Prepared for Financial Consumer Agency of Canada
Supplier: Ekos Research Associates Inc.
Contract Number: 5R000-181274/001/CY
Contract Value: $247,439.09 (including HST)
Award Date: October 26, 2018
Delivery Date: November 26, 2019
Registration Number: POR 060-18
For more information on this report, please contact the Financial Consumer Agency of Canada at info@fcac-acfc.gc.ca.
Ce rapport est aussi disponible en français
Data Collection for the 2019 Canadian Financial Capability Survey
Final Methodology Report
Prepared for Financial Consumer Agency of Canada
Supplier name: Ekos Research Associates Inc.
Date: November 26, 2019
This public opinion research report presents the results of an online survey conducted by Ekos Research Associates Inc. on behalf of the Financial Consumer Agency of Canada. The research study was conducted with 7,169 Canadians 18 years of age or older between February and May 2019.
Information contained in this publication or product may be reproduced, in part or in whole, and by any means, for personal or public non-commercial purposes without charge or further permission, unless otherwise specified. Commercial reproduction and distribution are prohibited except with written permission from the Financial Consumer Agency of Canada.
For more information, contact
Financial Consumer Agency of Canada 427 Laurier Ave. West, Ottawa ON K1R 1B9
www.canada.ca/en/financial-consumer-agency
Cat. No. FC5-42/2-2019E-PDF (Electronic PDF, English)
ISBN 978-0-660-33031-0
© Her Majesty the Queen in Right of Canada, as represented by the Minister of Finance Canada, 2019.
Aussi disponible en français sous le titre : Collecte de données pour l'Enquête canadienne sur les capacités financières de 2019.
Ekos Research Associates
Contact: Susan Galley
Ottawa Office
359 Kent Street, Suite 300
Ottawa, Ontario
K2P 0R6
Tel: (613) 235 7215
Fax: (613) 235 8498
E-mail: pobox@ekos.com
The Canadian Financial Capability Survey (CFCS) aims to shed light on Canadians' knowledge, skills and confidence concerning financial decision-making (Keown, 2011; FCAC, 2015).[1] A key objective is to measure how Canadians are doing on indicators of financial well-being and informing ongoing efforts aimed at strengthening the financial literacy of Canadians. This includes learning what Canadians know about the financial services available to them, their approaches to financial planning (day-to-day money management, budgeting and longer-term money management), their plans for the future and how they understand their financial situation. Having up-to-date nationally representative data on the knowledge, skills and confidence of Canadians is important to help identify trends, gaps and emerging needs across the population.
The Financial Consumer Agency of Canada (FCAC) commissioned Ekos Research Associates to conduct the 2019 CFCS. It was administered using Probit, a hybrid online-phone probability-based panel sample frame developed by Ekos Research Associates which allowed respondents to complete the survey either online or by telephone, depending on their own preferences. To ensure the perspectives of all Canadians were reflected, the sample frame was augmented by random-digit-dial (RDD) phone interviews. The survey was administered over the period from March 18, 2019 to May 30, 2019.
Using a probability-based sample frame is critical to be able to draw comparisons to previous fieldings of the CFCS using robust statistical testing. This modernized and streamlined 25-minute core survey covered content contained in previous versions of the CFCS conducted in 2014 and 2009. In addition, the 2019 CFCS introduced a follow-up survey primarily to cover new content on psychological factors, fraud, debt management and financial well-being. Previous versions of the CFCS fielded in 2014 and 2009 were conducted exclusively via land-line telephone interviews and had an average duration of more than 35 minutes.
The core survey had an average duration of about 25 minutes per interview and was administered online and by phone from March 18 to May 9, 2019. The core sample included 7,169 interviews with Canadians aged 18 years or older. The overall response rate was 11% using a mix of Probit panel members (3,750 cases completed online and 2,031 completed by telephone), as well as RDD (1,388 cases) as the sample source.
RDD was used to augment the overall sample for groups that were not as well represented in the Probit panel, including oversampling Indigenous Canadians and new Canadians. Survey results can be extrapolated to the broader general public of Canadians 18 and over, with an associated margin of error of +/- 1.2% at a 95% confidence level for questions posed to the complete sample. Topics covered in the core survey include:
In addition, a new 10-minute follow-up survey was added for respondents who agreed to participate in it. The follow-up questionnaire was administered from April 11, 2019 until May 30, 2019 and included 27 questions, mostly covering new content that had not used in previous surveys. Topics covered in the follow-up survey included:
The follow-up survey was administered almost exclusively to online panel members, with only six per cent (n=190) completing the survey by telephone. The follow-up sample is comprised of 3,026 respondents, capturing 42% of the original core sample. In fact, about 65% of panel members who completed the core survey online chose to also complete the follow-up survey. Among those completing the core survey by telephone, most completed the follow-up survey online (439) rather than by telephone (161). Because the panel is randomly generated, these results can also be extrapolated to the broader general public, with an associated margin of error of +/- 1.8% at a 95% confidence interval.
The draft questionnaires were provided by FCAC. The Ekos team assisted to finalize the questionnaires through a review for comprehension, clarity, branching logic, and consistency/ comparability by mode of administration. About 80% of the items in the 25-minute core survey questionnaire were replicated from previous versions of the CFCS, although some of these items were changed slightly either to add clarity or adapt them for administration online as well as on the telephone. The primary purpose for retaining these questions was to track changes over time with previous versions of the survey conducted in 2014 and 2009. The follow-up survey contained mainly new questionnaire content.
The questionnaire instruments underwent a series of tests prior to launching the full survey. Initial tests for the core survey were conducted both online and by telephone to check for flow, wording, branching logic, etc. These tests were completed over the period from December 2018 to January 2019. The core survey was then pilot tested in February 2019 with a larger sample of 206 cases (half online and half by telephone). The pilot sample was examined for representativeness and general data quality, and a subsequent decision was made to proceed with the collection of the full survey sample. Respondents to the pilot were included in the final core survey sample. The follow-up survey was tested online with a sample of those who completed the core survey in the first week or two of collection in March 2019. Only very minor changes were made to clarify wording or programming. As noted above, the overwhelming majority of follow-up surveys were administered online (94%).
Upon launching the full survey, an initial sub-set of panel members were randomly pre-assigned to respond either online or by telephone (500 cases in each mode), along with 400 cases completed using the RDD telephone sample. This data was collected prior to targeting any sub-groups to allow for comparison and calibration of the two sample sources (panel and RDD), as well as by mode of survey completion (telephone or online), if required.
Both the online and the follow-up surveys were administered online and by telephone using a bilingual questionnaire. For the online administration, the bilingual survey questionnaire was installed on a secure web-server controlled by Ekos. Telephone interviews were completed on-site, using computer assisted telephone interviewing (CATI) software. The CATI software allowed interviewers to input responses from respondents as the survey unfolded. Interviewers were provided with detailed background on the study, followed by practice interviews prior to beginning work. Ten per cent of all work was monitored for quality control purposes.
A Random Iterative Method (RIM) weight was calculated using crosstabulation software to correct for response bias between the population distribution of the final sample and population estimates, based on the 2016 Census.
For the core sample, a weight was calculated according to population proportions for age, region of the country, education (post-secondary completion versus less education) and marital status (whether the household included an adult couple or not) within each of the three source/mode segments (i.e., panel online, panel telephone and RDD telephone). Whether respondents were born outside of Canada or not was also added as a population target in the weight, crossed only by sample source (panel/RDD).
For the follow-up sample, a separate weight was developed due to the high concentration of respondents who were members of the online panel, with sample characteristics that differed from the core sample. The final weight for the follow-up sample was derived based on Census 2016 population targets for age, region of the country, education (post-secondary completion versus less education), marital status (households including a couple or not), labour force status (employed or not) and gender.
A separate weight was calculated for analysis focusing specifically on the Indigenous population. This weight adjusts for age differences in the underlying sample compared to the broader Indigenous population across Canada.
The value of this contract was $247,439.09 (including HST).
I hereby certify as Senior Officer of Ekos Research Associates Inc. that the deliverables fully comply with the Government of Canada political neutrality requirements outlined in the Communications Policy of the Government of Canada and Procedures for Planning and Contracting Public Opinion Research.
Specifically, the deliverables do not include information on electoral voting intentions, political party preferences, standings with the electorate, or ratings of the performance of a political party or its leaders.
Signed by:
Susan Galley (Vice President)
The mandate of the Financial Consumer Agency of Canada (FCAC) includes the objective of strengthening the financial knowledge, skills and confidence of Canadians to enhance their ability to make financial decisions. To further this aim, FCAC conducted public opinion research (POR) by fielding the 2019 Canadian Financial Capability Survey (CFCS) in order to collect quantitative evidence about Canadians’ financial knowledge, skills and confidence.
The CFCS is designed to shed light on Canadians' knowledge, skills and confidence concerning financial decision-making (Keown, 2011; FCAC, 2015).[2] A key objective is to measure how Canadians are doing on indicators of financial well-being and informing ongoing efforts aimed at strengthening the financial literacy levels of Canadians. This includes learning what Canadians know about the financial services available to them, their approaches to financial planning (day-to-day money management, budgeting and longer-term money management), their plans for the future and how they understand their financial situation.
Further, the CFCS has been identified as a key aspect of FCAC’s evaluation strategy to measure the impacts of the broad range of financial literacy initiatives delivered by financial literacy stakeholders in the 2015-2018 Report on Plans and Priorities and the 2017-2018 FCAC Business Plan. The 2015 National Strategy for Financial Literacy-Count me in, Canada established FCAC priorities to help Canadians to: (1) manage money and debt wisely; (2) plan and save for the future; and (3) prevent and protect against fraud and financial abuse.
Having up-to-date nationally representative data on the knowledge, skills and confidence of Canadians is important to help identify trends, gaps and emerging needs across the population. Prospective users and uses of the data collected include:
The key overriding objective for the research project was to collect reliable and nationally representative data on the financial knowledge, behaviours and skills of Canadians through fielding of the 2019 CFCS. Specific objectives include:
The intended approach for the 2019 CFCS was to collect a 7,000-case probability-based sample, with the majority of the interviews completed online (self-administered) by members of the Probit panel. In general, a probability-based sampling frame is considered to be more statistically robust and rigorous because the sample is randomly selected, which means that there are statistical methods that can be used to assess sample error when extrapolating the results to the entire population. For this reason, Public Services and Procurement Canada (PSPC) and other experts recommend probability-based sample frames as being preferable when the stakes are high in terms of impact on key policy, program or budget decisions (PSPC, undated).
Since the last collection of the CFCS in 2014, internet and mobile phone usage by Canadians has dramatically changed how financial consumers operate in the financial world and all other aspects of their lives. Survey methodologies have had to adapt to these new online realities as exclusively land-line telephone surveys now risk missing significant sub-groups of the Canadian population due to the growing use of mobile phones. For these reasons, FCAC decided to explore the possibility of using the hybrid online-phone probability-based Probit sample frame to administer the 2019 CFCS. About two-thirds (4,700) of the interviews were to be completed online (self-administered) by members of the Probit panel. A smaller sample of 2,300 respondents were to complete the survey by telephone, including Probit panel members who have an indicated preference for telephone interviews, as well as a subset of cases completed using a Random Digit Dialing (RDD) sample (landline and cell phone sample) to reach key target groups. Previous versions of the CFCS fielded in 2014 and 2009 were conducted exclusively via land-line telephone interviews.
Another innovative approach in the design of the 2019 CFCS was dividing the questionnaire content into a core survey and a follow-up survey. Previous versions of the questionnaire consisted of over 130 questions and had an estimated average duration of 35 minutes or more. Due to the concern that it would be difficult to obtain a sufficient sample size with a survey of this length, the decision was made to split the content into a 25-minute core questionnaire administered to the full sample to collect critical information for trend analysis on socio-demographics as well as key questions from the previous versions of the questionnaire in the 2014 and the 2009. To collect data on new and emerging issues, a 10-minute follow-up survey administered online to a sub-set of roughly 2,500 respondents in the core panel sample. Data from the follow-up survey could subsequently be merged with the core survey questions in order to obtain nationally representative results and allow for statistical inference testing.
The key sample frame used for the 2019 CFCS is the hybrid online-telephone Probit panel developed by Ekos Research Associates. Probit represents the most comprehensive probability-based hybrid online-phone sample frame of its kind in Canada. This panel of more than 90,000 individuals serves as a fully representative sample of Canadians and margin of errors can be applied. From it we can draw random samples and collect data in a more cost efficient and timely manner than would otherwise be possible in a traditional telephone survey.
Probit panellists have been selected randomly using a random-digit dial (RDD) landline-cell phone hybrid sample frame. The identical sample frame and sampling process is used to conduct telephone surveys, which are considered to be representative of the population. Once selected, panellists are contacted and recruited by telephone and asked to complete a basic profile (i.e., base survey instrument) including a range of demographic information about themselves. They are also asked if they would prefer to complete surveys online or by telephone. All panel members are eligible to participate, including those with cell phones only, those with no Internet access, and those who simply prefer to respond by telephone, rather than online.
