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 12,355 Canadians 18 years of age or older between July 2023 and June 2024.
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 Suivi mensuel du bien-être financier (SMBEF) 2023-24.
© His Majesty the King in Right of Canada, as represented by the Minister of Finance Canada, 2024.
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
Canada's inflation rate hit a 40-year high of 8.1% in June 2022 resulting in difficult economic conditions for Canadians, including higher-than-usual prices for necessities like food, transportation, and shelter, as well as higher mortgage costs for Canadian homeowners. To better understand how Canadians are managing these financial hardships, the FCAC has put in place the Monthly Financial Well-being Monitor (MFWBM) to collect quantitative evidence about Canadians' day-to-day financial management and financial well-being. This survey first began as the COVID-19 Financial Well-being Survey in August 2020 and has been collecting data every month since then. The intent of this new public opinion research is to continue to monitor and better understand how Canadians are dealing with the current economic conditions while assessing if any underlying trends are developing over time. This research is part of FCAC's mandate to monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services in Canada. It will inform policy advice and work on the National Financial Literacy Strategy.
FCAC commissioned Ekos Research Associates to conduct the MFWBM, to be administered using Probit, a hybrid online-phone probability-based panel sample frame developed by Ekos Research Associates. Given the need for monthly oversampling in key target groups (under 35, lower income, Indigenous and newcomers to Canada in the past 10 years) returning to previously sampled individuals included since the start of the survey (August 2020) up to 24 months prior to the current month of collection, for up to 50% of the completed sample in any single month, additional cases were completed using the Leger Opinion panel (LEO). The sample frame was further augmented by random-digit-dial (RDD) phone interviews in key targeted geographic clusters.
The survey questionnaire was largely the same as that used in the collection of the 2022-2023 survey, required approximately 18 to 20 minutes to complete by telephone. Some items were newly added or changed since the 2019 CFCS, and some items were retained for the purposes of tracking over time.
The survey was administered between July 2023 and June 2024. The 12 months of data collection included 12,355 interviews with Canadians aged 18 years or older. The overall response rate was 11 percent using a mix of panel members and RDD (9,524 cases completed online and 2,831 completed by telephone) sample sources.
Survey results can be extrapolated to the broader general public of Canadians 18 years and older with an associated margin of error of ± 0.9 percent at a 95 per cent confidence level for questions posed to the complete sample. Topics covered in the core survey include:
The questionnaire originally provided by FCAC in 2020 continued to be used throughout 2023 and the first half of 2024. However, some questions were removed or added at various points in the collection. A small set of survey items were also collected bi-monthly starting late in 2020 to conserve space on the questionnaire. A set of 20 items used as FCAC performance indicators was also added in January 2024 and January 2023 with some core items removed for those months to accommodate this addition. About a third of the items in the survey questionnaire were replicated from the previous 2019 CFCS. The primary purpose for retaining these questions was to track changes over time with the previous version of the survey conducted in 2019.
The survey was administered online and by telephone using a bilingual questionnaire. For the online administration, the bilingual survey questionnaire was installed on a secure webserver 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 percent 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 2021 Census. The weight was calculated according to population proportions for age, gender, region of the country, and education (high school versus some college or university and college completion versus university completion), as well as Indigenous and immigration status.
The value of this contract was $299,911.04 (including HST).
I hereby certify as Senior Officer of Ekos Research Associates Inc. that the deliverables fully comply with the Government of Canada's political neutrality requirements outlined in the Policy on Communications and Federal Identity and the Directive on the Management of Communications. 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)
In August 2020, FCAC began the COVID-19 Financial Well-being Survey as a response to the pandemic, aiming to closely monitor the financial well-being of Canadians during this challenging time. As other economic stressors emerged, such as the 40-year high inflation rate of 8.1% in June 2022 and the subsequent rate hikes by the Bank of Canada, Canadians faced increasingly difficult economic conditions. These included higher-than-usual prices for necessities like food, transportation, and shelter, as well as higher mortgage costs for homeowners. To better understand how Canadians are managing these financial hardships, FCAC continued conducting a monthly survey to collect quantitative evidence about Canadians' day-to-day financial management and financial well-being.
