Canada Financial Literacy Market Report
Everything you need to make the right decisions
Providing the most comprehensive and up-to-date information and analysis of the Financial Literacy - Canada market, and the behaviours, preferences and habits of the consumer.
Mintel has the answers you’re looking for
What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Consumer Question Topics
- Product Ownership
- Financial Challenges
- Financial Education
- Budgeting and Savings
- Financial Planning
- Knowledge of Financial Topics
What You Should Know
The level of financial literacy in Canada is not very high. This has implications for the banking and investment industries as well as for the long-term personal financial security of many Canadians. Without an understanding of basic financial concepts, people are not well equipped to make decisions related to financial management. People who are financially literate have the ability to make informed financial choices regarding saving, investing, borrowing and investing. Financial knowledge is especially important in times where increasingly complex financial products are easily available to a wide range of the population. Moreover, changes in the pension landscape transfer decisionmaking responsibility to participants who previously relied on their employers or governments for their financial security after retirement. Financial illiteracy can carry significant costs.
Meanwhile, the potential benefits of financial literacy are many. People with strong financial skills do a better job planning and saving for retirement. Financially savvy investors are more likely to diversify risk and take a longer-term view of investing. Given the many ways financial literacy affects financial behaviour, it is important to understand the extent of consumer understanding of basic financial concepts as well as the degree to which financial skills fall short among groups like the young, women and the poor.
About the Report
This Report examines how consumers feel about the way they manage money, product ownership and financial challenges faced, their financial management habits and how they get information about personal finance.
- Prairie Provinces: Alberta, Saskatchewan and Manitoba
- Atlantic Provinces: New Brunswick, Newfoundland/Labrador, Nova Scotia and Prince Edward Island
Throughout the Report, income data refers to annual household income.
Expert analysis from a specialist in the field
Written by Sanjay Sharma, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
A concerted effort from government, industry, the school systems and the general public is required to improve the financial literacy of Canadians as its importance has perhaps not sufficiently caught on in the public consciousness.
Senior Financial Services Analyst
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This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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