For the 2019 CFCS, the final sample for the core survey includes 7,169 completed cases of interviews with Canadians 18 years of age or older. Results from the final core survey sample can be extrapolated to the broader general public of Canadians 18 and over, with a margin of error of +/-1.2% at a 95% confidence level for questions posed to the full sample.
The sample includes 5,781 cases completed with Probit panel members, of which 3,750 were completed online and 2,031 by phone. An additional 1,388 cases were completed by telephone using the RDD sample to augment the overall response in strata where sample or response rates were lower in the panel (e.g., in smaller regions, among youth and lower socioeconomic strata, as well among Indigenous respondents and recent immigrants).
It is important to note that an initial sub-set of panel members were randomly pre-assigned to respond either online or by telephone (500 cases in each mode), along with 400 cases completed using the RDD sample. Data for this sub-sample was collected prior to targeting any sub-groups in order to allow for comparison and calibration of the two sample sources (panel and RDD), as well as by mode of survey completion (telephone or online), if required.
In the end, a significantly higher number of cases were completed by telephone than originally proposed (3,419 vs. 2,300). The main reason was to reach intended targets for a number of key segments of interest to FCAC in the final sample. These included:
Following is a breakdown of frequency and proportion (%) of cases completed within key segments of the unweighted sample within the three sample sources/approaches to be used in collecting the sample:
| Col1 | Total | Online (Panel) | Telephone (Panel) | Telephone (RDD) |
|---|---|---|---|---|
| Total | 7169 | 3750 (52%) | 2031 (28%) | 1388 (19%) |
| 18-34 | 1120 | 351 (31%) | 410 (37%) | 359 (32%) |
| 35-44 | 1049 | 544 (52%) | 337 (32%) | 168 (16%) |
| 45-54 | 1423 | 807 (57%) | 418 (29%) | 198 (14%) |
| 55-64 | 1531 | 876 (57%) | 402 (26%) | 253 (17%) |
| 65 up | 2038 | 1164 (57%) | 464 (23%) | 410 (20%) |
| Col1 | Total | Online (Panel) | Telephone (Panel) | Telephone (RDD) |
|---|---|---|---|---|
| Total | 7169 | 3750 (52%) | 2031 (28%) | 1388 (19%) |
| BC | 746 | 423 (58%) | 187 (25%) | 136 (18%) |
| Alberta | 638 | 334 (52%) | 171 (27%) | 133 (21%) |
| Prairies | 974 | 445 (46%) | 303 (31%) | 226 (23%) |
| Ontario | 1985 | 1079 (54%) | 552 (28%) | 354 (18%) |
| Quebec | 1393 | 623 (45%) | 433 (31%) | 337 (24%) |
| Atlantic | 1425 | 838 (59%) | 385 (27%) | 202 (14%) |
| Col1 | Total | Online (Panel) | Telephone (Panel) | Telephone (RDD) |
|---|---|---|---|---|
| Total | 7169 | 3750 (52%) | 2031 (28%) | 1388 (19%) |
| Male | 3665 | 1966 (54%) | 1034 (28%) | 665 (18%) |
| Female | 3467 | 1752 (51%) | 994 (29%) | 721 (21%) |
| Col1 | Total | Online (Panel) | Telephone (Panel) | Telephone (RDD) |
|---|---|---|---|---|
| Total | 7169 | 3750 (52%) | 2031 (28%) | 1388 (19%) |
| High School (Less than post secondary completion) | 1777 | 504 (28%) | 737 (41%) | 536 (30%) |
| Completed College | 2281 | 1324 (58%) | 562 (25%) | 395 (17%) |
| Completed University | 3086 | 1904 (62%) | 728 (24%) | 454 (15%) |
| Col1 | Total | Online (Panel) | Telephone (Panel) | Telephone (RDD) |
|---|---|---|---|---|
| Total | 7169 | 3750 (52%) | 2031 (28%) | 1388 (19%) |
| Indigenous | 479 | 161 (34%) | 173 (36%) | 145 (30%) |
| Recent immigrant (last 10 years) | 216 | 51 (24%) | 49 (23%) | 116 (54%) |
| Lower income household (less than $40,000) | 1610 | 581 (36%) | 601 (37%) | 428 (27%) |
In addition to the core survey, a new 10-minute follow-up survey was added for respondents who agreed to participate in it. The follow-up questionnaire was administered from April 11, 2019 until May 30, 2019 and included 27 questions, mostly covering new content that had not been used in previous surveys.
The follow-up survey was administered almost exclusively online, with only six per cent (n=190) completing the survey by telephone. The sample is comprised of 3,026 respondents, capturing 42% of the original core sample. Of those 3,750 panel members completing the core survey online, 2,397 also completed the follow-up survey online. Only a handful (n=29) completed the follow up survey by telephone. Among the 2,031 panel members who completed the core survey by telephone, 364 completed the follow-up online and another 113 completed it by telephone. Of the 1,388 additional members of the general public completing the core survey by telephone, 75 completed the follow-up online and 48 completed it by telephone. Because the panel is randomly generated, these results can also be extrapolated to the broader general public, with an associated margin of error of +/- 1.8% at a 95% confidence interval.
Note that in terms of socio-demographic characteristics, the follow-up sample closely reflects that of the online core sample. Appendix F provides more details on the weighted and unweighted characteristics of the follow-up sample.
The draft questionnaires were provided by FCAC. The Ekos team assisted to finalize the questionnaires through a review for comprehension, clarity, branching logic, and consistency/comparability by mode of administration. Ekos also developed training materials and communications, as well as quality control procedures for the administration of the survey across the two modes.
The core 25-minute questionnaire for the 2019 CFCS was comprised of 76 questions. About 80% of the survey items in the core questionnaire were replicated from previous surveys for the purposes of tracking changes over time, although some of these items were changed slightly either to add clarity or adapt them for administration online as well as on the telephone. Topics included:
The majority of questions were closed-ended, although 15 were semi-open-ended (i.e., including an "other" where they had opportunity to specify their own response). At the end of the survey, sample members were also asked about whether they would consent to participate in the 10-minute follow-up survey.
The 10-minute follow-up survey included 27 questions, of which only two were semi-open. The majority of follow-up respondents were Probit panelists who completed the questionnaire online, although a small number of participants who completed the first survey by telephone also completed the follow-up questionnaire in this manner. The follow-up questionnaire was comprised primarily of new questions on:
Testing was conducted in several iterations for the core survey and the follow-up survey:
The survey instrument was tested online and by telephone. The purpose of the testing was to assess the flow and clarity of the wording as well as to streamline the survey to achieve an average duration of about 25 minutes, while retaining the essential survey content.
In December 2018, an initial testing was conducted exclusively online with 40 completed cases using the Probit panel as the sample. The average length of the questionnaire in first testing iterations was about 35 minutes. In the pretest version of the online questionnaire, respondents were also asked about length, flow, clarity of wording, etc. for quality control purposes. A review was conducted of the questionnaire by FCAC in order to prioritize and eliminate non-core items, some of which were moved to the follow-up questionnaire.
In January 2019, a second test was conducted by telephone, again using the Probit panel as the sample source. A total of 30 cases were collected in this telephone test, with the average interview duration down to 26 minutes. The team reviewed the results and the audio recordings for areas where clarifications were required. A number of simple changes were made to clarify instructions to interviewers or to ensure the questionnaire was as consistent for both online and telephone interview modes. A few adjustments were also made to the skip logic based on a review of the frequencies. A handful of items were changed slightly to increase the clarity or comprehensiveness of the question or response categories.
In February 2019, the survey was pilot tested with a larger sample intended to be included in the final survey sample. A total of 102 cases were completed online and 104 cases were completed by telephone, using the Probit panel as the sample source. Twenty per cent of the cases were conducted in French. This 206-case pilot sample was examined for representativeness and general data quality. Responses were also compared between the two modes of administration (telephone and online) to better understand areas and degrees of differences.
By and large, the results of the pilot sample were found to be consistent between online and telephone samples and, where the results could be compared with the 2014 survey, results looked similar in terms of data quality by sample source and mode. As such, the decision was made by FCAC to proceed with the full collection via the proposed hybrid online-phone Probit sample and RDD telephone sample. Appendix D presents a memo detailing the results of the pilot.
Once the core survey collection was underway, the follow-up survey was tested online with a sample of those who completed the core survey in the first week or two of collection (March 21-29, 2019). A total of 47 cases were completed with an average interview length of about 10 minutes. Only very minor changes were made to clarify wording or programming. The questionnaire was not tested by telephone since the large majority of cases were online. There were very minor differences in administration of the online and telephone versions of the follow-up questionnaire.
In order to introduce survey participants to the purpose of the project, the core questionnaire was prefaced with a brief introduction to the study and rationale for the research. Respondents were told the purpose of the survey and how the information is assisting the Government of Canada. The voluntary and confidential nature of the survey was also emphasized. Instructions for completing the survey clearly indicated how to move through the questionnaire and fill in responses. Email invitations included both an email address and 1-800 number respondents could use in the event they had questions about the study or completing the questionnaire. Both the core and follow-up surveys were administered online and by phone using a bilingual questionnaire. All work was carried out according to the specifications outlined in the Government of Canada standards.
For the online administration, the bilingual survey questionnaires were installed on a secure webserver controlled by Ekos. The email invitation included a description and purpose of the survey (in both languages) along with a link to the survey website. When respondents clicked the survey link, they were taken to a website containing the survey instrument. Once inside the survey, the respondent had the choice of completing the questionnaire in French or English (with the option of changing the survey language at any time). The survey database was mounted using a Personalized Identification Number (PIN), so only individuals with a PIN were allowed access to the survey. The PIN also allowed respondents to exit and re-enter the survey at any time to complete or change information before the questionnaire was completed/submitted.
Telephone interviews were completed using computer assisted telephone interviewing software (CATI) allowing interviewers to input responses from respondents as the survey unfolds. During initial training, telephone interviewers were given instruction about the study objectives and sampling – as well as the meaning and intent of specific items in the survey. Practice interviews also took place. By and large, interviewers input survey responses by selecting a category offered on the screen that best reflected the respondent’s answer. For open-ended questions, however, verbatim responses from the respondent were input for later review and coding.
All telephone work was carried out on site, under regular supervision and 10% monitoring of interviews to ensure professional conduct and data quality. A minimum of eight call-backs (nine total calls) were made to each selected household in the original sample before retiring a case and substituting another household. Follow-up calls were made on subsequent days, at varying time periods to maximize the potential for reaching a given respondent, and appointments were taken at the convenience of the respondent. All individuals were also asked at the start whether they preferred to conduct the interview in English or French.
As noted above, significant targeting was required to achieve the desired sample sizes in key segments. Prior to any efforts at targeting key segments, however, panel records were randomly assigned to online versus phone mode of completion until roughly 500 cases were completed in each, along with 400 completed using the RDD sample. This ensured that sizeable samples would be available for a comparison of results for the two sample sources (panel and random digit dialling), as well as by mode of survey completion (telephone or online) for the purposes of later calibration, if required. This initial collection took place between March 18, 2019 and March 27, 2019. Further, in order to augment the response rates for low-incidence target segments in the population, a random draw of $200 was offered to each of four key groups: Indigenous, recent immigrant, youth and more modest income households.
The core survey collection occurred between March 18, 2019 and May 9, 2019. Of the 7,169 completed cases in the core sample, 3,750 respondents completed the questionnaire online and 3,419 completed by telephone. All responses were kept completely confidential and no responses were linked to individual names.
The overall response rate for the core survey was 11%, with 30% participation among panel members interviewed by telephone, and a 23% participation rate among panel members responding online. The response rate for the RDD sample was five per cent. However, RDD was used to capture harder-to-reach population groups and this response rate is not uncommon for a telephone survey of this length among the general public. The following table provides details on the sample records used to complete the core sample, segmented by interview mode and source (i.e. Probit panel or RDD).
| Source | Total | Panel | Col4 | RDD |
|---|---|---|---|---|
| Mode | Online & Phone | Online | Phone | Phone |
| Total accessed (A) | 94,413 | 17,384 | 10,204 | 66,825 |
| Invalid (B) | 15,880 | 928 | 856 | 14,096 |
| Functional sample (C) | 78,534 | 16,457 | 9,348 | 52,729 |
| Non-responding (D) | 53,124 | 11,963 | 4,655 | 36,506 |
| Incomplete (E) | 839 | 541 | 131 | 167 |
| Refused (F) | 15,594 | 151 | 1,796 | 13,647 |
| Out of Scope/Quota filled (G) | 1,807 | 51 | 735 | 1,021 |
| Completed (H) | 7,169 | 3,750 | 2,031 | 1,388 |
| Response Rate (H+G)/C[3] | 11.4% | 23.1% | 29.6% | 4.6% |
Note that the response rate is calculated based on the combined response among those who completed the survey and those willing to complete the survey who were screened out because of study criteria or already filled sample quotas. The base for the calculation is the valid sample accessed, excluding records found to be invalid (i.e., bounced email addresses or non-valid telephone number). This response rate formula was developed by the Market Research Intelligence Association and endorsed in the Government of Canada survey standards.
