Prepared for Financial Consumer Agency of Canada
For more information on this report, please contact the Financial Consumer Agency of Canada at info@fcac-acfc.gc.ca.
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 9,394 Canadians 18 years of age or older between August 2020 and May 2021.
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
Aussi disponible en français sous le titre : : Collecte de données pour le sondage de 2020-2021 sur le bien-être financier lié à la COVID-19.
© Her Majesty the Queen in Right of Canada, as represented by the Minister of Finance Canada, 2021.
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 to inform 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 financial 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 2020-21 COVID-19 Financial Well-Being Survey. 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 capture some low incidence segments among Indigenous people and recent immigrants (past 10 years), the sample frame was augmented by random-digit-dial (RDD) phone interviews in key targeted geographic clusters.
The 2020-21 core survey questionnaire was streamlined from the 25-minute core of the 2019 CFCS and required approximately 18 minutes to complete by telephone in the first half of data collection (August through November 2020). It was subsequently shortened to the prescribed 10 minutes for December 2020 through April 2021, by including a sub-set of items bi-monthly. Although some items were newly added or changed since the 2019 CFCS, some items were retained for the purposes of tracking over time.
The survey was administered over the period from August 20, 2020 to May 12, 2021 and included 9,394 interviews with Canadians aged 18 years or older. The overall response rate was 19 per cent using a mix of Probit panel members (6,980 cases completed online and 2,050 completed by telephone), as well as RDD (374) as the sample source.
Survey results can be extrapolated to the broader general public of Canadians 18 and over, with an associated margin of error of ± 1.0 per cent at a 95 per cent confidence level for questions posed to the complete sample. Topics covered in the core survey include:
In addition, a 5-minute follow-up survey was added for respondents who agreed to participate. The follow-up questionnaire was administered from March 1 to March 20, 2021 and included 27 questions. Topics covered in the follow-up survey included:
The follow-up survey was administered almost exclusively to online panel members. The follow-up sample was comprised of 3,047 respondents, capturing 66 per cent of the original core sample. 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 per cent at a 95 per cent 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 a third of the items in the core survey questionnaire were replicated from the previous 2019 CFCS. The primary purpose for retaining these questions was to track changes over time with previous versions of the survey conducted in 2019.
The core questionnaire 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 in early August 2020. Only very minor changes were made to clarify wording or programming.
Both the core 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, gender, region of the country, and education (post-secondary completion versus less education), as well as Indigenous and recent immigrant status.
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), and gender, as well as Indigenous/non-Indigenous status.
The value of this contract was $249,886.78 (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 positive financial decisions. To further this aim, FCAC conducted public opinion research (POR) by fielding the 2020-21 COVID-19 Financial Well-Being Survey, following on the 2019 Canadian Financial Capability Survey (CFCS), in order to collect quantitative evidence about Canadians' financial knowledge, skills and confidence.
Having up-to-date nationally representative data on the financial 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 2020-21 COVID-19 Financial Well-Being Survey. Specific objectives included:
The intended approach for the 2020-21 CFMS was to collect an 8,000-case probability-based sample, with the majority of the interviews completed online (self-administered) or by telephone with members of the Probit panel, with augmented sampling as needed using targeted RDD sample. 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 sampling frames as being preferable when the stakes are high in terms of impact on key policy, program or budget decisions (PSPC, undated).
Roughly 80% (6,400) of the interviews were to be completed online (self-administered) by members of the Probit panel. A smaller sample of about 1,600 respondents were to complete the survey by telephone, including Probit panel members with a preference for telephone interviews or among segments where response was low, as well as a subset of cases completed using a Random Digit Dialing (RDD) sample (landline and cell phone sample) in key geographic clusters to reach the two target groups of Indigenous people and recent immigrants (last 10 years). This follows a similar approach taken in the 2019 CFCS survey which also relied on a mix of Probit panel (online and phone), as well as a smaller portion of interviews obtained by telephone using RDD sample.
The key sample frame used was 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 100,000 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, which is a reliable method used to conduct telephone surveys that are 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. 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.