The Financial Consumer Agency of Canada (FCAC) is a federal government regulatory agency created to protect and inform consumers of financial products and services. As a federal regulatory agency, FCAC is responsible for:
The Monthly Financial Well-Being Monitor (MFWBM) has been identified as a key policy tool for the FCAC to monitor how Canadians are dealing financially with the economic upheaval caused by the current economic conditions. This research is part of FCAC's mandate to monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services in Canada. It will also inform policy advice and work on the National Financial Literacy Strategy.
Data from the MFWBM allow the Agency to conduct pre-post comparisons based on comparable questions asked in the 2019 Canadian Financial Capability Survey and earlier iterations of the MFWBM and to observe emerging trends. It will also help to monitor Canadians' ongoing financial management and identify potential areas of vulnerability and risk to inform ongoing policy and consumer education responses. Further, a subset of respondents will have participated previously in the MFWBM. This will allow the Agency to examine individual-level changes by comparing these respondents' data between two points – the time they previously completed the MFWBM (between August 2020 and June 2023) and the time they complete the 2023-2024 MFWBM. In particular, this research supports FCAC's mandate in the following areas:
The MFWBM is intended to track how Canadians are managing their finances and the effects on their financial well-being. Topics include:
Where applicable, comparisons will be derived based on surveys conducted by FCAC to earlier iterations of the MFWBM and the 2019 Canadian Financial Capability Survey.
The approach for the MFWBM was to collect a 12,000-case probability-based sample, with the majority of the interviews completed online (self-administered) or by telephone with members of either the Probit panel or the Leger Opinion panel (LEO), 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. The LEO panel is partially probability-based and a necessary added sampling source given the study requirement to oversample those under 35, and lower-income households, as well as newcomers to Canada and Indigenous respondents, particularly among women within these lower incidence segments. Sampling within the Probit panel was further constrained by the requirement for no more than 50% of the monthly sample completed by those who had previously completed the survey between August 2020 and March 2022.
A total of 77% (9,524) of the interviews completed online (self-administered) by panel members. A smaller sample of 2,831 respondents completed the survey by telephone, including 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 such target groups as Indigenous people and recent immigrants (last 10 years). This continued the approach used at the start of the survey collection and 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. This panel of more than 135,000 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. The LEO panel was used to augment response among lower incidence target groups.
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. The LEO panel includes more than 400,000 Canadians and relies on probability-based recruitment methods, augmented by referrals and social media outreach. Panel members complete surveys exclusively online.
Canadians 18 years of age or older participated in the survey. Results from the final survey sample can be extrapolated to the broader general public of Canadians 18 and over, with a margin of error of ±0.9 percent at a 95 percent confidence level for questions posed to the full sample.
Some cases were completed by telephone to reach intended targets for key segments of interest to FCAC in the final sample. Overall, targets reached in key segments include:
Following is a breakdown of unweighted frequency of cases completed within key segments of the survey sample from month to month, as well as weighted row percentage of the overall monthly sample.