As noted above, the follow-up survey was intended to be conducted mainly online using respondents from the Probit online sample frame. Persons who completed the core survey were only contacted to participate in the follow-up survey if they agreed.
Altogether, there were 3,026 persons who completed the follow-up survey, representing an overall response rate of about 42%. Of these, about 65% of those who completed the core survey online also completed the follow-up survey (2,397 completing it online and 29 completing it by telephone). Among those who completed the core survey by telephone, about 17% completed the follow-up survey, 439 of whom did so online and 161 completed it by telephone. This was as a result of core survey respondents indicating a willingness to complete the follow-up survey at the first questionnaire, leaving a method of contact for follow-up.
| Mode | Total completing core survey | Total completing follow-up survey | Response rate for follow-up survey |
|---|---|---|---|
| Phone | 3,419 | 597 | 17% |
| Online | 3,750 | 2,429 | 65% |
| Total | 7,169 | 3,026 | 42% |
The key steps involved in the database management involved cleaning the data, an analysis of non-response bias, developing population weights as well as creating calculated variables and data tables.
Cleaning the database involved re-coding open-ended responses either into existing categories, or in some cases, into new categories that were added to reflect a common theme. As noted above, there were about 15 questions in the core survey that had an open-ended response category where respondents could provide their own answer. For these questions, verbatim responses were reviewed and assigned to existing categories in instances where they logically fit. A new "response category" was added to the dataset only in instances where a number of respondents provided an answer that was not captured in the existing response categories. These are indicated in the questionnaire using capitalized text to flag categories that were not shown to respondents throughout the collection, but post-coded.
In addition, data cleaning was undertaken to ensure internal consistency between the branching/skip logic of the questionnaire and the variable responses. For example, responses were deleted if the question was not applicable based on the skip logic. This could occur in instances where the respondent/interviewer went back and revised the answer to a question in an earlier point in the survey. In other questions, rules were set as required depending on the responses to other survey items (e.g., personal income not greater than household income).
A comparison of each unweighted sample with 2016 Census figures from Statistics Canada suggests there are sources of systematic sample bias in each survey, following patterns typically found in most general public surveys. In the core survey sample, there is:
As previously described, there was also, by sample design, an over representation of residents living in the Atlantic (20% compared with 6% in the population) and Prairies (14% compared with 7% in the population), and therefore a slightly reduced presence from Ontario (28% versus 38%), British Columbia (10% versus 14% in the population), and Quebec (19% compared with 23% in the population).
In the follow-up sample, results look similar:
Separate population weights were generated for the core survey as well as the follow-up survey. A weight was constructed independently for the follow-up survey sample since it was completed almost exclusively online, largely with panel members, resulting in a different sample composition from the core survey. For each, a Random Iterative Method (RIM) weight was calculated using crosstabulation software to correct for response bias between the population distribution of the final sample and population estimates. To calculate a RIM weight, crosstabulation software reconciles the differences between the sample and the target distributions across a user-defined set of, typically demographic, variables through a series of random iterations, until it arrives at a weighting factor for each record that adjusts the population distribution of the data file to most closely match the target population.
For the core survey, the sample weight was created based on population parameters according to the 2016 Census. The population weight for the core survey is the variable called "weight_190725". Data were weighted to population proportions for age, region of the country, education (post-secondary completion versus less) and marital status (couple in household or not) within each of the three source/mode segments (i.e., panel online, panel telephone and RDD telephone). Whether respondents were born outside of Canada was also added as a population target in the weight, crossed only by sample source (panel/RDD).[4] A table with the weighted and unweighted proportions of the core sample for those variables included in the weight solution is presented in Appendix E.
For items in the follow-up survey, the appropriate population weight to use is the variable called "wgtfol_190725". The weight for the follow-up sample is constructed based on targets for age, region of the country, education (post-secondary completion versus less), marital status (couple in household or not), labour force status (employed or not) and gender from the 2016 Census. The table with the weighted and unweighted proportions of the follow up sample for those variables included in the weight solution is presented in Appendix F.
In addition, a separate weight is constructed for analysis using questions from the core survey when the analysis is specifically focused on Indigenous population. This additional weight was included to adjust for age differences between the underlying sample and the broader Indigenous population. This variable in the dataset is called "wgtind".
Calculated variables were largely a matter of creating common items from categorical and continuous responses (e.g., where most respondents indicated value of personal income, but one in five were only willing to respond within a prescribed range). A scoring method was also used in calculating a financial knowledge index from a series of questions posed at the end of the core survey questionnaire. A table is provided in Appendix G with the calculation for the knowledge index as well as the other calculated variables appearing in the database.
A series of banner tables were produced segmenting data for the core and follow-up survey samples to explore sub-group patterns (e.g., by source and mode of completion, as well as based on key demographics such as age, gender, and so on), in order to support basic analysis of the data. These are presented as a separate technical appendix to the current report.
Appendix A: Core Survey Invitation (Online)
ENG
Ekos - Survey Invitation
Dear member of the Probit research panel,
Ekos Research Associates has been commissioned by the Government of Canada to conduct a survey dealing with current issues of interest to Canadians.
Please rest assured that this is voluntary and your answers are completely confidential. This means that no individual will be associated with the survey's results - rather, they will be rolled up into large categories to protect the confidentiality of each respondent.
Start the Survey
If you have any issue with the link above please copy the following link into your browser:
Thank you in advance for your participation in this study.
Ekos Research Associates
WINTRO
Thank you for taking the time to complete this survey dealing with current issues of interest to Canadians on behalf of the Government of Canada.
Si vous préférez répondre au sondage en français, veuillez cliquer sur [français].
Your participation is voluntary and your responses will be kept entirely confidential and anonymous. The survey takes 20 minutes to complete. This survey is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act. To view our privacy policy, click here.
If you require any technical assistance, please contact online@ekos.com.
Appendix B: Core Survey Telephone Questionnaire with Topline Results (Weighted)
Variable Name/Response Category ~n % Cat. #
qsex
Are you...
Male 3673 - 53% - 1
Female 3469 - 46% - 2
Prefer to self-describe: NA - NA - 77
Prefer not to say NA - NA - 99
Total 7169 - 100%
NA=Not available due to small cell size
aqagex
In what year were you born?
Year : 6962 - 97% - 77
2002 or more recent - 0% - 98
Prefer not to say 207 - 3% - 99
Total 7169 - 100%
qagey
Hesitant
May we place your age into one of the following general age categories?
Under 18 0% - 98
18-24 years NA - NA - 2
25-29 years NA - NA - 3
30-34 years NA - NA - 4
35-44 years 33 - 19% - 5
45-54 years 55 - 24% - 6
55-59 years NA - NA - 7
60-64 years NA - NA - 8
65-69 years NA - NA - 9
70 years or older NA - NA - 10
Prefer not to say - 0% - 99
Total 207 - 100%
age*
Grouped – combines aqagex and qagey
May we place your age into one of the following general age categories?
18-24 years 207 - 5% - 1
25-34 years 912 - 22% - 2
35-44 years 1,052 - 16% - 3
45-54 years 1,425 - 18% - 4
55-64 years 1,533 - 18% - 5
65 years or older 2,040 - 21% - 6
Total 7169 - 100%
province
NR, POSTCELL
In which province or territory do you live?
British Columbia 73 - 20% - 1
Alberta 36 - 7% - 2
Saskatchewan NA - NA - 3
Manitoba NA - NA - 4
Ontario 170 - 42% - 5
Quebec 90 - 19% - 6
New Brunswick 37 - 3% - 7
Nova Scotia 30 - 2% - 8
Prince Edward Island NA - NA - 9
Newfoundland and Labrador 34 - 2% - 10
Yukon NA - NA - 11
Northwest Territories NA - NA - 12
Nunavut NA - NA - 13
Prefer not to say NA - NA - 99
Total 524 - 100%
ruralurban
Grouped – based on apostcell
Urban 5333 - 84% - 1
Rural 1312 - 16% - 2
Total 6645 - 100%
DM_Q02
What is your current marital status?
Married 3596 - 45% - 1
Living with partner (common-law) 796 - 13% - 2
Separated 201 - 3% - 3
Divorced 619 - 8% - 4
Widowed 509 - 6% - 5
Single (never married) 1404 - 25% - 6
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
DM_Q02B
Are you financially responsible for any children living in your household or currently living somewhere else? If so, how many?
Yes (please enter number of children) : 2144 - 32% - 1
No 4997 - 68% - 2
Prefer not to say NA - NA - 9
Total 7169 - 100%
DM_Q03
Were you born in Canada?
Yes 5655 - 73% - 1
No 1501 - 27% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
DM_Q05
No, DM_Q03
In what year did you first immigrate or move to Canada?
Please specify : 1486 - 99% - 77
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 1501 - 100%
DM_Q06
Yes, DM_Q03
Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)?
[Phone]Interviewer: The terms "First Nations" and "North American Indian" can be interchanged. Some respondents may prefer one term over the other. "Inuit" is the plural form of "Inuk". If the respondent answers Eskimo, code Yes.
Yes 479 - 8% - 1
No 5107 - 90% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 5655 - 100%
DM_Q08
What is the highest level of schooling that you have ever attained?
[Phone]Interviewer: Read categories to respondent.
Less than a high school diploma 454 - 6% - 1
High school diploma or equivalent 1324 - 19% - 2
Some college or university without a diploma, certificate or degree (includes some trade, vocational or technical school, CEGEP, or university) 853 - 16% - 3
College diploma or certificate (includes completed trade, vocational or technical school, or CEGEP) 1430 - 18% - 4
University undergraduate degree 1568 - 22% - 5
University graduate degree (including professional degrees) 1523 - 20% - 6
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
LF_Q01
What is your current work situation? Are you now...
[Phone]Interviewer: Read categories to respondent.
Employed full-time 2668 - 43% - 1
Employed part-time or in temporary work (includes casual, term or contract) 544 - 9% - 2
Self-employed 652 - 9% - 3
Retired and not working 2206 - 24% - 4
Not working (including unpaid household work, student, etc.) 716 - 11% - 5
Retired but still working 347 - 4% - 9
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
LF_Q05
What is your [DM_Q02 = 1]spouse's[Else]partner's current work situation? Is your [DM_Q02 = 1]spouse[Else]partner now...
[Phone]Interviewer: Read categories to respondent.
Employed full-time 1945 - 50% - 1
Employed part-time or in temporary work (includes casual, term or contract) 321 - 8% - 2
Self-employed 342 - 8% - 3
Retired and not working 1195 - 20% - 4
Not working (including unpaid household work, student, etc.) 416 - 11% - 5
Retired but still working 161 - 3% - 9
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4392 - 100%
IN_Q02
What is your approximate Total personal income, before taxes and deductions, from all sources during the year ending December 31, 2018?
[Phone]Interviewer: Income can come from various sources such as from work, investments, pensions or government. Examples include Employment Insurance, Social Assistance, Child Tax Benefit and other income such as child support, alimony and rental income.
Please specify : 5539 - 78% - 77
Don't know 529 - 8% - 98
Prefer not to say 1101 - 14% - 99
Total 7169 - 100%
IN_Q03
DK/NR, IN_Q02
What was your approximate personal income in 2018?
[Phone]Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.
Less than $20,000 253 - 18% - 1
$20,000 to less than $40,000 246 - 16% - 2
$40,000 to less than $60,000 177 - 10% - 3
$60,000 to less than $80,000 112 - 7% - 4
$80,000 to less than $100,000 93 - 5% - 5
$100,000 to less than $150,000 58 - 3% - 6
$150,000 to less than $200,000 NA - NA - 7
$200,000 or more NA - NA - 8
Don't know 97 - 6% - 98
Prefer not to say 558 - 32% - 99
Total 1630 - 100%
IN_Q02_X
Personal income before tax-derived value range (combine in_q02 and IN_Q03)
needed.>
Less than $20,000 1006 - 15% - 1
$20,000 to less than $40,000 1413 - 20% - 2
$40,000 to less than $60,000 1330 - 19% - 3
$60,000 to less than $80,000 1006 - 15% - 4
$80,000 to less than $100,000 718 - 10% - 5
$100,000 to less than $150,000 689 - 9% - 6
$150,000 to less than $200,000 195 - 3% - 7
$200,000 or more 157 - 2% - 8
Don't know 97 - 1% - 98
Prefer not to say 558 - 7% - 99
Total 7169 - 100%
IN_Q04
Married, Common-law, DM_Q02
What is your approximate Total household income of all members (including yourself) before taxes and deductions from all sources during the year ending December 31, 2018?