A sample of 9,394 Canadians 18 years of age or older participated in the core survey. 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 ±1.0 per cent at a 95 per cent confidence level for questions posed to the full sample.
The sample includes 9,020 cases completed with Probit panel members, of which 6,980 were completed online and 2,040 by phone. An additional 374 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., among Indigenous respondents and recent immigrants). In these cases, RDD sample was selected from key geographic areas of the country where the incidence of Indigenous residents or recently immigrated Canadians is higher than average for the population.
A significant number of cases were completed by telephone 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 unweighted frequency of cases completed within key segments of the core survey sample from month to month, as well as weighted percentage of the monthly sample.
| Col1 | Total | August | Sep | Oct | Nov | Dec | Jan | Feb | Marl | April |
|---|---|---|---|---|---|---|---|---|---|---|
| Total: | 9394 | 1035 | 1052 | 1049 | 1051 | 1049 | 1050 | 1009 | 1047 | 1052 |
| Age | ||||||||||
| <35 | 1975 (27%) | 248 (27%) | 255 (28%) | 229 (27%) | 219 (27%) | 184 (27%) | 221 (28%) | 186 (27%) | 213 (27%) | 220 (27%) |
| 35-44 | 1747 (16%) | 197 (16%) | 191 (16%) | 190 (16%) | 194 (16%) | 224 (16%) | 192 (16%) | 198 (16%) | 185 (16%) | 176 (16%) |
| 45-54 | 1747 (18%) | 172 (18%) | 187 (18%) | 192 (18%) | 200 (18%) | 200 (18%) | 213 (18%) | 196 (18%) | 194 (18%) | 193 (18%) |
| 55-64 | 1777 (17%) | 193 (17%) | 197 (17%) | 200 (17%) | 199 (17%) | 210 (18%) | 185 (17%) | 176 (18%) | 209 (18%) | 208 (18%) |
| 65 up | 2148 (21%) | 225 (21%) | 222 (21%) | 238 (21%) | 239 (21%) | 231 (21%) | 239 (21%) | 253 (21%) | 246 (21%) | 255 (21%) |
| Province | ||||||||||
| British Columbia | 1069 (13%) | 124 (14%) | 126 (14%) | 110 (13%) | 112 (13%) | 117 (13%) | 115 (13%) | 132 (14%) | 111 (13%) | 112 (12%) |
| Alberta | 964 (11%) | 95 (11%) | 105 (11%) | 109 (11%) | 108 (11%) | 109 (11%) | 113 (11%) | 113 (12%) | 93 (11%) | 119 (11%) |
| Saskatchewan & Manitoba | 1292 (7%) | 157 (7%) | 141 (7%) | 159 (7%) | 157 (7%) | 145 (7%) | 150 (7%) | 133 (6%) | 120 (7%) | 130 (7%) |
| Ontario | 2937 (38%) | 342 (38%) | 307 (38%) | 310 (38%) | 316 (38%) | 331 (38%) | 313 (38%) | 314 (38%) | 354 (38%) | 350 (38%) |
| Quebec | 1849 (23%) | 175 (23%) | 225 (23%) | 200 (23%) | 193 (23%) | 185 (23%) | 214 (23%) | 203 (23%) | 236 (23%) | 218 (23%) |
| Atlantic Provinces | 1250 (7%) | 139 (7%) | 145 (7%) | 155 (7%) | 155 (7%) | 156 (7%) | 141 (7%) | 113 (7%) | 130 (7%) | 116 (7%) |
| Territories | 33 (0%) | 3 (0%) | 3 (0%) | 6 (0%) | 10 (1%) | 6 (1%) | 4 (1%) | 1 (0%) | 3 (0%) | 7 (1%) |
| Education | ||||||||||
| High school or less | 1790 (40%) | 226 (40%) | 222 (40%) | 223 (40%) | 192 (40%) | 190 (40%) | 197 (40%) | 185 (40%) | 180 (40%) | 175 (40%) |
| College | 3036 (34%) | 308 (34%) | 399 (34%) | 343 (34%) | 337 (34%) | 342 (34%) | 345 (34%) | 302 (34%) | 347 (34%) | 313 (34%) |
| University | 4517 (25%) | 498 (25%) | 425 (25%) | 477 (25%) | 514 (25%) | 510 (25%) | 504 (26%) | 517 (26%) | 517 (26%) | 555 (25%) |
| Household Income | ||||||||||
| Under $40,000 | 1638 (21%) | 186 (23%) | 179 (20%) | 163 (20%) | 192 (22%) | 166 (21%) | 197 (21%) | 174 (22%) | 201 (25%) | 180 (23%) |
| $40,000 to $80,000 | 2398 (27%) | 249 (25%) | 268 (27%) | 286 (28%) | 257 (24%) | 281 (30%) | 241 (26%) | 275 (29%) | 283 (27%) | 258 (25%) |
| $80,000 to $120,000 | 1698 (17%) | 183 (17%) | 204 (18%) | 200 (18%) | 190 (18%) | 181 (15%) | 194 (18%) | 181 (16%) | 168 (15%) | 197 (17%) |
