Description

“As the financial marketplace grows increasingly complex and new products are constantly on the horizon, it is crucial that Canadians have the judgement to make informed decisions about the financial products and services that best meet their needs. While institutions such as banks, employers and government agencies can facilitate literacy, it is largely up to individuals to make use of the available resources to enhance their financial knowledge and, consequently, their financial wellness.”
Sanjay Sharma, Senior Financial Services Analyst

This Report discusses the following key topics:

  • Consumer behaviours and attitudes related to the financial wellness of Canadians. The Report explores product ownership, financial habits and challenges, attitudes towards debt, how consumers feel about the way they manage money and how they get information about personal finance.

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
      • Executive Summary

          • Top takeaways
            • Market overview
              • Outlook on financial wellness
                • Figure 1: Financial wellness outlook, 2022-27
              • Opportunities
                • The role of banks in promoting financial wellness
                  • A majority would like to improve their financial decision-making
                    • Increasing investment ownership among women
                      • Challenges
                        • Enhancing financial wellness
                          • Payday lenders an expensive option that continue to serve a niche
                          • Market Factors

                            • Housing markets start to cool
                              • Canada has an aging population, boosting home equity products
                                • Figure 2: Proportion of 0-14s and over-65s in the Canadian population, 1988-2068*
                              • Inflation will make consumers more fee-sensitive
                                • Figure 3: Changes in Consumer Price Index, 2019-22
                                • Figure 4: Simplii Financial Facebook ad, 2022
                              • Interest rates head higher
                                • The potential of Fintech to improve financial lives
                                  • Figure 5: ZayZoon Instagram, 2022
                              • Competitive Strategies

                                • New services allow Canadian workers to access pay as they earn it
                                    • Figure 6: Moves Financial Instagram post, 2022
                                  • Canadian Payroll Association funds Financial Wellness Lab at Western
                                    • Social network for investors
                                      • Klarna expands to Canada with flexible ‘Pay in 4’ service and shopping app
                                      • Marketing Campaigns

                                        • Scotiabank guides people through a world of bad advice
                                            • Figure 7: Why consider advice that doesn’t consider you?, 2022
                                          • Why BMO is launching a Twitch channel
                                              • Figure 8: BMO NXT LVL | Where Gaming Meets Banking (Desk Tour), 2022
                                            • BMO’s rainbow Pride campaign
                                              • Figure 9: BMO Rainbow Deposits, 2022
                                              • Figure 10: Listen to your money. It’s time to invest, 2022
                                          • Fast Facts

                                            • Financial Decision – Making and Product Ownership

                                              • Half of financial decision-making is done by individuals
                                                • Figure 11: Responsibility for financial decision-making in households, 2022
                                                • Figure 12: Responsibility for financial decision-making in households, 2022
                                              • Almost all Canadians have a financial product
                                                • Figure 13: Product ownership, 2022
                                              • Older consumers own more products except for loans
                                                • Figure 14: Ownership of bank accounts, credit cards (general purpose) and investments, by age, 2022
                                                • Figure 15: Motusbank Facebook ad, 2022
                                              • Loan ownership skews younger
                                                • Figure 16: Ownership of loans and secured/prepaid credit cards, by age, 2022
                                              • Payday lenders an expensive option that continue to serve a niche
                                                • Secured and prepaid cards owned by a significant minority of younger consumers
                                                  • Figure 17: Koho Facebook ad, 2022
                                              • Financial Wellness

                                                • Financial wellness impacts overall health
                                                    • Figure 18: My financial wellness impacts my overall health (% agree), 2022
                                                  • The role of banks in promoting financial wellness
                                                    • Younger consumers are more positive on the role of institutions in promoting wellness
                                                      • Figure 19: Attitudes related to financial wellness (% agree), by age, 2022
                                                  • Financial Support from Banks

                                                    • Two in five consumers interested in tips to reduce bank fees
                                                      • Figure 20: Interest in types of financial support from banks, 2022
                                                      • Figure 21: VectorVest Instagram post, 2022
                                                      • Figure 22: Borrowell credit monitoring email ad, 2021
                                                      • Figure 23: Interest in types of financial support from banks (select), by age, 2022
                                                  • Financial Health & Challenges

                                                    • Inflation has affected the financial health of three in four Canadians
                                                      • Figure 24: Financial health related attitudes, 2022
                                                    • Reckless spending is the main financial challenge for more than half of 18-34s
                                                      • Over-55s best placed financially
                                                        • Figure 25: Financial health related attitudes (% agree), by age, 2022
                                                      • The pandemic has significantly affected the finances of half of Canadians
                                                        • Figure 26: Attitudes related to financial health, 2022
                                                      • Higher-income earners more likely to have sufficient life insurance coverage
                                                        • Younger Canadians more concerned about money
                                                            • Figure 27: Select attitudes related to financial health (% agree), by age, 2022
                                                          • Saving is the top financial challenge
                                                            • Figure 28: Financial challenges (any rank), 2022
                                                          • Saving money for an emergency fund more likely to be a challenge for women
                                                            • Figure 29: Financial challenges (any rank), by age, 2022
                                                          • Saving for retirement is a challenge for nearly half of non-retired Canadians
                                                            • Paying day-to-day bills is a greater challenge for 18-54s
                                                              • One in four credit card owners are challenged to pay down credit card debt
                                                                • A third of 18-34s rank saving for a down payment as a challenge
                                                                  • Saving for children’s education is a challenge for two in five parents
                                                                    • A tenth of 18-34s rank paying down student loans as a challenge
                                                                      • Other challenges
                                                                      • Financial Habits and Engagement

                                                                        • Four in five consumers pay their bills on time
                                                                          • Figure 30: Financial habits (% agree), 2002
                                                                          • Figure 31: Credit Karma desktop display ad, 2022
                                                                        • Age influences most behaviours
                                                                          • Figure 32: Financial habits (% agree), by age, 2022
                                                                        • Majority agree that technology has helped them manage their finances better
                                                                          • Figure 33: Attitudes related to financial engagement, 2022
                                                                        • Two thirds of 18-34s are influenced by suggestions from friends/family
                                                                          • Figure 34: Attitudes related to financial engagement (% agree), by age, 2022
                                                                        • A third follow financial topics on social media
                                                                          • Men and younger Canadians are more likely to consider themselves as financial experts
                                                                            • Most Canadians don’t agree that budgeting works only for boring people
                                                                            • Attitudes towards Personal Finances

                                                                              • Three in four Canadians are confident in their ability to manage finances
                                                                                • Figure 35: Attitudes towards finances, 2022
                                                                              • A majority would like to improve their financial decision-making
                                                                                • Over-55s are most confident and knowledgeable
                                                                                  • Figure 36: Select attitudes towards finances (% agree), by age, 2022
                                                                                • LGBTQ+ community is less confident and seeking support
                                                                                  • Figure 37: Select attitudes towards finances (% agree), LGBTQ+ vs overall, 2022
                                                                                • Majority find it easy to deal with banks
                                                                                  • Figure 38: Attitudes towards finances, 2022
                                                                                • Two in three consumers find it better to spend on experiences than on material things
                                                                                    • Figure 39: Select attitudes towards finances (% agree), by age, 2022
                                                                                • Appendix – Data Sources and Abbreviations

                                                                                  • Data sources
                                                                                    • Consumer survey data
                                                                                      • Consumer qualitative research
                                                                                        • Abbreviations and terms

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