Please specify : 3363 - 78% - 77
Don't know 334 - 8% - 98
Prefer not to say 695 - 14% - 99
Total 4392 - 100%
IN_Q05
DK/NR, IN_Q04
What was your approximate Total household income in 2018?
[Phone]Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.>
Less than $20,000 NA - NA - 1
$20,000 to less than $40,000 NA - NA - 2
$40,000 to less than $60,000 83 - 8% - 3
$60,000 to less than $80,000 84 - 8% - 4
$80,000 to less than $100,000 98 - 9% - 5
$100,000 to less than $150,000 93 - 10% - 6
$150,000 to less than $200,000 36 - 3% - 7
$200,000 or more 38 - 4% - 8
Don't know 92 - 10% - 98
Prefer not to say 421 - 39% - 99
Total 1031 - 100%
IN_Q04_X
Household income before tax-input value amount (Couples).
Less than $20,000 39 - 1% - 1
$20,000 to less than $40,000 259 - 6% - 2
$40,000 to less than $60,000 429 - 10% - 3
$60,000 to less than $80,000 546 - 12% - 4
$80,000 to less than $100,000 528 - 12% - 5
$100,000 to less than $150,000 1039 - 24% - 6
$150,000 to less than $200,000 575 - 14% - 7
$200,000 or more 464 - 11% - 8
Don't know 92 - 2% - 98
Prefer not to say 421 - 9% - 99
Total 4392 - 100%
IN_Q04_Y
Household income before tax-Grouped (All respondents, use in_q02x and in_q04_x)
Less than $20,000 621 - 10% - 1
$20,000 to less than $40,000 989 - 14% - 2
$40,000 to less than $60,000 980 - 14% - 3
$60,000 to less than $80,000 862 - 12% - 4
$80,000 to less than $100,000 690 - 9% - 5
$100,000 to less than $150,000 1180 - 16% - 6
$150,000 to less than $200,000 622 - 9% - 7
$200,000 or more 484 - 6% - 8
Don't know 1396 - 2% - 98
Prefer not to say 602 - 8% - 99
Total 7169 - 100%
OE_R01
The following section of the questionnaire deals with the day-to-day financial management of your household.
OE_Q01
Married or Common-law, DM_Q02
Overall, who in the household is mainly responsible for making sure that the regular ongoing bills and other financial commitments are met?
[Phone]Interviewer: If necessary, read: This is the person who makes sure the bills get paid, not necessarily the person whose money is used. For instance, the person who pays the rent, mortgage, property taxes, electricity and other on-going bills. [Phone]Interviewer: Read categories to respondent.
Mainly you 2249 - 51% - 1
Mainly your [DM_Q02 = 1]spouse[Else]partner 875 - 19% - 2
You share responsibility equally with [DM_Q02 = 1]your spouse[Else]your partner 1258 - 30% - 3
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4392 - 100%
OE_Q02_N
Do you currently have a personal chequing or savings account with a bank, credit union or trust company? Please include any joint account you may have with someone else.
[Phone]Interviewer: Please exclude any investment accounts, (RESP, RRSP, BONDS) and line of credit accounts.
Yes 6984 - 98% - 1
No 120 - 2% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 7169 - 100%
OE_Q04_N [1,3] (Numbers in square brackets indicate the minimum and maximum number of allowable responses. Questions without this indication have a minimum and maximum of 1 response.)
Yes/DK/NR, OE_Q02_N
How do you typically check the balance for your bank account and manage your day-to-day banking transactions?
[Phone]Interviewer: I'm going to read a list slowly and I want you to say yes or stop me each time I get to an answer that fits for you. [Phone]You can choose up to three as we go through the list, so if need be, we'll go back over it to select the 3 that fit best> Mark up to three responses.
I receive my banking information by mail 1362 - 17% - 1
I use internet banking or my personal mobile device 5523 - 82% - 2
I call the bank or use telephone banking 677 - 9% - 3
I ask in-person at a bank branch 1365 - 19% - 4
I use an ATM/cash machine 2083 - 28% - 5
Don't know 32 - 0% - 8
Prefer not to say 71 - 1% - 9
Total 7049 - 100%
OE_Q05_N
Yes/DK/NR, OE_Q02_N
How often do you usually check your account balance(s)?
Daily 1495 - 22% - 1
Weekly 3365 - 48% - 2
Every two weeks 1046 - 14% - 3
Monthly 901 - 12% - 4
Once every few months 104 - 2% - 5
Yearly NA - NA - 6
Never NA - NA - 7
Don't know 39 - 1% - 8
Prefer not to say 54 - 1% - 9
Total 7049 - 100%
OE_Q06_N
Do you have a household budget?
Yes 3481 - 49% - 1
No 3591 - 49% - 2
Don't know 51 - 1% - 8
Prefer not to say 46 - 1% - 9
Total 7169 - 100%
OE_Q07_N
No/DK/NR, OE_Q06_N
Why do you not have a budget?
[Phone]Interviewer: Prompt only if needed.
I don't have time to make a budget 219 - 7% - 1
I find it boring 93 - 2% - 2
I feel overwhelmed managing my money 202 - 7% - 3
I don't need a budget to manage my money 2623 - 67% - 4
I prefer not to know about my finances 51 - 1% - 5
I am not responsible for making financial decisions in my household 112 - 4% - 6
Don't know 296 - 8% - 8
Prefer not to say 92 - 3% - 9
Total 3688 - 100%
OE_Q08_N [1,8] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
When it comes to your budget, how do you keep track of your money?
[Phone]Interviewer: I'm going to read a list slowly and I want you to say yes or stop me each time I get to an answer that fits for you.>
Use an online budgeting tool or app 385 - 13% - 1
Use an Excel spreadsheet 972 - 31% - 2
Write out the budget by hand 1126 - 31% - 3
Automate my bill payments and savings 1101 - 33% - 4
Keep a budget in my head 1238 - 37% - 5
Use cash jars/envelopes 224 - 6% - 6
Other budgeting/finance software NA - NA - 7
Other specify: 76 - 2% - 77
I do not keep track of money NA - NA - 97
Don't know NA - NA - 98
Prefer not to say 34 - 1% - 99
Total 3481 - 100%
OE_Q09_N
Over the past year, would you say your monthly household spending was less than, more than, or about equal to your monthly household income?
Spending less than income 3590 - 49% - 1
Spending more than income 1161 - 17% - 2
Spending about equal to income 2306 - 32% - 3
Don't know 76 - 2% - 98
Prefer not to say 36 - 1% - 99
Total 7169 - 100%
OE_Q10_N
In the past 12 months, did you ever carry over a balance on your credit card from one month to the next?
[Phone]Interviewer: Read categories to respondent.
Yes. I carried over a balance from one month to the next 2580 - 38% - 1
No, I always paid my credit cards in full 3979 - 54% - 2
No, I don't have a credit card 551 - 7% - 7
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 7169 - 100%
OE_Q11_N
Not "No credit card", OE_Q10_N
Which of the following would you say is the main reason you use a credit card to buy things?
[Phone]Interviewer: Read categories to respondent.>
To collect reward points (e.g. loyalty program) 1966 - 29% - 1
Short of money, no choice 714 - 12% - 2
Convenience, accounting purposes 2207 - 31% - 3
To build my credit rating 358 - 7% - 4
To conduct online purchases 1041 - 17% - 5
Combination of things 59 - 1% - 7
Large purchases/travel/security 52 - 1% - 9
Pay bills/automatic payments NA - NA - 10
No transaction fee/free borrowing NA - NA - 11
Emergency/unexpected/no money 47 - 1% - 12
Other specify : 34 - 0% - 77
Don't know 66 - 1% - 98
Prefer not to say 40 - 1% - 99
Total 6618 - 100%
OE_Q12_N
Not "No credit card", OE_Q10_N
When you obtained your most recent credit card, did you first collect information about different cards from more than one company in order to compare them?
Yes 2520 - 39% - 1
No 3955 - 59% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 6618 - 100%
OE_Q14_N
In the last 12 months, which of these statements best describes how well you have been keeping up with your bills and other financial commitments?
[Phone]Interviewer: Read categories to respondent.
Keeping up without any problems 4359 - 59% - 1
Keeping up, but it is sometimes a struggle 2113 - 30% - 2
Having trouble keeping up and falling behind with bills or credit commitments 467 - 8% - 3
Don't have any bills or credit commitments 169 - 2% - 4
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 7169 - 100%
OE_Q15_N
Struggle/problems, OE_Q14_N
In the last 12 months, were you ever behind two or more consecutive months in paying a bill, loan, rent or mortgage payment?
Yes 475 - 21% - 1
No 2091 - 79% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 2580 - 100%
OE_Q16_N
If an unexpected need arose within the next month, how confident are you that you could come up with $2,000, if you needed it?
[Phone]Interviewer: Read categories to respondent.
Certainly could 4718 - 64% - 1
Probably could 1311 - 19% - 2
Probably could not 510 - 8% - 3
Certainly could not 525 - 8% - 4
Don't know 68 - 1% - 8
Prefer not to say 37 - 1% - 9
Total 7169 - 100%
OE_Q17_N
In the past 12 months, have you ever run short of money and had to use a credit card, overdraft or borrow to buy food or to pay expenses?
Yes 1790 - 27% - 1
No 5323 - 72% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 7169 - 100%
FM_R01
This next section deals with the longer term financial planning required to achieve financial goals.
FM_Q01
Married or Common-law, DM_Q02
Overall, who is mainly responsible for making financial investment and planning decisions on behalf of the family?
[Phone]Interviewer: Read categories to respondent. If necessary, add:> This is the person who makes sure the planning and investing is done, not necessarily the person whose money is used.
Mainly you 1770 - 40% - 1
Mainly your [DM_Q02 = 1]spouse[Else]partner 423 - 10% - 2
You share responsibility equally with [DM_Q02 = 1]your spouse[Else]your partner 2152 - 49% - 3
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4392 - 100%
ME_Q01_N
"Childrens' education" displayed if yes, DM_Q02B
Are you planning on a major purchase or expenditure in the next three years [Phone]such as a home, renovations, education, a vehicle, or vacation ? If you are planning more than one, please indicate the most expensive.
Vehicle 1004 - 13% - 1
Home improvement or repair 1262 - 17% - 2
Travel or vacation 1049 - 14% - 3
Your own education 153 - 3% - 4
DM_Q02B = 1
Your childrens' education 216 - 3% - 5
A vacation home or investment property 181 - 3% - 6
A house or condo that is your principal residence 554 - 11% - 7
Other specify : 124 - 2% - 77
No, I am not planning on a major purchase or expenditure in the next three years 2462 - 33% - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
ME_Q02_N
Valid answer, ME_Q01_N
About how much do you estimate this major purchase or expenditure will cost?
[Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold.
Less than $5,000 590 - 13% - 1
$5,000 to $9,999 873 - 18% - 2
$10,000 to $19,999 806 - 17% - 3
$20,000 to $29,999 512 - 11% - 4
$30,000 to $39,999 387 - 7% - 5
$40,000 to $49,999 232 - 4% - 6
$50,000 or more 949 - 25% - 7
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4549 - 100%
ME_Q03
Valid answer, ME_Q01_N and ME_Q01_N is not principal residence
Do you intend to pay for this purchase through borrowing or mostly through savings?
[Phone]Interviewer: Prompt only if needed.
Entirely use savings 1512 - 36% - 1
Mostly savings 827 - 21% - 2
About half savings and half borrowing 520 - 13% - 3
Mostly borrowing 590 - 16% - 4
All borrowing 252 - 7% - 5
I don't have a plan yet for how to pay for this purchase 235 - 7% - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4010 - 100%
ME_Q10_N
Principal residence, ME_Q01_N
What percent of the Total price are you aiming to put as a down payment for your future home?
[Phone]Interviewer: "Roughly" Prompt with categories only if needed.
Less than 5% 17 - 3% - 1
5% to 10% 152 - 29% - 2
11% to 20% 146 - 29% - 3
21% to 50% 112 - 25% - 4
51% to 75% NA - NA - 5
76% to 100% 66 - 8% - 6
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 539 - 100%
ME_Q11 [1,3]
Other than a loan or mortgage from a financial institution, how else do you intend to pay for this home?
[Phone]Interviewer: Prompt only if needed. Mark up to three responses.
Draw money from savings 279 - 57% - 1
Withdraw savings from an RRSP 126 - 28% - 2
Money from the sale of previous home 210 - 32% - 3
Help from parents/family NA - NA - 4
Other specify : NA - NA - 77
Don't know 36 - 6% - 98
Prefer not to say NA - NA - 99
Total 539 - 100%
ME_Q13A_N
Principal residence, ME_Q01_N
Other than the down payment, have you budgeted for any additional costs related to the purchase of your future home?