| $120,000 or higher | 2731 (24%) | 322 (26%) | 293 (25%) | 294 (23%) | 318 (27%) | 320 (23%) | 297 (23%) | 277 (22%) | 301 (23%) | 309 (23%) |
| Other Target Groups | ||||||||||
| Indigenous | 672 (5%) | 77 (5%) | 76 (5%) | 80 (5%) | 77 (5%) | 67 (5%) | 76 (5%) | 70 (5%) | 76 (5%) | 73 (5%) |
| Recent Immigrants (past 10 years) | 597 (6%) | 57 (4%) | 43 (4%) | 57 (6%) | 79 (8%) | 67 (6%) | 74 (8%) | 59 (6%) | 77 (9%) | 84 (8%) |
| Method of Completion | ||||||||||
| Telephone | 2414 (29%) | 230 (24%) | 280 (29%) | 286 (33%) | 261 (31%) | 280 (33%) | 257 (26%) | 200 (26%) | 255 (30%) | 365 (43%) |
| Online | 6980 (71%) | 805 (76%) | 772 (71%) | 763 (67%) | 790 (69%) | 769 (67%) | 793 (74%) | 809 (74%) | 792 (70%) | 687 (57%) |
In addition to the core survey, a 5-minute follow-up survey was added for respondents who agreed to participate. The follow-up questionnaire was administered between March 1 and March 15, 2021. The follow-up survey was administered almost exclusively online. The sample was comprised of 3,046 respondents, capturing 66 per cent of the original core sample. 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 per cent at a 95 per cent 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. 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 survey questionnaire was comprised of roughly 45 questions. About a third of the survey items in the core questionnaire were replicated from the 2019 CFCS 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. At the end of the survey, sample members were also asked about whether they would consent to participate in the 5-minute follow-up survey.
The 5-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:
The core 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 mid-August 2020 the core survey questionnaire was pretested with 49 completed cases using the Probit panel as the sample. Of these, 30 were completed in English and 19 in French. Twenty of the 49 were conducted by telephone. The average length of the questionnaire in first testing iterations was about 12 minutes online and 19 minutes by telephone. 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.
No test was conducted for the follow-up survey although a limited number of sample members were invited on the first day and results were carefully reviewed on Day 2 prior to sending the bulk of the invitations.
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 would be 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 a 1-800 number that 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 unfolded. 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 inputted 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 inputted for later review and coding.
Telephone interviews were carried out under regular supervision and 10 per cent of interviews were monitored 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 callback 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.
The core survey collection occurred monthly between August 20, 2020 and May 14, 2021, with just over 1,000 cases collected each month over the nine months. Of the 9,394 completed cases in the core sample, 6,980 respondents completed the questionnaire online and 2,414 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 19 per cent, with 15 per cent participation among those interviewed by telephone, and a 19 per cent participation rate among those responding online. The following table provides details on the sample records used to complete the core sample by month.
