2018 White Paper: Financial Wellbeing Remains Challenged in Canada
Author: Eloise Duncan, John C. Lo
Topic: Financial well-being, Research and evaluation
Location: Canada
Format: Brief
Content Type: Research
Publication Date: October 1, 2018

The study examines consumers’ financial knowledge and confidence levels; financial and money stressors, financial capability aspects and financial management behaviours and practices (across the financial services spectrum). The study also explores external or environmental factors such as income variability and the extent to which Canadians have access to and lever their social capital (i.e. their family and friends who can provide financial advice and/or support in times of hardship).

The study also explores consumer financial product and service usage, debt management and debt stress, access to financial products, services, advice and tools, usage of more predatory financial services (e.g. payday lending) and perceived levels of support by consumers’ primary Financial Institution for their financial wellness. The study also provides benefits of improved support for financial providers improving the financial wellness of their customers – including from a banking share of wallet and brand perspective.

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