| Month | Total | <35 (M) | <35 (F) | Indigenous (M) | Indigenous (F) | <40K HHI (M) | <40K HHI (F) | Recent immigrant (M) | Recent immigrant (F) | Less than PSE (M) | Less than PSE (F) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total: | 12,355 | 1,506 (12%) | 1,402 (11%) | 407 (3%) | 402 (3%) | 946 (8%) | 1,225 (10%) | 428 (3%) | 354 (3%) | 2,518 (20%) | 2,084 (17%) |
| July 2023 | 1,028 (8%) | 111 (11%) | 116 (11%) | 27 (3%) | 37 (4%) | 65 (6%) | 104 (10%) | 31 (3%) | 29 (3%) | 227 (22%) | 208 (20%) |
| August 2023 | 1,049 (9%) | 116 (11%) | 99 (9%) | 26 (2%) | 26 (2%) | 60 (6%) | 75 (7%) | 31 (3%) | 27 (3%) | 219 (21%) | 179 (17%) |
| September 2023 | 1,035 (8%) | 127 (12%) | 113 (11%) | 39 (4%) | 35 (3%) | 63 (6%) | 87 (8%) | 29 (3%) | 32 (3%) | 217 (21%) | 165 (16%) |
| October 2023 | 1,030 (8%) | 131 (13%) | 121 (12%) | 34 (3%) | 44 (4%) | 60 (6%) | 107 (10%) | 48 (5%) | 34 (3%) | 189 (18%) | 194 (19%) |
| November 2023 | 1,016 (8%) | 114 (11%) | 111 (11%) | 41 (4%) | 28 (3%) | 87 (9%) | 95 (9%) | 34 (3%) | 27 (3%) | 209 (21%) | 188 (19%) |
| December 2023 | 1,035 (8%) | 134 (13%) | 130 (13%) | 36 (3%) | 37 (4%) | 90 (9%) | 108 (10%) | 40 (4%) | 33 (3%) | 212 (21%) | 188 (19%) |
| January 2024 | 1,021 (8%) | 141 (14%) | 127 (12%) | 36 (4%) | 35 (3%) | 86 (8%) | 112 (11%) | 33 (3%) | 18 (2%) | 204 (20%) | 149 (15%) |
| February 2024 | 1,000 (8%) | 119 (12%) | 113 (11%) | 31 (3%) | 33 (3%) | 104 (10%) | 127 (13%) | 33 (3%) | 27 (3%) | 210 (21%) | 163 (16%) |
| March 2024 | 1,031 (8%) | 132 (13%) | 122 (12%) | 33 (3%) | 33 (3%) | 100 (10%) | 102 (10%) | 40 (4%) | 32 (3%) | 225 (22%) | 168 (16%) |
| April 2024 | 1,025 (8%) | 142 (14%) | 125 (12%) | 39 (4%) | 32 (3%) | 84 (8%) | 105 (10%) | 32 (3%) | 31 (3%) | 219 (21%) | 174 (17%) |
| May 2024 | 1,029 (8%) | 119 (12%) | 109 (11%) | 36 (3%) | 30 (3%) | 64 (6%) | 102 (10%) | 35 (3%) | 33 (3%) | 176 (17%) | 175 (17%) |
| June 2024 | 1,056 (9%) | 120 (11%) | 116 (11%) | 29 (3%) | 32 (3%) | 83 (8%) | 101 (10%) | 42 (4%) | 31 (3%) | 211 (20%) | 155 (15%) |
The questionnaire was originally provided by FCAC in 2020 and revised at intervals over the course of the following four years. Some questions were allocated for bi-monthly collection late in 2020, to conserve interview length. A series of 18 questions used as departmental performance indicators were added to the survey in January 2024, with a number of other items dropped in those months to accommodate the additional questions. A smaller number of other questions related to banking needs and mortgage products were added in November 2023, as well as in February and March 2024. Appendix A includes the questionnaire used between November 2022 and April 2023. Appendix B features the questionnaire used in May and June of 2023.
The survey questionnaire was comprised of roughly 45 questions in most of the 12 months, however it increased somewhat in January 2023. About a third of the survey items 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.
In order to introduce survey participants to the purpose of the project, the 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. The survey was 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 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 inputted for later review and coding.
Telephone interviews were carried out under regular supervision and 10 percent 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 survey collection occurred monthly between July 2023 and June 2024. Just over 1,000 cases were collected each month over the eight months in which the survey was administered. Of the 12,355 completed cases in the sample, 9,524 respondents completed the questionnaire online[3] and 2,831 completed by telephone. All responses were kept completely confidential, and no responses were linked to individual names.
The overall response rate for the survey was 11.3%. The following table provides details on the sample records used to complete the core sample by month.