| Month | August | September | October | November | December |
|---|---|---|---|---|---|
| Mode of Response | Total | Total | Total | Total | Total |
| Total Sample | 5,415 | 5441 | 5204 | 5919 | 5957 |
| Invalid (email bounced, not correct person) | 244 | 262 | 248 | 71 | 68 |
| Valid Sample | 5,171 | 5,179 | 4,956 | 5,848 | 5,889 |
| Partial complete | 100 | 106 | 114 | 91 | 63 |
| Refused | 83 | 178 | 165 | 213 | 216 |
| No response | 3,815 | 3,752 | 3,546 | 4,336 | 4,530 |
| Responding | |||||
| Complete | 1,035 | 1,052 | 1,049 | 1,051 | 1,049 |
| Ineligible | 8 | 13 | 13 | 31 | 18 |
| Quota filled | 130 | 76 | 69 | 125 | 13 |
| Total responding | 1,173 | 1,141 | 1,131 | 1,207 | 1,080 |
| Response Rate (Total responding over Valid sample) | 23% | 22% | 23% | 21% | 18% |
| Month | January | February | March | April |
|---|---|---|---|---|
| Response * mode | Total | Total | Total | Total |
| Total Sample | 6091 | 7122 | 7037 | 7187 |
| Invalid (email bounced, not correct person) | 82 | 73 | 102 | 420 |
| Valid Sample | 6,009 | 7,049 | 6,935 | 6,767 |
| Partial complete | 75 | 82 | 92 | 93 |
| Refused | 211 | 184 | 244 | 241 |
| No response | 4,570 | 5,735 | 5,466 | 5,340 |
| Responding | ||||
| Complete | 1,050 | 1,009 | 1,047 | 1,052 |
| Ineligible | 28 | 18 | 25 | 30 |
| Quota filled | 75 | 20 | 60 | 11 |
| Total responding | 1,153 | 1,047 | 1,132 | 1,093 |
| Response Rate (Total responding over Valid sample) | 19% | 15% | 16% | 16% |
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 that 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 numbers). 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 3,046 persons who completed the follow-up survey, representing an overall response rate of 66%.
The key steps in the data base management involved cleaning the data, developing population weights and constructing an adjustment factor for specific questions where a sizeable "mode" effect was discerned, with a specific focus on core variables used for trend analysis.
Cleaning the data base involved re-coding open-ended responses into existing categories. As noted above, there were a handful of 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.
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:
Separate population weights were generated for the core survey as well as the follow-up survey. For the core survey, the sample weight was created based on population parameters according to the 2016 Census. Data were weighted to population proportions for age, region of the country, gender, as well as education (post-secondary completion versus less), and Indigenous and recent immigrant status. A weight was constructed independently for the follow-up survey sample using the same characteristics (region, age, gender, education and Indigenous/non-Indigenous status), since it was completed almost exclusively online, largely with panel members, resulting in a different sample composition from the core survey. A table with the weighted and unweighted proportions of the core sample for those variables included in the weight solution is presented in Appendix C
For both the core and follow-up surveys, 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 items in the follow-up survey, the appropriate population weight to use is the variable called "wgtfollowup". 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. A table with the weighted and unweighted proportions of the follow up sample for those variables included in the weight solution is presented in Appendix D.
Calculated variables were largely a matter of creating common items from categorical and continuous responses (e.g., where most respondents indicated a specific value such as personal income, but some were only willing to provide a range, therefore the midpoint of the range was used for the calculation). 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.
Thank you for taking the time to complete this survey dealing with some important issues on household finances on behalf of the Government of Canada. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
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 15 minutes to complete. It is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. To view our privacy policy, click here.
If you require any technical assistance, please contact online@ekos.com.
Good morning/afternoon/evening, Bonjour,
My name is [name of interviewer] and I am calling from Ekos Research Associates, a public opinion research company. We are conducting a study on behalf of the Government of Canada to find out what people think about some important issues on household finances. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
Would you prefer to be interviewed in English or French?/Préférez-vous répondre en français ou en anglais?
Please be assured that we are not selling or soliciting anything. Your participation is voluntary and your responses will be kept entirely confidential and anonymous. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. This survey is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act.
If asked length: The survey will take about 15 minutes to complete
If asked client: I can tell you at the end who sponsored this survey
In what year were you born?
If 2001, confirm if at least 18
Are you at least 18 years of age?