Yes 328 - 58% - 1
No 191 - 37% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 539 - 100%
ME_Q13B_N
Principal residence, ME_Q01_N AND Yes, ME_Q13A_N
About how much have you budgeted for these additional costs?
[Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold. If asked, additional housing costs could include moving costs, legal fees, taxes, furniture or appliances, utility deposits, real estate fees, renovations, etc.
Less than $5,000 50 - 14% - 1
$5,000 to $9,999 77 - 24% - 2
$10,000 to $19,999 69 - 22% - 3
$20,000 to $29,999 36 - 11% - 4
$30,000 to $39,999 NA - NA - 5
$40,000 to $49,999 NA - NA - 6
$50,000 or more 52 - 18% - 7
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 328 - 100%
EF_R01
Yes, DM_Q02B
The next questions are about any financial plans for your child or children in the event that they attend postsecondary education such as college, university or a trade apprenticeship or vocational school.
EF_Q02_N
Yes, DM_Q02B
Do you currently have any Registered Education Saving Plans (RESPs)?
Yes 1318 - 62% - 1
No 810 - 38% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 2144 - 100%
EF_Q04_N
Yes, EF_Q02_N
What is the approximate current Total value of these RESPs?
[Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold.
Less than $5,000 236 - 20% - 1
$5,000 to less than $10,000 225 - 20% - 2
$10,000 to less than $15,000 170 - 13% - 3
$15,000 to less than $20,000 134 - 10% - 4
$20,000 to less than $25,000 98 - 7% - 5
$25,000 and over 313 - 19% - 6
Don't know 97 - 8% - 98
Prefer not to say 45 - 3% - 99
Total 1318 - 100%
EF_Q05_N [1,3] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Yes, DM_Q02B
Aside from an RESP, do you expect to help your children with their postsecondary education in any of the following ways?
[Phone]Interviewer: Read categories to respondent. [Phone]You can choose up to three as we go through the list, so if need be, we'll go back over it to select the 3 that fit best> Mark up to three responses.
From your employment or pension income while they are in school 706 - 31% - 1
From loans you take out 157 - 8% - 2
By co-signing a student loan 565 - 25% - 3
Through free room and board 1243 - 57% - 5
Through use of a car 706 - 33% - 6
Use other savings (other than an RESP) 706 - 35% - 7
Not applicable NA - NA - 8
Other family assistance NA - NA - 9
Anything else? Specify : 51 - 2% - 77
Nothing at all 214 - 10% - 98
Don't know/undecided NA - NA - 99
Total 2144 - 100%
RP_R01
Not retired, LF_Q01
This section contains questions about the plans you may have for your retirement.
RP_Q01
Not retired, LF_Q01
Are you financially preparing for your retirement either on your own or through an employer pension plan?
Yes 3286 - 69% - 1
No 1227 - 29% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4616 - 100%
RP_Q02_N [1,16] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Not retired, LF_Q01
Other than Government pension benefits (CPP, QPP, OAS, GIS), which of the following sources of revenue do you expect to have in retirement?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Occupational or workplace pension plan 2218 - 47% - 2
Personal retirement savings from an RRSP or RRIF, etc. 2928 - 64% - 3
Savings from Tax-Free Savings Account (TFSA) 2144 - 48% - 4
Income from stocks, bonds, mutual funds, etc. outside of an RRSP or TFSA 1272 - 28% - 5
Purchase an annuity 61 - 1% - 6
Proceeds from the sale of your principal residence (i.e. downsizing) 1064 - 21% - 7
A reverse mortgage 66 - 1% - 8
Income from a business or rental property 753 - 17% - 9
Use an inheritance 750 - 17% - 10
Rely on financial support from my family 120 - 3% - 11
Continuing to work after retirement 1799 - 37% - 12
Medical or disability pension 145 - 3% - 13
Other (reverse mortgage, annuity, etc.) Specify : NA - NA - 77
None of these 268 - 6% - 97
Don't know 121 - 4% - 98
Prefer not to say NA - NA - 99
Total 4616 - 100%
RP_Q05
Not retired, LF_Q01 AND Workplace pension plan, RP_Q02_N
For how many years in Total have you contributed to an occupational or workplace pension?
[Phone]Interviewer: Use "0" if less than 1 year. [Phone]If necessary, please add: Include all occupational or workplace pensions you have contributed to.
Please specify : 2086 - 93% - 77
Don't know 95 - 5% - 98
Prefer not to say 34 - 1% - 99
Total 2215 - 100%
RP_Q07_N
Not retired, LF_Q01. Displaying items selected at RP_Q02_N
What do you think will be your primary source of income in retirement?
[Phone]Interviewer: Read categories to respondent.
Government pension benefits (CPP, QPP, OAS, GIS) 1199 - 25% - 1
RP_Q02_N = 2
Occupational or workplace pension plan 1240 - 25% - 2
RP_Q02_N = 3
Personal retirement savings from an RRSP or RRIF, etc. 939 - 21% - 3
RP_Q02_N = 4
Savings from Tax-Free Savings Account (TFSA) 119 - 3% - 4
RP_Q02_N = 5
Income from stocks, bonds, mutual funds, etc. held outside of an RRSP or TFSA 110 - 3% - 5
RP_Q02_N = 7
Proceeds from the sale of your principal residence (i.e. downsizing) 51 - 1% - 7
RP_Q02_N = 9
Income from a business or rental property 162 - 4% - 9
RP_Q02_N = 12
Continuing to work after retirement 244 - 5% - 12
RP_Q02_N = 13
Medical or disability pension 48 - 1% - 13
Other Specify : 72 - 2% - 77
None of these 58 - 1% - 97
Don't know 340 - 8% - 98
Prefer not to say 34 - 1% - 99
Total 4616 - 100%
RP_Q08
Not retired, LF_Q01
Do you have a good idea of how much money you will need to save to maintain your desired standard of living when you retire?
Yes 2332 - 47% - 1
No 1940 - 45% - 2
Don't know 320 - 7% - 98
Prefer not to say NA - NA - 99
Total 4616 - 100%
RP_Q09
Not retired, LF_Q01
How confident are you that these sources of retirement income will give you the standard of living you hope for?
[Phone]Interviewer: Read categories to respondent.
Very confident 777 - 15% - 1
Fairly confident 1928 - 40% - 2
Not very confident 1064 - 24% - 3
Not at all confident 612 - 14% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4616 - 100%
RP_R10
Retired, LF_Q01
You indicated earlier that you are currently retired. The next questions are about your sources of retirement income and financial standard of living in retirement.
RP_Q10
Retired, LF_Q01
Compared to your expectations before you retired, how would you describe your financial standard of living in retirement?
[Phone]Interviewer: Read categories to respondent.
Much better than expected 168 - 7% - 1
Better than expected 415 - 16% - 2
As expected 1380 - 54% - 3
Not as good as expected 414 - 16% - 4
Much worse than expected 145 - 5% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 2553 - 100%
RP_Q12_N [1,16] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Retired, LF_Q01
Other than Government pension benefits (CPP, QPP, OAS, GIS), which of the following sources of revenue are included in your financial plan for retirement?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Occupational or workplace pension plan 1466 - 56% - 2
Personal retirement savings from an RRSP or RRIF, etc. 1586 - 61% - 3
Savings from Tax-Free Savings Account (TFSA) 1172 - 45% - 4
Income from stocks, bonds, mutual funds, etc. outside of an RRSP or TFSA 887 - 35% - 5
Purchase an annuity 39 - 2% - 6
Proceeds from the sale of your principal residence (i.e. downsizing) 281 - 11% - 7
A reverse mortgage NA - 1% - 8
Income from a business or rental property 227 - 9% - 9
Use an inheritance 282 - 11% - 10
Rely on financial support from my family 37 - 2% - 11
Continuing to work after retirement 330 - 12% - 12
Medical or disability pension 90 - 4% - 13
Other (reverse mortgage, annuity, etc.) Specify : NA - NA - 77
None of these 232 - 9% - 97
Don't know NA - NA - 98
Prefer not to say 41 - 2% - 99
Total 2553 - 100%
RP_Q14_N
Retired, LF_Q01 AND Workplace pension plan, RP_Q13_N
For about how many years did you contribute to your occupational or workplace pension?
[Phone]Interviewer: Use "0" if less than 1 year. [Phone]If necessary, please add: Include all occupational or workplace pensions you have contributed to.
Please specify : 1386 - 95% - 77
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 1458 - 100%
RP_Q15_N
Retired, LF_Q01. Displaying items selected at RP_Q12_N
What is your primary source of income in retirement?
[Phone]Interviewer: Read categories to respondent.
Government pension benefits (CPP, QPP, OAS, GIS) 966 - 40% - 1
RP_Q12_N = 2
Occupational or workplace pension plan 964 - 35% - 2
RP_Q12_N = 3
Personal retirement savings from an RRSP or RRIF, etc. 234 - 10% - 3
RP_Q12_N = 4
Savings from Tax-Free Savings Account (TFSA) NA - NA - 4
RP_Q12_N = 5
Income from stocks, bonds, mutual funds, etc. outside of an RRSP or TFSA 110 - 4% - 5
RP_Q12_N = 7
Proceeds from the sale of your principal residence (i.e. downsizing) NA - NA - 7
RP_Q12_N = 9
Income from a business or rental property 43 - 2% - 9
RP_Q12_N = 10
Use an inheritance NA - NA - 10
RP_Q12_N = 12
Continuing to work after retirement 42 - 2% - 12
RP_Q12_N = 13
Medical or disability pension NA - NA - 13
Other specify : 43 - 2% - 77
None of these NA - NA - 97
Don't know NA - NA - 98
Prefer not to say 51 - 2% - 99
Total 2553 - 100%
AD_R01
The following questions are about your current financial portfolio as well as various types of debts.
AD_Q01_N
Do you currently own or rent your home?
Own, with a mortgage 2699 - 39% - 1
Own, without a mortgage 2540 - 28% - 2
Rent 1766 - 31% - 3
Don't know 73 - 1% - 98
Prefer not to say 91 - 2% - 99
Total 7169 - 100%
AD_Q02A_N
Own with or without a mortgage, AD_Q01_N
What is the approximate Total value of your principal residence if you were to sell it today?
[Phone]Interviewer: "Roughly to the nearest 100,000 thousand or so." If needed, prompt with categories by reading text in bold.
Less than $100,000 226 - 3% - 1
$100,000 to $199,999 691 - 11% - 2
$200,000 to $299,999 1034 - 17% - 3
$300,000 to $399,999 935 - 17% - 4
$400,000 to $499,999 586 - 12% - 5
$500,000 to $599,999 383 - 8% - 6
$600,000 to $699,999 261 - 6% - 7
$700,000 to $799,999 193 - 5% - 8
$800,000 to $899,999 166 - 4% - 9
$900,000 to $999,999 119 - 3% - 10
$1,000,000 334 - 8% - 11
Don't know 182 - 4% - 98
Prefer not to say 129 - 2% - 99
Total 5239 - 100%
AD_Q03A_N
Own with a mortgage, AD_Q01_N
Excluding any home equity line of credit (HELOC), what is the approximate Total amount remaining to be paid on the mortgage on your principal residence?
Please specify : 2266 - 84% - 77
Don't know 194 - 7% - 98
Prefer not to say 239 - 8% - 99
Total 2699 - 100%
AD_Q03B_N
Own with a mortgage, AD_Q01_N AND DK/NR, AD_Q03A_N
Excluding any home equity line of credit (HELOC), what is the approximate Total amount that is remaining to be paid on the mortgage on your principal residence?
[Phone]Interviewer: "Roughly to the nearest 5 to 10 thousand." If needed, prompt with categories by reading text in bold.
Less than $10,000 NA - NA - 1
$10,000 to $49,999 NA - NA - 2
$50,000 to $99,999 49 - 10% - 3
$100,000 to $149,999 NA - NA - 4
$150,000 to $199,999 NA - NA - 5
$200,000 to $299,999 NA - NA - 7
$300,000 to $399,999 NA - NA - 8
$400,000 to $499,999 NA - NA - 9
$500,000 to $599,999 NA - NA - 10
$600,000 to $699,999 NA - NA - 11
$700,000 to $799,999 NA - NA - 12
$800,000 to $899,999 NA - NA - 13
$900,000 to $999,999 NA - NA - 14
$1,000,000 or more NA - NA - 15
Don't know 96 - 25% - 98
Prefer not to say 152 - 33% - 99
Total 437 - 100%
AD_Q03B_N_X
Mortgage balance on principal residence-Grouped (use AD_Q03A_N and AD_Q03B_N)
Less than $10,000 143 - 5% - 1
$10,000 to $49,999 273 - 8% - 2
$50,000 to $99,999 416 - 13% - 3
$100,000 to $149,999 398 - 14% - 4
$150,000 to $199,999 324 - 12% - 5
$200,000 to $299,999 457 - 18% - 7
$300,000 to $399,999 231 - 11% - 8
$400,000 to $499,999 107 - 6% - 9
$500,000 to $599,999 53 - 3% - 10
$600,000 to $699,999 NA - NA - 11
$700,000 to $799,999 NA - NA - 12
$800,000 to $899,999 NA - NA - 13
$900,000 to $999,999 NA - NA - 14
$1,000,000 or more NA - NA - 15
Don't know 95 - 4% - 98
Prefer not to say 151 - 5% - 99
Total 2699 - 100%
AD_Q03c_N
Own with or without a mortgage, AD_Q01_N
Do you have a home equity line of credit (HELOC)? If so, what is the approximate outstanding balance on your HELOC?