| Month | July '23 | Aug '23 | Sept '23 | Oct '23 | Nov '23 | Dec '23 |
|---|---|---|---|---|---|---|
| Total Sample | 9,583 | 8,241 | 8,677 | 10,836 | 11,037 | 9,704 |
| Invalid (email bounced, not correct person) | 372 | 366 | 269 | 255 | 393 | 330 |
| Valid Sample | 9,211 | 7,875 | 8,408 | 10,581 | 10,644 | 9,374 |
| Partial complete | 38 | 43 | 56 | 28 | 25 | 59 |
| Refused | 312 | 699 | 265 | 304 | 289 | 264 |
| No response | 7,717 | 5,961 | 6,950 | 9,199 | 9,208 | 7,795 |
| Responding | ||||||
| Complete | 1,028 | 1,049 | 1,035 | 1,030 | 1,016 | 1,035 |
| Ineligible | 75 | 97 | 74 | 6 | 9 | 30 |
| Quota filled | 41 | 26 | 28 | 14 | 97 | 191 |
| Total responding | 1,144 | 1,172 | 1,137 | 1,050 | 1,122 | 1,256 |
| Response Rate (Total responding over Valid sample) | 12.4 % | 14.9% | 13.5% | 9.9% | 10.5% | 13.4% |
| Month | Jan '24 | Feb '24 | Mar '24 | Apr '24 | May '24 | June '24 |
|---|---|---|---|---|---|---|
| Total Sample | 11,802 | 9,027 | 8,911 | 9,794 | 11,132 | 14,650 |
| Invalid (email bounced, not correct person) | 392 | 384 | 568 | 504 | 325 | 351 |
| Valid Sample | 11,410 | 8,643 | 8,343 | 9,290 | 10,807 | 14,299 |
| Partial complete | 10 | 48 | 15 | 8 | 12 | 68 |
| Refused | 319 | 216 | 317 | 283 | 226 | 483 |
| No response | 10,001 | 7,320 | 6,916 | 7,923 | 9,471 | 12,657 |
| Responding | ||||||
| Complete | 1,021 | 1,000 | 1,031 | 1,025 | 1,029 | 1,056 |
| Ineligible | 35 | 1 | 31 | 21 | 24 | 21 |
| Quota filled | 24 | 58 | 33 | 30 | 45 | 14 |
| Total responding | 1,080 | 1,059 | 1,095 | 1,076 | 1,098 | 1,091 |
| Response Rate (Total responding over Valid sample) | 9.5% | 12.3% | 13.1% | 11.6% | 10.2% | 7.6% |
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 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 industry associations and endorsed in the Government of Canada survey standards.
The key steps in the data base management involved cleaning the data and developing population weights.
Cleaning the database involved re-coding open-ended responses into existing categories. As noted above, there were a handful of questions in the 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 the unweighted sample with 2021 Census figures from Statistics Canada suggests a slightly younger sample (24% compared with 27% in the population[M(1][MS2], and a slightly more educated sample (37% with less than post-secondary completion) than found in the population (41%).
The sample weight was created based on population parameters according to the 2021 Census. Data were weighted to population proportions for age, region of the country, gender, as well as education (high school completion versus some college or university or college completion versus university completion), and Indigenous and recent immigrant status. A table with the weighted and unweighted proportions of the sample for those variables included in the weight solution is presented in Appendix C.
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.
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.
If... online
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 current economic conditions 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. The survey is registered with the Research Verification Services operated by the Canadian Research Insights Council (CRIC). Click here if you wish to verify its authenticity (project code 20240729-EK539). To view our privacy policy, click here.
If you require any technical assistance, please contact online@ekos.com.
If... phone
Good morning/afternoon/evening, Bonjour, May I speak with [name of respondent]?
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 current economic conditions 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
If asked: The survey is registered with the Research Verification Services operated by the Canadian Research Insights Council (CRIC). Visit https://canadianresearchinsightscouncil.ca/rvs/home/?lang=en if you wish to verify its authenticity (project code 20240729-EK539).
If... phone
This call may be recorded for quality control or training purposes.
In what year were you born?
If... QAGEX = 2006
Are you at least 18 years of age?
If... QAGEX = 9999
May we place your age into one of the following general age categories?
Are you...
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 2023?
If... IN_Q04 = 98,99
What was your approximate total household income in 2023?
[Phone] Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.
Were you born in Canada?
If... DM_Q03 = 2
In what year did you first immigrate or move to Canada?
If... DM_Q03 = 1
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. [Phone] Some respondents may prefer one term over the other. "Inuit" is the plural form of "Inuk". If the respondent answers Eskimo, code Yes.
If... DM_Q03 = 1 and DM_Q06 = 1
Are you currently or have you lived on a reserve during the past 12 months?