Hesitant
May we place your age into one of the following general age categories?
What is your current marital status?
Are you financially responsible for any children living in your household or currently living somewhere else? If so, how many?
Do you play an active role in managing your household's finances?
There has been a lot of talk lately about the outbreak of the new coronavirus disease, COVID-19. Did you or anyone in your household experience any of the following?
A temporary layoff, where you expect to return to your employer
A permanent job loss or layoff, where you do not expect to return to your employer
A reduction in your regular paid hours at work
Reduced sales/contracts from your own business
Increased difficulties finding a job
Other, please specify:
How would you say that your level of anxiety, stress or worry has changed in the past 12 months?
[Phone] Interviewer: Read categories to respondent.
What was the approximate total household income of all members (including yourself) before taxes and deductions from all sources during the last year, ending December 2020?
DK/NR, IN_Q04
What was your approximate total household income in 2020?
[Phone] Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.
Compared to the previous year, ending December 2019, how did your 2020 household income change?
[Phone] Interviewer: Read categories to respondent.
Now we are going to ask questions about your day-to-day finances, saving and debt.
Do you typically check your bank account balance and manage your day-to-day banking transactions using either internet banking or a personal mobile device?
Do you have a household budget?
No/DK/NR, OE_Q06_N
Why do you not have a budget?
[Phone] Interviewer: Prompt only if needed.
Yes, OE_Q06_N
When it comes to your budget, how do you keep track of your money?
Yes, OE_Q06_N
Use budgeting/finance software (e.g. Excel) or an online budgeting tool/app
Yes, OE_Q06_N
Write out the budget by hand or use cash jars/envelopes
Yes, OE_Q06_N
Automate my bill payments and savings
Yes, OE_Q06_N
Keep a budget in my head
Do you currently own or rent your home?
Do you currently have any of the following assets?
Workplace Pension Plan
Registered Retirement Saving Plan (RRSP) or Registered Retirement Income Fund (RRIF)
Tax free savings account (TFSA)
Cash savings (from savings or chequing accounts)
Other non-registered investments (stocks, bonds, term deposits, GICs, Non-RRSP Mutual funds)
A secondary house, rental property, or vacation home
A business or farm, including related equipment and property
Other, specify:
Assets, SAVINGS_T
Compared to December 2019, how has the value of your total household assets changed in the last year?
[Phone] Interviewer: Read categories to respondent.
Assets, SAVINGS_T
Have you had to use your savings due to the COVID-19 crisis?
Yes, SAVINGS_C
Altogether, about how much of your savings have you needed to use over the past 12 months?
DK/NR, SAVINGS_C_A
About how much of your savings have you needed to use over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
Have you set aside emergency or rainy day funds in case of sickness, job loss, economic downturn, or other emergencies?
Yes, OE_Q18_NA
How many months do you think the money in that fund will last?
OE_Q18_N <7 months/DK/NR
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.
Over the past month, would you say your monthly household spending was ...?
When it comes to bills and other financial commitments, would you say that you are ...
[Phone] Interviewer: Read categories to respondent.
Do you currently have any of the following other types of debt?
Home Equity Line of Credit (HELOC)
Personal loan or line of credit
Automobile loan or lease
Outstanding credit card balances
Student loan
Mortgage on secondary residence, rental property, business or vacation home
Other loans, debts or liabilities - Specify :
Debt, QAD_Q11_N or Mortgage, QAD_Q01_N
Compared to December 2019, how has your total debt changed?
[Phone] Interviewer: Read categories to respondent.
Stayed the same/increased, DEBT_I
Has your total debt increased due to the COVID-19 crisis?
Stayed the same/increased, DEBT_I
How did you debt increase from all sources in the past 12 months?
DK/NR, DEBT_C_A
About how much has your total debt increased over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
Not "Outstanding credit card balances", QAD_Q11_N
In the past 12 months, did you pay your credit card in full each month?
[Phone] Interviewer: Read categories to respondent.
In the past 12 months, have you run short of money and had to use a credit card, overdraft or borrow to buy food or to pay monthly expenses (i.e., regular expenses as opposed to bigger items like renovating, vacation, etc)?