Please specify : 1494 - 28% - 77
Do not have a home equity line of credit (HELOC) 3350 - 63% - 97
Don't know 210 - 5% - 98
Prefer not to say 185 - 3% - 99
Total 5239 - 100%
AD_Q03D_N
Own with or without a mortgage, AD_Q01_N AND DK/NR, AD_Q03C_N
What is the approximate outstanding balance on your HELOC?
[Phone]Interviewer: "Roughly to the nearest 5 to 10 thousand." If needed, prompt with categories by reading text in bold.
Less than $10,000 45 - 12% - 1
$10,000 to $49,999 NA - NA - 2
$50,000 to $99,999 NA - NA - 3
$100,000 to $149,999 NA - NA - 4
$150,000 to $199,999 NA - NA - 5
$200,000 to $299,999 NA - NA - 7
$300,000 to $399,999 NA - NA - 8
$400,000 to $499,999 NA - NA - 9
$500,000 to $599,999 NA - NA - 10
$600,000 to $699,999 NA - NA - 11
$700,000 to $799,999 NA - NA - 12
$800,000 to $899,999 NA - NA - 13
$900,000 to $999,999 NA - NA - 14
$1,000,000 or more NA - NA - 15
Don't know 141 - 38% - 98
Prefer not to say 153 - 34% - 99
Total 396 - 100%
AD_Q03D_N_X
Balance on Home equity line of credit-Grouped (use ad_q03d_n and ad_q03c_n )
Less than $10,000 795 - 15% - 1
$10,000 to $49,999 436 - 8% - 2
$50,000 to $99,999 189 - 3% - 3
$100,000 to $149,999 72 - 2% - 4
$150,000 to $199,999 37 - 1% - 5
$200,000 to $299,999 36 - 1% - 7
$300,000 to $399,999 NA - NA - 8
$400,000 to $499,999 NA - NA - 9
$500,000 to $599,999 NA - NA - 10
$600,000 to $699,999 NA - NA - 11
$700,000 to $799,999 NA - NA - 12
$800,000 to $899,999 NA - NA - 13
$900,000 to $999,999 NA - NA - 14
$1,000,000 or more NA - NA - 15
Do not have a HELOC 3350 - 63% - 97
Don't know 141 - 3% - 98
Prefer not to say 153 - 3% - 99
Total 5239 - 100%
AD_Q04
RRSPs/RRIFs, RP_Q02_N / RP_Q12_N
You indicated that an RRSP or RRIF is part of your financial plan for retirement. What is the approximate current Total value of your RRSPs?
[Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold.
Less than $5,000 302 - 10% - 1
$5,000 to $9,999 256 - 7% - 2
$10,000 to $49,999 937 - 23% - 3
$50,000 to $99,999 646 - 14% - 4
$100,000 to $149,999 393 - 7% - 5
$150,000 to $199,999 231 - 4% - 6
$200,000 or more 832 - 15% - 7
I do not currently have RRSP savings 160 - 5% - 97
Don't know 354 - 8% - 98
Prefer not to say 395 - 8% - 99
Total 4506 - 100%
AD_Q06_N [1,3] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
RRSPs/RRIFs, RP_Q02_N / RP_Q12_N
Have you ever withdrawn money from an RRSP, for reasons other than retirement?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Yes, for a down payment on a home (Home Buyers' Plan) 721 - 18% - 1
Yes, for education (Lifelong Learning Plan) 116 - 3% - 2
Yes, for other personal reasons 768 - 16% - 3
No 2995 - 66% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 4506 - 100%
QAD_Q07_N [1,8] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Excluding any Registered Retirement Saving Plans (RRSPs), do you own any of the following financial assets?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Tax free savings account (TFSA) 4005 - 56% - 1
Cash savings (from savings or chequing accounts) 3943 - 55% - 2
Investments (stocks, bonds, term deposits, GICs, Non-RRSP Mutual funds) 2602 - 35% - 3
A secondary house or property (in or out of Canada, other than your principal residence) 938 - 11% - 4
A business, including related equipment and property 706 - 10% - 5
Other, specify : 49 - 1% - 77
None of these assets 1402 - 20% - 97
Don't know 50 - 1% - 98
Prefer not to say 114 - 1% - 99
Total 7169 - 100%
AD_Q08_N
TSFA, AD_Q07_N
What is the approximate current value of your Tax Free Savings Account (TFSA)?
[Phone]Interviewer: If necessary, please add: If you have more than one of these assets, please estimate the current value of all of them combined [Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold.
Less than $5,000 942 - 27% - 1
$5,000 to $9,999 449 - 12% - 2
$10,000 to $49,999 1148 - 28% - 3
$50,000 to $99,999 700 - 15% - 4
$100,000 or more 198 - 4% - 5
Don't know 203 - 5% - 98
Prefer not to say 364 - 9% - 99
Total 4004 - 100%
QAD_Q11_N [1,7] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Do you currently have any of the following other types of debt?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Student loans 515 - 11% - 2
Automobile loan or lease 1995 - 28% - 3
Outstanding credit card balances 2020 - 29% - 4
Outstanding balances on a personal line of credit (other than a home equity line of credit or HELOC) 1407 - 20% - 5
QAD_Q07_N = 4,5
Mortgage on secondary residence, rental property, business or vacation home 389 - 5% - 6
Personal loan 70 - 1% - 7
Other loans, debts or liabilities Specify : 132 - 2% - 77
None of these debts or liabilities 3107 - 41% - 97
Don't know NA - NA - 98
Prefer not to say 76 - 1% - 99
Total 7169 - 100%
AD_Q15_N
Debts, AD_Q11_N
What is the Total combined value of these debts and liabilities?
[Phone]Interviewer: If necessary, please add: If you have more than one of these types of debts, please estimate the current value of all of them combined
Please specify : 3195 - 82% - 77
Don't know 409 - 10% - 98
Prefer not to say 359 - 8% - 99
Total 3963 - 100%
AD_Q15_B
Debts, AD_Q11_N AND DK/NR, AD_Q15_N
What is the approximate Total value of your [AD_Q11_N = 2,3,4,5,6,77]other debts and liabilities in your estimation?
[Phone]Interviewer: "Roughly to the nearest thousand or so." If needed, prompt with categories by reading text in bold.
Less than $5,000 101 - 15% - 1
$5,000 to $9,999 54 - 8% - 2
$10,000 to $49,999 149 - 19% - 3
$50,000 to $99,999 45 - 6% - 4
$100,000 to $149,999 NA - NA - 5
$150,000 to $199,999 NA - NA - 6
$200,000 or more NA - NA - 7
Don't know 154 - 20% - 98
Prefer not to say 212 - 26% - 99
Total 769 - 100%
AD_Q15_B_X
Other debts and liabilities-Grouped (use AD_Q15_N and AD_Q15_B)
Less than $5,000 586 - 15% - 1
$5,000 to $9,999 417 - 11% - 2
$10,000 to $49,999 1691 - 44% - 3
$50,000 to $99,999 429 - 11% - 4
$100,000 to $149,999 141 - 3% - 5
$150,000 to $199,999 75 - 2% - 6
$200,000 or more 257 - 7% - 7
Don't know 154 - 4% - 98
Prefer not to say 212 - 5% - 99
Total 3962 - 100%
AD_Q18_N
In the last 12 months, did you obtain money from a payday loan service?
Yes 108 - 2% - 1
No 7030 - 97% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
AD_Q19_N
Have you declared bankruptcy or made a formal or informal proposal to your creditors in regards to your financial arrangements in the past 7 years?
Yes 233 - 3% - 1
No 6902 - 96% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
FC_R01
The next few questions are about how you make financial choices, where you go to find help and insurance.
FC_Q01_N [1,9] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
People get advice about financial investments from many sources. Where do you get your advice?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Print media (newspapers and magazines) 1101 - 15% - 1
Radio or television 679 - 10% - 2
Internet 2004 - 33% - 3
Bank 2953 - 41% - 4
Advice from a professional financial advisor or planner 3662 - 49% - 5
Advice from a knowledgeable friend or family member 2478 - 39% - 6
Other Specify : 136 - 2% - 77
None of the above 822 - 11% - 97
Don't know 42 - 1% - 98
Prefer not to say 41 - 1% - 99
Total 7169 - 100%
FC_Q03_N [1,6] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
In the past 12 months, did you make use of free or paid advice on any financial products? If so, did this include advice on:
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Retirement planning 1366 - 19% - 1
Children's education planning 403 - 6% - 2
Estate planning 555 - 7% - 3
Insurance 816 - 12% - 4
Tax planning 829 - 11% - 5
General financial planning (saving and investment strategies) 1746 - 24% - 6
No, did not use any free or paid advice 4203 - 59% - 97
Don't know 97 - 2% - 98
Prefer not to say 42 - 1% - 99
Total 7169 - 100%
FC_Q04A_N
Received advice, FC_Q03_N
Did you pay for any of this advice?
Yes 820 - 27% - 1
No 1957 - 71% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 2827 - 100%
FC_Q07 [1,11] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Do you currently own any of the following types of insurances?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Auto 5851 - 78% - 1
Life 4459 - 59% - 2
Disability (e.g., in case of illness or injury) 2529 - 35% - 3
AD_Q01_N = 1,2
Home insurance 4897 - 62% - 5
AD_Q01_N = 3
Renters insurance 907 - 15% - 6
Health/medical/dental insurance 2265 - 30% - 7
Travel insurance 65 - 1% - 8
Business/farm insurance (liability, buildings, equipment).. 50 - 1% - 10
Other Specify : 103 - 1% - 77
None of the above 390 - 7% - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
FC_Q08_N
Not None of the above, DK/NR, FC_Q07
When you obtained your most recent insurance policy, did you collect information about different policies from more than one company in order to compare them?
Yes 2962 - 45% - 1
No 3669 - 54% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 6728 - 100%
SA_R01
The next few questions are about your financial attitudes and awareness.
SA_Q01
How would you rate your level of financial knowledge?
[Phone]Interviewer: Read categories to respondent.
Very knowledgeable 733 - 10% - 1
Knowledgeable 2164 - 29% - 2
Fairly knowledgeable 3119 - 43% - 3
Not very knowledgeable 1062 - 16% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
SA_R02
How would you rate yourself on each of the following areas of financial management...
[Phone]Interviewer: Read categories to respondent.>
SA_Q02
... keeping track of money?
Very good 2934 - 39% - 1
Good 2296 - 32% - 2
Fairly good 1433 - 21% - 3
Not very good 451 - 7% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
SA_Q03
... making ends meet?
Very good 3302 - 44% - 1
Good 2072 - 29% - 2
Fairly good 1319 - 19% - 3
Not very good 381 - 6% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 7169 - 100%
SA_Q04
... shopping around to get the best financial product such as loans or insurance rates?
Very good 1433 - 20% - 1
Good 2145 - 29% - 2
Fairly good 1850 - 25% - 3
Not very good 1322 - 19% - 4
Don't know 329 - 5% - 98
Prefer not to say 90 - 1% - 99
Total 7169 - 100%
SA_Q05
... staying informed on financial issues?
Very good 1329 - 18% - 1
Good 2363 - 32% - 2
Fairly good 2172 - 30% - 3
Not very good 1138 - 18% - 4
Don't know 132 - 2% - 98
Prefer not to say 35 - 1% - 99
Total 7169 - 100%
OA_R01
The next part is a bit different. It has some questions about financial matters posed like a quiz.
OA_Q01
If the inflation rate is 5% and the interest rate you get on your savings is 3%, will your savings have at least as much buying power in a year's time?
Yes 579 - 8% - 1
No 5677 - 78% - 2
Don't know 860 - 13% - 98
Prefer not to say 53 - 1% - 99
Total 7169 - 100%
OA_Q05
If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?
[Phone]Interviewer: Read categories to respondent.
