territory of residence
  • Urban/rural
  • Work situation

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

Priority 2

Build and provide for diverse needs

  • Target outcome 2.2

Priority 6

Strengthen consumer protection measures

  • Target outcome 6.3
Related headlines
Headline

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
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
Headline

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
Related findings
Finding

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
Finding

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
Finding

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
Finding

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
Finding

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
Finding

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
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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