What is your postal code?
If... POSTCELL = 9
In which province or territory do you live?
What is the highest level of schooling that you have ever attained?
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?
If... ADM_Q02B <= 1
[ADM_Q02B >= 2] Do these children [Else] Does the child> live with you at least 50% of the time?
If... ADM_Q02B = 1 and DM_Q02C = 1
What is the age range of the child living with you at least 50% of the time?
[Phone] Interviewer: Read categories to respondent. Accept all that apply
DM_Q02DB [1,4]
If... ADM_Q02B >= 2 and DM_Q02C = 1
What are the age ranges of the children living with you at least 50% of the time?
[Phone] Interviewer: Read categories to respondent. Accept all that apply
Do you play an active role in managing your household's finances?
How would you rate your current level of anxiety, stress, or worry?
[Phone] Interviewer: Read categories to respondent.
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.
Thinking specifically about your financial situation, how would you rate your current level of anxiety, stress, or worry that is related to your finances?
[Phone] Interviewer: Read categories to respondent.
How has your household income changed in the last 12 months?
[Phone] Interviewer: Read categories to respondent.
Now we are going to ask questions about your day-to-day finances, saving and debt.
If... Wave 1
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?
If... OE_Q06_N = 2,98,99 and Wave 1
Why do you not have a budget?
[Phone] Interviewer: Prompt only if needed.
If... OE_Q06_N = 1
When it comes to your budget, how do you keep track of your money?
If... OE_Q06_N = 1
Use budgeting/finance software (e.g. Excel) or an online budgeting tool/app
If... OE_Q06_N = 1
Write out the budget by hand or use cash jars/envelopes
If... OE_Q06_N = 1
Keep a budget in my head
Do you currently own or rent your home?
Inactive
What type of mortgage do you have on your home?
[Phone] Interviewer: Read categories to respondent.
Inactive
The Financial Consumer Agency of Canada recently developed a mortgage guideline. This guideline helps protect Canadians who have mortgages and are facing severe financial stress and are at risk of mortgage default due to high debt, rising interest rates, and increased living costs. It sets expectations for how banks and lenders are to provide support and relief measures to consumers at risk, such as delaying payments or extending repayment periods.
Are you aware of this new Guideline?
If... QAD_Q01_N = 1 and Inactive
In the past 12 months, did the mortgage payments on your home increase?
If... QAD_Q01_N = 1 and MORT_Q4 = 1 and Inactive
What actions have you taken to manage the increase in mortgage payments on your home?
[Phone] Interviewer: Read categories to respondent. Please select all that apply:
If... QAD_Q01_N = 1 and Inactive
When is your mortgage due for renewal?
[Phone] Interviewer: Prompt only if needed.
If... QAD_Q01_N = 1 and Inactive
Are you anticipating any change in your monthly payments when you renew your mortgage?
[Phone] Interviewer: Read categories to respondent.
If... QAD_Q01_N = 1 and MORT_Q7 = 2 and Inactive
What actions do you plan to take to manage the expected increase in mortgage payments?
[Phone] Interviewer: Read categories to respondent. Please select all that apply:
If... QAD_Q01_N = 1 and Inactive
How likely is it that you could miss a mortgage payment during the next 12 months?
If... QAD_Q01_N = 1 and Inactive
Have you discussed mortgage relief measures with your bank or lender?
If... QAD_Q01_N = 1 and MORT_Q10 = 1 and Inactive
Who initiated this discussion?
[Phone] Interviewer: Read categories to respondent.
If... QAD_Q01_N = 1 and MORT_Q10 = 1 and Inactive
Did you find a solution because of this discussion?
If... QAD_Q01_N = 1 and MORT_Q10 = 1 and MORT_Q12 = 2 and Inactive
Why not?
[Phone] Interviewer: Read categories to respondent.
If... QAD_Q01_N = 1 and MORT_Q10 = 1 and Inactive
To what extent do you agree that your bank or lender was well informed about your mortgage and about mortgage relief measures that could help you.
Inactive
Do you think interest rates will fall, rise or stay the same within the next 3 years?
If... Wave 1
Do you currently have any of the following assets?