Are you currently behind two or more consecutive months in paying a bill, loan, rent or mortgage payment?
Over the past 12 months, have you used any of the following other methods to manage your day-to-day expenses?
Seek advice from a financial professional about managing expenses
Borrow from a friend or family member
Use an online lender or payday loan company, other than a bank
Make a formal or informal proposal to creditors or declare bankruptcy
online lender or payday loan company, CREDIT_I
What type of loan did you obtain from your payday loan or online lender?
Not None of the above, CREDIT_I
In the past 12 months, did you seek advice from any of the following financial professionals to help manage your debt?
Licensed Insolvency Trustee
Credit counsellor
Debt advisor
Other, specify:
How would you rate your current credit record?
Very bad - good, FC_Q12_N
How has your credit record changed over the past 12 months?
[Phone] Interviewer: Read categories to respondent.
In the past 12 months, has anyone tried to use your bank or credit card without your authorization?
In the past 12 months, has anyone tried to obtain your personal or financial information by hacking one of your online accounts or through an email phishing scam?
Note: A phishing scam is an email that looks legitimate but is an attempt to get personal information such as your account number, username, PIN code, or password.
Yes, FC_Q15_N/FC_Q16_N
In the past 2 years, have you been a victim of financial fraud or a financial scam?
A victim is someone who has accepted advice to invest in a financial product that you later found to be worthless, such as a pyramid or ponzi scheme, or accidentally provided financial information in response to an email or phone call that they later found out was not genuine
The next few questions are about your general level of financial awareness and attitudes.
How would you rate your level of financial knowledge?
[Phone] Interviewer: Read categories to respondent.
How well do the following statements describe you or your situation?
Because of my money situation, I feel like I will never have the things I want in life.
I am just getting by financially.
FWB_Q03
I am concerned that the money I have or will save won't last.
How often do these statements apply to you?
I have money left over at the end of the month.
My finances control my life.
The survey is almost complete. The last section asks about your work and personal situation.
Are you currently employed?
Yes, LF_Q01A = 1
Are you employed...
No/DK/NR, LF_Q01A
Are you...
What is the highest level of schooling that you have ever attained?
What is your postal code?
NR, POSTCELL
In which province or territory do you live?
Were you born in Canada?
No, DM_Q03
In what year did you first immigrate or move to Canada?
Yes, DM_Q03
Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)?
[Phone] Interviewer, if asked: 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, DM_Q06
Are you currently or have you lived on a reserve during the past 12 months?
Do you identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
Would anyone else in your household identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
Finally, our research team would like to know if we may re-contact you in the future to complete a similar, but much shorter, survey. Saying yes in no way obligates you to participate in the future.
We will only make note in our files that you are willing to participate again, but your contact information will not be stored with survey responses. We will also not share your contact information.
Would you give us permission to re-contact you in the future to complete another survey?
Thanks for your help.
If you would like to learn more about how to manage your financial health in challenging times, the Financial Consumer Agency of Canada has put together a number of resources available at www.Canada.ca/money.
You recently participated in a survey dealing with some important issues on household finances, conducted on behalf of the Government of Canada. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
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. This is a follow-up to that survey that should take about 5 minutes to complete. It is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. To view our privacy policy, click here.
If you require any technical assistance, please contact online@ekos.com.
The first few questions are about your employment situation.
Are you currently employed?
Yes, LF_Q01A = 1
Are you employed...
No/DK/NR, LF_Q01A
Are you...
Which of the following best describes the industry you are currently or were most recently working in?
The next few questions are about where you get financial advice and the types of financial help that you have used to manage during the COVID-19 crisis.
In the past 12 months, did you seek information to help you in your financial decision-making from any of the following sources?
Mark all that apply
In the past 12 months, did you make use of FREE or PAID advice on any financial products?
Mark all that apply
The next few questions are about your general level of financial knowledge.
How does your knowledge of your household finances (i.e., income, expenses, debt, savings) compare to one year ago?
How does your knowledge of the economy (local, national or international) compare to one year ago?
How does your knowledge of broad financial concepts (e.g., inflation and interest rates, credit reports and ratings, stocks and risk, etc.) compare to one year ago?
