The introduction of Tax-Free Savings Accounts (TFSAs) in 2009 transformed how  Canadians save. One of the main reasons for creating TFSAs was to provide a taxassisted savings instrument for low-income Canadians to enable them to improve their retirement income. Now, 10 years later, many low-income...

The CFPB conducted research on consumer challenges in tracking spending and keeping to a budget. The research found that consumers aspire to manage their spending but for many reasons, many consumers spend more than intended and sometimes have\ difficulty in staying within their budgets. In...

Because of the key role that financial education can play in people’s lives, the CFPB has conducted research over its first five years into what makes financial education effective for consumers. What do we mean by “effective?” It does not just mean training that helps people perform better...

In this video presentation Derek Burleton of TD Economics shares findings from the report 'Pervasive and Profound,' which examines income volatility trends in Canada. The survey found that nearly 40% of Canadians experience moderate to high income volatility.  This presentation was given at the...

The research and policy symposium on income volatility was held on March 9, 2018, in Toronto, Ontario. Speakers from Canada and the United States present on key research findings on the nature of income and expense volatility in the early 21st Century. Speakers also suggest policy solutions to...

A major national survey conducted in 2016 reveals a bold portrait of Canada’s Millennials (those born between 1980 and 1995), that for the first time presents the social values of this generation, and the distinct segments that help make sense of the different and often contradictory stereotypes...

This presentation shows the results of a quantitative study undertaken by the Ontario Securities Commission to assess attitudes, behaviour and knowledge among Canadians pertaining to a variety of investment topics. These topics include retirement planning and conversations about...

The Canada Learning Bond (CLB) is an educational savings incentive that provides children from low income families born in 2004 or later with financial support for post-secondary education. Personal contributions are not required to receive the CLB, however take-up remains low among the eligible...

Developed in response to a call from G20 Leaders in 2013, the core competencies frameworks on financial literacy highlight a range of financial literacy outcomes that may be considered to be universally relevant or important for the financial well-being in everyday life of adults and youth. These...

In this presentation Catherine Van Rompaey of Statistics Canada examines the data we have available to measure financial instability in Canada - household debt, savings, and credit.  This presentation was given at the Prosper Canada Policy Research Symposium on March 9, 2018. Read the slide deck...

This is ACORN Canada's debt and high-interest lending resource portal. It contains links and resources on debt, credit, banking, and other...

There is wide variation in how people in the U.S. feel about their financial well-being. This report presents findings from a survey by the Consumer Financial Protection Bureau (CFPB) on the distribution of financial well-being scores for the U.S. adult population overall and for selected...

In this webinar, "Insights to impact: What behavioural science tells us about building financial well-being," you'll learn about how behavioural science can be used to help build financial well-being and influence the design of financial empowerment programs.  The speakers are Katy Davis,...

This is a presentation from Behavioural Economics in Action at Rotman, on financial behaviour and financial literacy. It discusses the RESP / Canada Learning Bond enrolment as an applicaiton for behavioural economics research to improve...

This paper presents new survey data on subjective mortality beliefs for nearly 5,000 respondents, administered by a professional survey panel provider, and it shows that these survey-elicited beliefs contribute to seemingly contradictory savings rate puzzles at opposite ends of the...

About half of households are considered financially fragile, which means they’re not sure they could come up with $2,000 in 30 days if they had to. Lack of emergency savings is common. It affects about half of households that earn $25,000 to $75,000 a year, and about a quarter of households that...

Many service providers work with clients who are financially unstable. Financial instability can vary depending on the person, but common characteristics include having limited or unpredictable income, being behind on rent, not having enough money for food and other basics, and having...

The Consumer Financial Protection Bureau (the CFPB) looked at the information sources consumers are exposed to when they make financial decisions. Empowering consumers to make the financial decisions that will help them meet their own life goals is a critical part of the mission of the CFPB. To...

Many consumers live paycheck-to-paycheck. Bills and financial notices arrive by mail and e-mail at different times of the day and month. Consumers typically don’t act on them immediately. Research shows that consumers have many reasons for their actions. To gain insight into why it’s so hard...

For financial educators and others who help people with decision-making, there is evidence that providing financial rules of thumb to consumers can work better than more detailed and complex financial education in some situations. To further explore the potential of rules of thumb for financial...

This reports on research results from an experiment in Malawi that varied the timing of workers' income receipt in two ways. First, payments were made either in weekly installments or as a monthly lump sum, in order to vary the extent to which workers had to save up to make pro table investments....

To test out the impact of rules of thumb in helping consumers decrease their credit card debt, the CFPB commissioned a rigorous study of two financial rules of thumb on consumers with revolving credit card debt. We created two new guidelines aimed at aiding consumers to decrease their revolving...

More than ever, Americans need to be financially savvy. The past few years have shown that mortgages can be complicated, business-cycle downswings severe, and investing far from obvious. And, for many of us, saving is not easy. Creating a successful financial life takes a high level of know-how and...

The goal of this report is to share new insights from behavioural science with financial empowerment practitioners so they can integrate behavioural approaches into their work and strengthen the design and delivery of financial empowerment supports for Canadians with low incomes. In this report,...

This is a presentation by J. Michael Collins explaining why financial coaching is a more effective intervention to achieve financial capability, compared to financial literacy. He explains the role of counseling, a definition of financial coaching, the role of the coach, and coaching as a form of...