This backgrounder reports preliminary findings from a survey of financial well-being among Canadian adults.
Preliminary analysis of the survey data indicates that two behaviours are particularly important in supporting the financial well-being of Canadians. First, our analysis indicates that Canadians who practice active savings behaviour have higher levels of financial resilience as well as higher levels of overall financial well-being. In other words, regardless of the amount of money someone makes, regular efforts to save for unexpected expenses and other future priorities appears to be the key to feeling and being in control of personal finances.
Secondly, Canadians who often use credit to pay for daily expenses because they have run short of money have lower levels of financial well-being. While this behaviour is likely symptomatic of low levels of financial well-being, our analysis indicates that a person can substantially improve their financial resilience and financial well-being by implementing strategies to reduce the frequency of running out of money and of having to rely on credit to get by.