A young single woman with two young children 5805 - 79% - 1
A young single woman without children 98 - 1% - 2
An elderly retired man, with a wife who is also retired 611 - 10% - 3
A young married man without children 145 - 2% - 4
Don't know 455 - 6% - 98
Prefer not to say 55 - 1% - 99
Total 7169 - 100%
OA_Q10
Under which of the following circumstances would it be most financially beneficial to borrow money to buy something now and repay it with future income?
[Phone]Interviewer: Read categories to respondent.
When something goes on sale 1878 - 24% - 1
When the interest on the loan is greater than the interest from a savings account 393 - 6% - 2
When paying for something on credit allows someone to get a much better paying job 2969 - 43% - 3
It is always more beneficial to borrow money to buy something now. 219 - 3% - 4
Don't know 1363 - 19% - 98
Prefer not to say 347 - 5% - 99
Total 7169 - 100%
IRT
IRT
-1.1703304 75 - 1% - 1
-1.1084976 NA - NA - 2
-0.8639809 61 - 1% - 3
-0.7580562 62 - 1% - 4
-0.7426869 NA - NA - 5
-0.6273131 36 - 0% - 6
-0.5989246 NA - NA - 7
-0.4536974 286 - 4% - 8
-0.4433723 191 - 3% - 9
-0.3377416 114 - 2% - 10
-0.3263292 75 - 1% - 11
-0.2317259 47 - 1% - 12
-0.1605319 NA - NA - 13
-0.0499843 NA - NA - 14
0 162 - 2% - 15
0.0346805 198 - 3% - 16
0.1222369 174 - 3% - 17
0.1266942 67 - 1% - 18
0.1330093 116 - 2% - 19
0.2596338 215 - 3% - 20
0.2862059 1545 - 20% - 21
0.3553908 110 - 1% - 22
0.5092336 908 - 12% - 23
0.6300273 NA - NA - 24
0.7617672 127 - 2% - 25
0.8263047 43 - 1% - 26
0.9150032 2430 - 34% - 27
Missing - 0% - 99
Total 7169 - 100%
OA_Q04
Easier, LRT < - 0.3377416
True or false. By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size.
True 550 - 69% - 1
False 171 - 22% - 2
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 789 - 100%
OA_Q12
Easier, LRT < - 0.3377416
Which of the following can hurt your credit rating?
[Phone]Interviewer: Read categories to respondent.
Making late payments on loans and debts 668 - 86% - 1
Staying in one job too long NA - NA - 2
Living in the same location too long NA - NA - 3
Using your credit card frequently for purchases 40 - 5% - 4
Don't know 45 - 5% - 98
Prefer not to say NA - NA - 99
Total 788 - 100%
OA_Q14
Easier, LRT < - 0.3377416
Which of the following will help lower the cost of a house?
[Phone]Interviewer: Read categories to respondent.
Paying off the mortgage over a long period of time 38 - 4% - 1
Agreeing to pay the current rate of interest on the mortgage for as many years as possible 44 - 6% - 2
Making a larger down payment at the time of purchase 592 - 75% - 3
Making a smaller down payment at the time of purchase 37 - 5% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 788 - 100%
OA_Q11
Easier / Easier and Difficult, LRT < - 0.3553908
Which of the following statements is NOT correct about most ATM (Automated Teller Machine) cards?
[Phone]Interviewer: Read categories to respondent.
You can get cash anywhere in the world with no fee 2543 - 74% - 1
You must have a bank account to have an ATM card 341 - 9% - 2
You can generally get cash 24 hours-a-day 179 - 5% - 3
You can generally obtain information concerning your bank balance at an ATM machine 188 - 6% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3535 - 100%
OA_Q08
Easier and Difficult, LRT > -0.4433723 AND LRT < 0.3553908
Lindsay has saved $12,000 for her university expenses by working part-time. Her plan is to start university next year and she needs all of the money she saved. Which of the following is the safest place for her university money?
[Phone]Interviewer: Read categories to respondent.
Corporate bonds 96 - 4% - 1
Mutual Funds 285 - 10% - 2
A bank savings account 1911 - 69% - 3
Locked in a safe at home 110 - 4% - 4
Stocks 42 - 2% - 5
Don't know 269 - 10% - 98
Prefer not to say 33 - 1% - 99
Total 2746 - 100%
OA_Q07
Easier and Difficult / Difficult, LRT > -0.4433723
Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that lasts several years?
[Phone]Interviewer: Read categories to respondent.
Young working couples with no children 51 - 1% - 1
Young working couples with children 1185 - 19% - 2
Older, working couples saving for retirement 232 - 4% - 3
Older people living on fixed retirement income 4591 - 71% - 4
Don't know 278 - 5% - 98
Prefer not to say 45 - 1% - 99
Total 6382 - 100%
OA_Q09
Easier and Difficult / Difficult, LRT > -0.4433723
Which of the following types of investment would best protect the purchasing power of your savings in the event of a sudden increase in inflation?
[Phone]Interviewer: Read categories to respondent.
A twenty-five year corporate bond 379 - 7% - 1
An indexed pension plan 3466 - 51% - 2
An individual company stock 258 - 4% - 3
A certificate of deposit at a bank 526 - 8% - 4
Don't know 1659 - 28% - 98
Prefer not to say 94 - 1% - 99
Total 6382 - 100%
OA_Q02
Difficult, LRT > 0.2862059
A credit report is...?
[Phone]Interviewer: Read categories to respondent.>
A list of your financial assets and liabilities 1071 - 32% - 1
A monthly credit card statement 53 - 2% - 2
A loan and bill payment history 2248 - 60% - 3
A credit line with a financial institution 73 - 2% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3634 - 100%
OA_Q03
Difficult, LRT > 0.2862059
Who insures your stocks in the stock market?
[Phone]Interviewer: Read categories to respondent.
The Canadian Deposit Insurance Corporation 365 - 10% - 1
The Canadian Securities Administration 493 - 15% - 2
The Bank of Canada 117 - 3% - 3
No one 1839 - 49% - 4
Don't know 774 - 22% - 98
Prefer not to say 47 - 1% - 99
Total 3635 - 100%
FE_R01
These last few questions will help provide a better understanding of financial education across Canada and conclude the survey.
FE_Q01_N [1,8] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
In the past 5 years, have you increased your personal knowledge and understanding of financial matters in any of the following ways, if any?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Through an online-course or self-study using online materials 946 - 16% - 1
Reading a book on personal financial matters or a self-study course using printed material 1486 - 22% - 2
Taking an in-person course – such as through a not-for-profit or community organization 369 - 5% - 3
A course offered at a high school, college or university 374 - 7% - 4
Taking financial training at work 573 - 9% - 5
Regular meetings with financial planner /other financial professionals 208 - 3% - 6
Friends/family, discussions with people with experience/knowledge 88 - 1% - 7
Media sources (various: newspaper, tv, radio...) 122 - 2% - 8
Other, specify : 86 - 1% - 77
No, I have not engaged in personal self-study or taken a course or program of study on financial matters 4141 - 55% - 97
Don't know 81 - 1% - 98
Prefer not to say 48 - 1% - 99
Total 7169 - 100%
FE_Q02_N [1,8] (Numbers in square brackets indicate the minimum and maximum number of allowable responses)
Yes, FE_Q01_N
In what ways would you say this personal study or in-class course was useful in improving your financial knowledge, skills and confidence?
[Phone]Interviewer: Read categories to respondent. Mark all that apply
Strengthened my general financial knowledge 1953 - 79% - 1
Helped me to be better prepared for my retirement 1173 - 46% - 2
Improved my ability to create and maintain a budget 857 - 35% - 3
Taught me how to achieve my savings goals 841 - 34% - 4
Improved my understanding of debt or helped me pay down debt 908 - 37% - 5
Other, Specify : NA - NA - 77
None of the above 78 - 3% - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 2500 - 100%
THNK
That concludes the survey. This survey was conducted on behalf of the Financial Consumer Agency of Canada. Thank you for taking the time to answer this survey.
MODE3
Respondent contacted/surveyed
Special 500 panel records - phone 522 - 9% - 1
Special 500 panel records – online 495 - 9% - 2
Persons surveyed by phone (panel) 1509 - 19% - 3
Persons surveyed by phone (random) 1388 - 19% - 4
Persons surveyed by internet 3255 - 43% - 5
Total 7169 - 100%
Appendix C: Follow-Up Survey Online Questionnaire with Topline Results (Weighted)
Variable Name/Response Category ~n % Cat. #
PSY_R01
The first few questions are about your preferences and attitudes towards managing money as well as your perspectives on your overall financial situation.
In general, how well do the following statements describe you?
Total 0 - 100%
PSY_Q01
I am good at resisting temptation.
Fits very well 611 - 20% - 1
Fits fairly well 1446 - 46% - 2
Fits neither well nor badly 588 - 21% - 3
Does not fit well 291 - 10% - 4
Does not fit at all 77 - 3% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
NA=Not applicable due to small cell size
PSY_Q02
I find it difficult to break undesirable habits.
Fits very well 169 - 7% - 1
Fits fairly well 732 - 26% - 2
Fits neither well nor badly 798 - 26% - 3
Does not fit well 845 - 28% 4
Does not fit at all 459 - 15% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
PSY_Q03
I am always in control of my actions.
Fits very well 709 - 25% - 1
Fits fairly well 1589 - 50% - 2
Fits neither well nor badly 504 - 17% - 3
Does not fit well 165 - 6% - 4
Does not fit at all 45 - 2% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
PSY_Q04
I often act without thinking through all the alternatives.
Fits very well 60 - 3% - 1
Fits fairly well 304 - 11% - 2
Fits neither well nor badly 426 - 14% - 3
Does not fit well 1160 - 38% - 4
Does not fit at all 1060 - 33% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
PSY_Q05
I am able to work diligently toward long-term goals.
Fits very well 942 - 29% - 1
Fits fairly well 1440 - 47% - 2
Fits neither well nor badly 408 - 15% - 3
Does not fit well 159 - 6% - 4
Does not fit at all 60 - 2% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
PSA_Q06
How strongly do you agree or disagree with the following statements?
Total 0 - 100%
SA_Q06
I often make financial decisions that I later regret.
Strongly agree 54 - 2% - 1
Agree 361 - 13% - 2
Disagree 1688 - 55% - 3
Strongly disagree 877 - 29% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
SA_Q07
I enjoy dealing with financial matters.
Strongly agree 415 - 14% - 1
Agree 1318 - 41% - 2
Disagree 910 - 31% - 3
Strongly disagree 321 - 12% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
SA_Q08
I tend to trust professional financial advisers and accept what they recommend.
Strongly agree 252 - 10% - 1
Agree 1610 - 53% - 2
Disagree 669 - 21% - 3
Strongly disagree 277 - 9% - 4
Don't know 185 - 7% - 98
Prefer not to say 33 - 1% - 99
Total 3026 - 100%
SA_Q09
I have too much debt right now.
Strongly agree 294 - 12% - 1
Agree 549 - 19% - 2
Disagree 756 - 26% - 3
Strongly disagree 1387 - 42% - 4
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_R01
The next questions ask about your experience with certain financial products and services, managing debt and emergency savings.
Interviewer: Read categories to respondent.[Else]
FC_Q09
When did you most recently write or update your will?
Within the last 12 months 339 - 9% - 1
Within the last 5 years 852 - 23% - 2
Within the last decade 369 - 10% - 3
More than 10 years ago 459 - 12% - 4
I don't have a will 963 - 45% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_Q10_N
When did you most recently have powers of attorney drawn up for your household?
Within the last 12 months 249 - 7% - 1
Within the last 5 years 641 - 18% - 2
Within the last decade 249 - 7% - 3
More than 10 years ago 259 - 7% - 4
I don't have powers of attorney drawn up 1557 - 58% - 5
Don't know 40 - 2% - 98
Prefer not to say 31 - 1% - 99
Total 3026 - 100%
FC_Q11
When did you personally last request a credit report from Equifax or TransUnion of Canada to verify your credit history?
Within the last 12 months 535 - 21% - 1
Within the last 5 years 416 - 16% - 2
Within the last decade 180 - 6% - 3
More than 10 years ago 254 - 8% - 4
Never 1529 - 46% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_Q12
How would you rate your current credit record?
Very good 1870 - 56% - 1
Good 599 - 20% - 2
About average 326 - 13% - 3
Bad 99 - 5% - 4
Very bad 38 - 2% - 5
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_R02
Thinking about financial products and services in general, in the last 2 years, have you experienced any of the following issues?
FC_Q13_N
Have you accepted advice to invest in a financial product that you later found to be worthless, such as a pyramid or ponzi scheme?
Yes 90 - 3% - 1
No 2919 - 97% - 2
Don't understand question NA - NA - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_Q14_N
Have you accidentally provided financial information in response to an email or phone call that you later found out was not genuine?
Yes 112 - 4% - 1
No 2876 - 95% - 2
Don't understand question NA - NA - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
FC_Q15_N
Have you discovered that someone has used your bank or credit card number to pay for goods without your authorisation?