If... Wave 1
Workplace Pension Plan
If... Wave 1
Registered Retirement Saving Plan (RRSP) or Registered Retirement Income Fund (RRIF)
If... Wave 1
Tax free savings account (TFSA)
If... Wave 1
Cash savings (from savings or chequing accounts)
If... Wave 1
Other non-registered investments (stocks, bonds, term deposits, GICs, Non-RRSP Mutual funds)
If... Wave 1
A secondary house, rental property, or vacation home
If... Wave 1
A business or farm, including related equipment and property
If... Wave 1
Other, specify:
If... Wave 1
How has the value of your total household assets changed in the last 12 months?
[Phone] Interviewer: Read categories to respondent.
If... Wave 1
Have you had to use your savings due to the recent increase in the price of goods, such as gasoline and groceries?
If... SAVINGS_C = 1 and Wave 1
Altogether, about how much of your savings have you needed to use over the past 12 months?
If... SAVINGS_C_A = 98,99 and SAVINGS_C = 1 and Wave 1
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 that would cover your expenses for 3 months, in case of sickness, job loss, economic downturn, or other emergencies?
If... Wave 1
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?
If... QAD_Q01_N = 1,2
Home Equity Line of Credit (HELOC)
Personal loan or line of credit
Automobile loan or lease
Outstanding credit card balances
If... ((QAGEX = 9999 and QAGEY = 1,2,3,4) or (QAGEX >= 1985 and QAGEX <= 9997) or ADM_Q02B >= 1)
Student loan
Mortgage on secondary residence, rental property, business or vacation home
Other loans, debts or liabilities - Specify:
If... QAD_Q11_NA = 1 or QAD_Q11_NB = 1 or QAD_Q11_NC = 1 or QAD_Q11_ND = 1 or QAD_Q11_NE = 1 or QAD_Q11_NF = 1 or QAD_Q11_NG = 1 or QAD_Q01_N = 1
How has your total debt changed in the last 12 months?
[Phone] Interviewer: Read categories to respondent.
If... (QAD_Q11_NA = 1 or QAD_Q11_NB = 1 or QAD_Q11_NC = 1 or QAD_Q11_ND = 1 or QAD_Q11_NE = 1 or QAD_Q11_NF = 1 or QAD_Q11_NG = 1 or QAD_Q01_N = 1) and DEBT_I = 4,5
How much did your debt increase from all sources in the past 12 months?
If... DEBT_C_A = 98,99 and (QAD_Q11_NA = 1 or QAD_Q11_NB = 1 or QAD_Q11_NC = 1 or QAD_Q11_ND = 1 or QAD_Q11_NE = 1 or QAD_Q11_NF = 1 or QAD_Q11_NG = 1 or QAD_Q01_N = 1) and DEBT_I = 3,4,5
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.
If... QAD_Q11_ND not = 1 and Wave 1
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?
If... Wave 2
Over the past 12 months, did you use the following method to manage your day-to-day expenses?
If... Wave 2
Seek advice from a financial professional about managing expenses
If... Wave 2
Borrow from a friend or family member
If... Wave 2
Use an online lender or payday loan company, other than a bank
If... Wave 2
Make a formal or informal proposal to creditors or declare bankruptcy
If... CREDIT_IC = 1
What type of loan did you obtain from your payday loan or online lender?
If... (CREDIT_IA = 1 or CREDIT_IB = 1 or CREDIT_IC = 1 or CREDIT_ID = 1) and Wave 2
In the past 12 months, did you seek advice from any of the following financial professionals to help manage your debt?
If... (CREDIT_IA = 1 or CREDIT_IB = 1 or CREDIT_IC = 1 or CREDIT_ID = 1) and Wave 2
Licensed Insolvency Trustee
If... (CREDIT_IA = 1 or CREDIT_IB = 1 or CREDIT_IC = 1 or CREDIT_ID = 1) and Wave 2
Credit counsellor
If... (CREDIT_IA = 1 or CREDIT_IB = 1 or CREDIT_IC = 1 or CREDIT_ID = 1) and Wave 2
Debt advisor
If... (CREDIT_IA = 1 or CREDIT_IB = 1 or CREDIT_IC = 1 or CREDIT_ID = 1) and Wave 2
Other, specify:
If... Wave 2
How would you rate your current credit record?