The next few questions are about your tax refund situation for the 2019 tax year (i.e., for taxes typically filed in the year 2020).
Have you received your tax refund for the 2019 tax year?
Upon receiving your refund for the 2019 tax year, were you able to save a portion of it?
Upon receiving your refund for the 2019 tax year, do you plan to save a portion of it?
Have you deposited a portion of your tax refund for the 2019 tax year into any of the following locations?
Please select all that apply
Do you plan to deposit a portion of your tax refund for the 2019 tax year into any of the following locations?
Please select all that apply
What percentage of your tax refund for the 2019 tax year did you...
Please specify percentage for each category
What percentage of your tax refund for the 2019 tax year do you plan to...
Please specify percentage for each category
The next part is a bit different. It has some questions about financial matters posed like a quiz.
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?
If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?
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?
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.
Easier, LRT < - 0.3377416
Which of the following can hurt your credit rating?
Easier, LRT < - 0.3377416
Which of the following will help lower the cost of a house?
Easier / Easier and Difficult, LRT < - 0.3553908
Which of the following statements is NOT correct about most ATM (Automated Teller Machine) cards?
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?
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?
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?
Difficult, LRT > 0.2862059
A credit report is...?
Difficult, LRT > 0.2862059
Who insures your stocks in the stock market?
Do you consider yourself to be a member of a visible minority or racialized community (i.e., non-Caucasian)?
Thanks for your help.
If you would like to learn more about how to manage your financial health in challenging times, the Financial Consumer Agency of Canada has put together a number of resources available at www.Canada.ca/money.
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 | 9394 | -- | -- |
| 18-34 | 1975 | 21% | 27% |
| 35-44 | 1747 | 19% | 16% |
| 45-54 | 1747 | 19% | 18% |
| 55-64 | 1777 | 19% | 18% |
| 65 up | 2148 | 23% | 21% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 9394 | -- | -- |
| BC | 1059 | 11% | 13% |
| Alberta | 964 | 10% | 11% |
| Prairies | 1292 | 14% | 7% |
| Ontario | 2937 | 31% | 38% |
| Quebec | 1849 | 20% | 23% |
| Atlantic | 1250 | 13% | 7% |
| Territories | 43 | 0% | 0% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 9394 | -- | -- |
| Married / Living with partner | 5795 | 62% | 57% |
| Separated/Divorced/Widowed | 1464 | 16% | 16% |
| Single (Never married) | 2077 | 22% | 26% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 9394 | -- | -- |
| Less than post secondary completion | 1790 | 19% | 40% |
| Completed College | 3036 | 32% | 34% |
| Completed University | 4517 | 48% | 25% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 9394 | -- | -- |
| Yes | 1623 | 17% | 17% |
| No | 7749 | 82% | 83% |
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 | 3047 | -- | -- |
| 18-34 | 275 | 9% | 27% |
| 35-44 | 517 | 17% | 16% |
| 45-54 | 582 | 19% | 18% |
| 55-64 | 692 | 23% | 18% |
| 65 up | 961 | 32% | 21% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3047 | -- | -- |
| BC | 358 | 12% | 14% |
| Alberta | 325 | 11 | 11% |
| Prairies | 432 | 14% | 7% |
| Ontario | 932 | 31% | 38% |
| Quebec | 524 | 17% | 23% |
| Atlantic | 465 | 15% | 7% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3047 | -- | -- |
| Male | 1509 | 50% | 48% |
| Female | 1518 | 50% | 51% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3047 | -- | -- |
| Married / Living with partner | 1999 | 66% | 62% |
| Separated/Divorced/Widowed | 547 | 18% | 15% |
| Single (Never married) | 488 | 16% | 23% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3047 | -- | -- |
| Less than post secondary completion | 530 | 17% | 40% |
| Completed College | 1048 | 34% | 34% |
| Completed University | 1452 | 48% | 25% |
| Col1 | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 3047 | -- | -- |
| Employed full-time | 1122 | 37% | 44% |
| Employed Other | 458 | 34% | 15% |
| Not employed | 1422 | 47% | 40% |