Yes 557 - 18% - 1
No 2455 - 82% - 2
Don't understand question NA - NA - 97
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 3026 - 100%
AD_Q13_N
Owned, with mortgage, 00919 AD_Q01_N OR have a HELOC, 00919 AD_Q03C_N
In the past 12 months, did you take any steps to pay down your mortgage faster?
Yes 375 - 33% - 1
No 702 - 65% - 2
Not applicable NA - NA - 7
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 1101 - 100%
AD_Q14_N [1,6]
Yes, AD_Q13_N
Which of the following steps did you take to pay down your mortgage faster?
Mark all that apply
I made weekly or bi-weekly instead of monthly mortgage payments 159 - 44% - 1
I made an extra lump sum mortgage payment 160 - 44% - 2
I increased my regular mortgage repayment amount 170 - 46% - 3
Other Specify : NA - NA - 77
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 375 - 100%
AD_Q16_N
Non-mortgage debt, 00919 AD_Q11_N
In the past 12 months, did you take any steps to pay down your non-mortgage debt faster?
Yes 898 - 46% - 1
No 807 - 46% - 2
Not applicable 106 - 5% - 7
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 1847 - 100%
AD_Q17_N [1,8]
Yes, AD_Q16_N
Which of the following steps did you take to pay down your non-mortgage debt faster?
Mark all that apply
I consolidated my debts to pay lower interest 218 - 26% - 1
I prioritized paying down high interest debt 385 - 47% - 2
I paid down smaller debts 177 - 24% - 3
I made more frequent or extra payments to reduce debt 480 - 55% - 4
I increased my regular debt repayment amount 321 - 36% - 5
No debt 39 - 3% - 7
Cashed in assets (home, RRSPS) NA - NA - 9
Lump sum/paid off (unspecified) NA - NA - 12
Other Specify : NA - NA - 77
Don't know NA - NA - 98
Prefer not to say NA - NA - 99
Total 898 - 100%
OE_Q18_N
Have you set aside emergency or rainy day funds that would cover your expenses for 3 months, in case of sickness, job loss, economic downturn, or other emergencies?
Yes 2058 - 63% - 1
No 915 - 36% - 2
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 3026 - 100%
PFWB_Q01
How well do the following statements describe you or your situation?
FWB_Q01
Because of my money situation, I feel like I will never have the things I want in life.
Completely 266 - 12% - 1
Very well 221 - 8% - 2
Somewhat 702 - 24% - 3
Very little 912 - 29% - 4
Not at all 925 - 28% - 5
Total 3026 - 100%
FWB_Q02
I am just getting by financially.
Completely 391 - 16% - 1
Very well 409 - 14% - 2
Somewhat 718 - 24% - 3
Very little 633 - 21% - 4
Not at all 875 - 24% - 5
Total 3026 - 100%
FWB_Q03
I am concerned that the money I have or will save won't last.
Completely 411 - 17% - 1
Very well 356 - 14% - 2
Somewhat 945 - 30% - 3
Very little 729 - 21% - 4
Not at all 585 - 21% - 5
Total 3026 - 100%
PFWB_Q04
How often do these statements apply to you?
FWB_Q04
I have money left over at the end of the month.
Always 1048 - 33% - 1
Often 714 - 24% - 2
Sometimes 723 - 24% - 3
Rarely 343 - 11% - 4
Never 198 - 8% - 5
Total 3026 - 100%
FWB_Q05
My finances control my life.
Always 239 - 10% - 1
Often 391 - 14% - 2
Sometimes 862 - 30% - 3
Rarely 1088 - 32% - 4
Never 446 - 14% - 5
Total 3026 - 100%
OA_R01
The last part is a bit different. It has three new questions about financial matters posed like a quiz.
OA_Q15_N
Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
More than $102 2794 - 91% - 1
Exactly $102 59 - 2% - 2
Less than $102 88 - 3% - 3
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 3026 - 100%
OA_Q16_N
Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, with the money in this account, would you be able to buy...
More than today 32 - 2% - 1
Exactly the same as today 96 - 4% - 2
Less than today 2764 - 88% - 3
Don't know NA - NA - 8
Prefer not to say NA - NA - 9
Total 3026 - 100%
OA_Q17_N
Do you think the following statement is true or false? Buying a single company stock usually provides a safer return than a stock mutual fund.
True 129 - 5% - 1
False 2141 - 69% - 2
Don't know 723 - 25% - 8
Prefer not to say 33 - 1% - 9
Total
3026 - 100%
THNK
That concludes the survey. This survey was conducted on behalf of the Financial Consumer Agency of Canada. Thank you very much for taking the time to respond.
Appendix D: Pilot Results Memo
2019/03/06
A total of 206 cases have been completed for the pilot, including 104 completed on the telephone and 102 completed online. While there are some slight to moderate differences in some questions, overall the results are quite similar.
There are some obvious, albeit slight differences in demographic profile of the samples, however, the larger difference relates to whether these are “phone” or “online” types of respondents, which we will find to an even greater degree in the full sample, given the nature of the targeting of the telephone resources across the 7,000 intended cases.
There is a slightly higher representation in the pilot phone sample of women, individuals who are older, have a high school level of education, are less affluent, and less likely to have financial responsibility for kids. Therefore, differences in some results can be explained by the nature of the sample more than the mode of data collection.
More obvious, but only in some questions, is the difference in how these individuals interface with financial institutions, for example, or keep a budget.
These differences make it difficult to distinguish between mode and sample effect in some other questions, such as the knowledge quiz questions at the end of the survey.
Following are some key observations related to differences and considerations:
For the purposes of comparing the results for the phone and telephone portions of the sample, weights have been applied separately to the phone sample and online sample, to restore representativeness to the population in terms of age, gender, education and region.
Comparing the results for the telephone portion of the pilot sample in 2019 with the results from the 2014 survey, show very similar results, with only a few key exceptions.
Moving forward, differences between the telephone and online sample results seem to relate, at least in large part, to the nature of each sample. As already indicated initially in this memo, this will be even more likely the case in the full sample since we may be using the telephone sample to augment deficient socioeconomic sample strata, and also looking specifically for those who are Indigenous or recent immigrants. Therefore, the sample characteristics between the online and telephone samples will be quite different. Each portion of the sample will be weighted independently and then decisions will need to be made about the relative emphasis that will be placed on the subsamples in combining them into one full sample. The telephone sample is expected to account for roughly 30% of the overall sample of 7,000. Decisions may be made at that time to reduce the emphasis of that sample to something closer to 20 to 25%. Part of this will be dictated by the overall demographics across the 7,000 cases, however, we may need to revisit this late in the data collection stage to finalize the approach in re-combining the two subsets of the sample. Similarly, decisions may be made about treatment of the results for a handful of questions such as, for example, the items in the knowledge quiz, whereby some adjustments may be made to augment the results for the telephone sample in light of the different mode of collection.
Appendix E: Core Survey Sample Characteristics (Unweighted and Weighted)
Following are the number of cases, as well as the unweighted and weighted distributions for the sample characteristics used in the weight of the core survey sample.
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7169 | -- | -- |
| 18-34 | 1119 | 16% | 27% |
| 35-44 | 1052 | 15% | 16% |
| 45-54 | 1425 | 20% | 18% |
| 55-64 | 1533 | 21% | 18% |
| 65 up | 2040 | 28% | 21% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7169 | -- | -- |
| BC | 721 | 10% | 14% |
| Alberta | 640 | 9% | 11% |
| Prairies | 975 | 14% | 7% |
| Ontario | 1984 | 28% | 38% |
| Quebec | 1396 | 19% | 23% |
| Atlantic | 1428 | 20% | 6% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7169 | -- | -- |
| Married | 3596 | 50% | 45% |
| Living with partner | 796 | 11% | 13% |
| Separated/Divorced/Widowed | 1329 | 19% | 17% |
| Single (Never married) | 1404 | 20% | 25% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7169 | -- | -- |
| Less than post secondary completion | 2631 | 37% | 41% |
| Completed College | 1430 | 20% | 18% |
| Completed University | 3091 | 43% | 42% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7169 | -- | -- |
| Yes | 1501 | 21% | 27% |
| No | 5655 | 79% | 73% |
Appendix F: Follow-Up Survey Sample Characteristics (Unweighted and Weighted)
Following are the number of cases, as well as the unweighted and weighted distributions for the sample characteristics used in the weight of the follow-up survey sample.
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3026 | -- | -- |
| 18-34 | 311 | 10% | 27% |
| 35-44 | 379 | 13% | 16% |
| 45-54 | 591 | 20% | 18% |
| 55-64 | 723 | 24% | 18% |
| 65 up | 1022 | 34% | 21% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3026 | -- | -- |
| BC | 327 | 11% | 14% |
| Alberta | 274 | 9% | 11% |
| Prairies | 401 | 14% | 7% |
| Ontario | 842 | 28% | 38% |
| Quebec | 476 | 16% | 23% |
| Atlantic | 696 | 23% | 6% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3026 | -- | -- |
| Male | 1596 | 53% | 48% |
| Female | 1419 | 47% | 51% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3026 | -- | -- |
| Married | 1629 | 54% | 45% |
| Living with partner | 318 | 11% | 13% |
| Separated/Divorced/Widowed | 613 | 20% | 17% |
| Single (Never married) | 447 | 15% | 25% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 7161 | -- | -- |
| Less than post secondary completion | 844 | 28% | 41% |
| Completed College | 644 | 21% | 18% |
| Completed University | 1535 | 51% | 42% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3026 | -- | -- |
| Employed | 1691 | 56% | 62% |
| Not employed | 1315 | 44% | 38% |
Appendix G: Details of Calculation Variables
Following are the variables that were calculated in the data set (i.e., combined responses from two or more variables or calculated a score based on responses from multiple variables.
IN_Q02_X
"What was your approximate personal income in 2018?”
Populated with in_q03 data. If missing, populated with in_q02 data collapsed into in_q03 ranges
IN_Q04_X
"What was your approximate total household income in 2018?
Populated with in_q05 data. If missing, populated with in_q04 data collapsed into in_q05 ranges
IN_Q04_Y
"What was your approximate total household income in 2018?
Household income before tax-Grouped (All respondents, use in_q02x and in_q04_x)
AD_Q03B_N_X
"Excluding any home equity line of credit (HELOC), what is the approximate Total amount that is remaining to be paid on the mortgage on your principal residence?
Populated with ad_q03b_n data. If miss., populated with ad_q03a_n data coll. in ad_q03b_n ranges
AD_Q03B_N_X
"What is the approximate outstanding balance on your HELOC?
Populated with ad_q03d_n data. If missing, populated with ad_q03c_n data collapsed into ad_q03d_n ranges"
AD_Q15_B_x
"What is the approximate outstanding balance on your HELOC?
Populated with ad_q15_b data. If missing, populated with ad_q15_n data collapsed into ad_q15_b ranges
IRT
"IRT score calculation, based on responses to questions OA_Q01, OA_Q05 and OA_Q10, determines which 4 of the remaining literacy questions are asked". All respondents were administered these first three questions, after which four more were assigned to each person. The following is a table presenting the flow of logic determining which four questions each respondent received among the remaining literacy questions in the survey.
| OA_Q01 | OA_Q05 | OA_Q10 |
|---|---|---|
| Incorrect | Incorrect | Incorrect |
| Incorrect | Incorrect | Missing |
| Missing | Incorrect | Incorrect |
| Missing | Incorrect | Missing |
| Incorrect | Missing | Incorrect |
| Incorrect | Missing | Missing |
| Incorrect | Incorrect | Correct |
| Correct | Incorrect | Incorrect |
| Incorrect | Correct | Incorrect |
The respondent is further asked easier financial literacy questions: OA_Q04, OA_Q12, OA_Q14, and OA_Q11
| OA_Q01 | OA_Q05 | OA_Q10 |
|---|---|---|
| Correct | Incorrect | Missing |
| Incorrect | Correct | Missing |
| Missing | Missing | Incorrect |
| Missing | Incorrect | Correct |
| Incorrect | Missing | Correct |
| Missing | Missing | Missing |
| Missing | Correct | Incorrect |
| Correct | Incorrect | Correct |
| Correct | Missing | Incorrect |
| Incorrect | Correct | Correct |
| Missing | Correct | Missing |
| Correct | Correct | Incorrect |
The respondent is further asked a mix of easy and difficult financial literacy questions: OA_Q11, OA_Q08, OA_Q07 and OA_Q09
| OA_Q01 | OA_Q05 | OA_Q10 |
|---|---|---|
| Correct | Missing | Missing |
| Correct | Correct | Missing |
| Missing | Missing | Correct |
| Missing | Correct | Correct |
| Correct | Missing | Correct |
| Correct | Correct | Correct |
The respondent is further asked more difficult financial literacy questions: OA_Q07, OA_Q09, OA_Q02, and OA_Q03