If... FC_Q12 = 2,3,4,5 and Wave 2
How has your credit record changed over the past 12 months?
[Phone] Interviewer: Read categories to respondent.
Please indicate whether you agree or disagree with the following statement:
Recent changes in interest rates have disrupted my plans to buy a home.
In the last 2 years, have you discovered that someone has used your bank or credit card number to pay for goods 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.
If... Wave 2
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
If... Wave 2
The next few questions are about your general level of financial awareness and attitudes.
If... Wave 2
How would you rate your level of financial knowledge?
[Phone] Interviewer: Read categories to respondent.
If... Wave 2
How well do the following statements describe you or your situation?
If... Wave 2
Because of my money situation, I feel like I will never have the things I want in life.
If... Wave 2
I am just getting by financially.
If... Wave 2
I am concerned that the money I have or will save won't last.
If... Wave 2
How often do these statements apply to you?
If... Wave 2
I have money left over at the end of the month.
If... Wave 2
My finances control my life.
The next part is a bit different. It has some questions about financial matters posed like a quiz.
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?
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...
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.
Inactive
Suppose you owe $1,000 on a loan and the interest rate you are charged is 20% per year compounded annually. If you didn't pay anything off, at this interest rate, how many years would it take for the amount you owe to double?
Inactive
A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I feel confident about making decisions about financial products and services.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I am good at shopping around to get the best financial products and services.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I am good at understanding the costs, risks, and benefits of different financial products and services.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I am confident about managing my money day-to-day.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I am good at dealing with day-to-day financial matters, such as checking accounts, credit and debit cards, and tracking expenses.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I compare costs, risks, and benefits of different financial products and services before making a decision.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I make use of free or paid advice on financial products and services before making a decision.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I educate myself about my rights and responsibilities before purchasing a financial product or service.
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I take steps to avoid being a victim of fraud, financial abuse, or scam (e.g., use strong passwords, double-check email addresses and links, protect sensitive information)
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I know how to find trustworthy information before making a financial decision
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
I am knowledgeable about day-to-day money management.
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I comparison shopped when purchasing a product or service
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I paid all my bills on time
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I kept a written or electronic record of my monthly expenses
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I stayed within my budget or spending plan
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I paid off credit card balance in full each month
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I maxed out the limit on one or more credit cards
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I made only minimum payments on a loan
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I saved money from every paycheck
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I began or maintained an emergency savings fund
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I saved for a long-term goal such as a car, education, home, retirement, etc.
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I contributed money to a retirement account
Inactive
Please indicate the extent to which each statement applies to your own behaviours over the last 12 months.
I bought bonds, stocks, or mutual funds
Inactive
Please indicate whether you agree or disagree with each of the following statements. When thinking about financial products and services, please consider your overall experience when dealing with things such as bank accounts, credit cards, mortgages, and other types of loans.
When making a decision about financial products (e.g., credit cards or insurance policies), I tend to compare information about different product options.
Inactive
Do you hold an account or credit card with a bank or credit union?
Inactive
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
The first/next statement is...[Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
Credit card protection insurance will always cover the outstanding balance on your credit card if your claim is approved.
Inactive
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
The first/next statement is...[Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.>
A bank can issue you a credit card without your prior approval.
Inactive
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
The first/next statement is...[Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.>
A bank can increase your credit card limit without your prior approval.
Inactive
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
The first/next statement is...[Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.>
You do not have to agree to credit card protection insurance when applying for a credit card.
Inactive
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.
The first/next statement is...[Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don't know.>
Banks must provide you with easy-to-understand information on the cost of financial products and services they offer you.
Inactive
Do you currently have a personal chequing account with a bank, a credit union, or a trust company?
If... QBANK1 = 1 and Inactive
Do you currently have monthly fees for that chequing account?
If... QBANK1 = 1 and QBANK2 = 1 and Inactive
How much are the monthly fees for your chequing account?
If... QBANK1 = 1 and QBANK2 = 3 and Inactive
Why is your monthly fee waived?
