Financial well-being is the extent to which you can comfortably meet all of your current financial commitments and needs while also having the financial resilience to continue doing so in the future. But it is not only about income. It is also about having control over your finances, being able to absorb a financial setback, being on track to meet your financial goals, and—perhaps most of all—having the financial freedom to make choices that allow you to enjoy life.
The Financial Consumer Agency of Canada (FCAC) participated in a multi-country initiative that sought to measure financial well-being. FCAC conducted this survey to understand and describe the realities of Canadians across the financial well-being spectrum and help policy-makers, practitioners and Canadians themselves achieve better financial well-being. This is in keeping with the Agency’s ongoing work to monitor trends and emerging issues that affect Canadians and their finances.