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Initiative Details 2022 Consumer Research Study

The Consumer Research study, that consisted of 4,000 adults from Ontario, provides an important opportunity for FSRA to better understand consumer attitudes (e.g., trust, satisfaction), engagement with regulated financial services (e.g., consumer knowledge, behaviours), and consumer characteristics, including vulnerability. The study will enable FSRA to, over time, monitor the impact of market changes, industry responses, and regulatory efforts on consumers, members, and beneficiaries.

Initiative type

  • Survey

Demographics collected

  • Age
  • Education
  • Gender
  • Household income
  • Place of birth

Target population

  • General public

Adopter

Link

Related priorities

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

Priority 2

Build and provide for diverse needs

  • Target outcome 2.1
  • Target outcome 2.3

Priority 4

Enhance access to trustworthy and affordable financial help

  • Target outcome 4.1

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 findings
Finding

In Ontario, 1 in 10 consumers reported being offered a product with unreasonable terms, suggesting credit history, income/savings, and age were the main reasons for such offers. Credit cards and insurance products were those most commonly identified.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, 1 in 3 consumers (33%) reported experiencing an issue with financial service providers; poor customer service was the most common issue reported (16%).

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, 48% of mortgage brokerage users and 59% of health and life insurance users indicated they did not know their rights and protections related to these financial products.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, a nearly 30% gap related to banking access at credit unions and access to health and life insurance was reported between consumers with high financial vulnerability and consumers with no financial vulnerability.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, distrust in banks was more common among consumers with high financial vulnerability (35%) compared to consumers with no financial vulnerability (17%).

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

In Ontario, few consumers who report experiencing issues make a formal complaint. Among those who chose not to complain, many did not believe complaining would make a difference.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
Finding

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.

Initiative: 2022 Consumer Research Study

Adopter: Financial Services Regulatory Authority of Ontario
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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