[Phone] Interviewer: Read categories to respondent.
Inactive
If you had to choose a new chequing account, which account features would be the most important to you when making your decision? Please select your top 3.
Inactive
Since 2013, the Government of Canada and some banks have an agreement to provide low-cost bank accounts (i.e., monthly fee of $4 or less) to Canadians, as well as no-cost accounts (i.e., no monthly fee) for certain groups such as youth, students, Registered Disability Savings Plan (RDSP) beneficiaries, and seniors receiving the Guaranteed Income Supplement (GIS).
Before today, were you aware of this agreement between the Government of Canada and some banks to provide low-cost basic banking services to Canadians?
If... QBANK5 = 1 and Inactive
How did you hear about this agreement?
[Phone] Interviewer: Read categories to respondent.
If... QBANK1 = 1 and Inactive
Do you know if your chequing account is part of the low-cost/no-cost agreement mentioned earlier?
If... QBANK1 = 1 and Inactive
On average, how many personal transactions do you make per month? This includes cash, debit, and credit transactions, cheques, and electronic payments. If you cannot recall the exact number, please provide your best guess.
If... QBANK1 = 1 and AQBANKA1 >= 1 and Inactive
How many of those transactions (QBANKA1) do you make via debit, for example, using a debit card, ATM, at a bank, and other transactions online or in person using your chequing account? If you cannot recall the exact number, please provide your best guess.
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Food
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Home expenses (e.g., rent or mortgage, utilities like electricity, water, heat)
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Transportation (e.g., transit, vehicle payments like insurance, maintenance, gas)
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Personal communication (e.g., phone, internet)
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Education and childcare expenses
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Medical (e.g., health care, insurance, medication, equipment)
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guesses. For items that you would not consider a need for you, you can write "0".
Paying off other debt/loans (e.g., auto loans, payday loans)
If... QBANK1 = 1 and Inactive
If you had a chequing account with a limited number of debit transactions, how many would you need to dedicate per month to each of the following? Please provide your best guess.
Other needs, please specify:
The survey is almost complete. The last section asks about your work and personal situation.
A household is a group of persons who occupy the same dwelling. Throughout this survey, for questions that did not specify whether you should answer for yourself or your household, did you answer on behalf of yourself or your household?
Are you working at a job or business?
If... LF_Q01D = 2
Are you self-employed?
If... LF_Q01D = 2 AND LF_Q01E = 2
Are you retired?
If... LF_Q01D 1 OR LF_Q01E = 1
Do you work 30 hours or more or less than 30 hours per week?
If... LF_Q01D = 1
Is your position permanent, or are you a casual, term, or contract employee?
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).
What is your ethnic or cultural background?
That concludes the survey. This survey was conducted on behalf of the Financial Consumer Agency of Canada.
We thank you very much for taking the time to answer this survey. Your help is greatly appreciated.
We regret that your responses have shown that you are ineligible to participate in this survey. Thank you for your time.
Following are the number of cases, as well as the unweighted and weighted distributions for the sample characteristics used in the weight of the survey sample.[4]
| Age | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 12,355 | -- | -- |
| 18-34 | 2,966 | 24% | 27% |
| 35-44 | 1,982 | 16% | 17% |
| 45-54 | 2,252 | 18% | 16% |
| 55-64 | 2,149 | 17% | 18% |
| 65 up | 3,006 | 24% | 23% |
| Region | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 12,355 | -- | -- |
| BC | 1,594 | 13% | 14% |
| Alberta | 1,317 | 11% | 11% |
| Prairies | 914 | 7% | 6% |
| Ontario | 4,541 | 37% | 38% |
| Quebec | 2,994 | 24% | 23% |
| Atlantic | 952 | 8% | 6% |
| Territories | 43 | 1% | 0% |
| Education | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 12,355 | -- | -- |
| High school completion or less education | 2,883 | 23% | 37% |
| Some college/university | 1,778 | 14% | 14% |
| Completed College | 2,206 | 18% | 18% |
| Completed University | 5,428 | 44% | 29% |
| Born in Canada | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 12,355 | -- | -- |
| Yes | 10,097 | 82% | 83% |
| No | 2,233 | 18% | 17% |