Research reports, studies and industry reviews
FCAC conducts research, studies, and industry reviews on current and emerging issues that affect financial consumers.
Datasets for select projects are available upon request: Data Request Form.
Publications by release date
2024
Refund to Savings Canada Pilot Study Evaluation
April 2024
2023
Canadians’ Financial Well-being: Summary of FCAC survey findings
September 2023
2024 Building Better Financial Futures Challenge
June 2023
FCAC Report: The financial well-being of Canadian homeowners with mortgages
June 2023
Open Banking and Consumer Protection: Canadians’ Awareness and Expectations
June 2023
Budget Planner Assessment Report Recommendations and FCAC Response
March 2023
2022
Consumer Vulnerability: Evidence from the Monthly COVID-19 Financial Well-being Survey
November 2022
2023 Building better financial futures challenge
June 2022
Mystery shopping at domestic retail banks
May 2022
2021
Selected papers: 2021 Building better financial futures challenge
November 2021
Pilot study: Buy now, pay later services in Canada
November 2021
2020
Review of Financial Literacy Research in Canada: An Environmental Scan and Gap Analysis
November 2020
This review provides an overview of current and planned financial literacy research projects in Canada and identifies existing gaps. It is organized by four research priorities (managing debt, navigating the marketplace, saving, and budgeting) and four themes (mental and behavioural abilities, social determinants of financial well–being, financial technology, and research in practice) which were identified in collaboration with FCAC’s Research Committee.
February 2020
This report presents the findings of FCAC’s review of banks’ complaint handling procedures (CHPs). FCAC observed problems with the way banks deal with consumer complaints that are escalated above frontline bank employees. The review identifies a number of opportunities to improve the effectiveness, accessibility and timeliness of banks’ CHPs.
Industry Review: The Operations of External Complaints Bodies
February 2020
This report presents the findings of FCAC’s review of the operations of external complaints bodies (ECBs). The review looked at whether ECBs are timely, accessible, accountable, impartial and independent, transparent and effective. FCAC identifies opportunities for improvement and raises concerns about the multiple-ECB model.
2019
Canadians and their Money: Key Findings from the 2019 Canadian Financial Capability Survey (Data available upon request)
November 2019
This report provides the latest insights on Canadians’ knowledge, abilities and behaviours related to financial decision-making.
Financial well-being in Canada: Survey results (Data available upon request)
November 2019
This report paints a picture of the current state of financial well-being in Canada. It describes the realities of Canadians across the financial well-being spectrum, identifies key behaviours associated with financial well-being and makes suggestions for Canadians, policy makers and practitioners (such as credit counsellors, financial advisors and educators) for how to apply this research.
Highlights: Key findings from the Survey on Banking of Canadians
July 2019
This highlights report presents the key findings of research conducted to inform the development of the Code of Conduct for the Delivery of Banking Services to Seniors.
Using Research to Improve the Financial Well-being of Canadians: Post-symposium Report
June 2019
This report presents the key ideas from the 2018 National Research Symposium on Financial Literacy, which took place on November 26 and 27 at the University of Toronto and was co-hosted by the Financial Consumer Agency of Canada (FCAC) and Behavioural Economics in Action at Rotman (BEAR).
This report presents the findings of a longitudinal study of budgeting behaviour conducted by the Financial Consumer Agency of Canada (FCAC).
Home equity lines of credit: Consumer knowledge and behaviour
January 2019
2018
Backgrounder: Sustained behaviour change through financial education: A budgeting longitudinal study using mobile technology
November 2018
This backgrounder presents the findings of a longitudinal study conducted by the Financial Consumer Agency of Canada (FCAC) using the Carrot Rewards mobile application.
Backgrounder: Preliminary findings from Canada’s Financial Well-Being Survey
November 2018
This backgrounder reports preliminary findings from a survey of financial well-being among Canadian adults.
Report on Best Practices in Financial Consumer Protection
May 2018
The report identifies best practices in financial consumer protection in place in Canada and globally.
Progress report: Canada’s National Research Plan on Financial Literacy 2016-2018
April 2018
This report describes the progress made in advancing financial literacy research in Canada since the release of the National Research Plan on Financial Literacy 2016-2018.
Domestic Bank Retail Sales Practices Review
March 2018
This report presents the findings and conclusions of the Financial Consumer Agency of Canada’s review of the domestic retail sales practices of Canada’s six largest banks.
Improving financial literacy through mobile technology: Small Change pilot program outcomes
January 2018
This report presents the results of the Small Change mobile application pilot project launched by United Way Ottawa in collaboration with FCAC. The pilot project, which took place between November 2015 and March 2016, encouraged users of the app to set savings goals and change spending behaviours to reach those goals. Funds generated during the pilot through sponsorship were used to offer financial literacy services in the community, resulting in close to $4 million dollars in tax savings and various government benefits for low-income taxpayers.
This report was commissioned by the Financial Consumer Agency of Canada.
2017
Home equity lines of credit: Market trends and consumer issues
June 2017
This report focuses on the market conduct of federally regulated lenders and on the risks posed to consumers by home equity lines of credit (HELOCs). It summarizes the Agency’s research findings, and explains how FCAC plans to respond to the risks identified.
This report uses data from the 2014 Canadian Financial Capability Survey to model the impact of an increase in financial literacy on the financial well-being of retirees and the retirement planning of near-retirees.
As a means of exploring innovative ways of reaching and engaging Canadians, FCAC piloted its financial education material through the Carrot Rewards mobile application. This report explores the impact of FCAC’s financial education materials on knowledge, confidence, and behaviours related to budgeting.
In November 2016, FCAC hosted a National Research Symposium on Financial Literacy in Moncton, New Brunswick. This report highlights research projects in the field of financial literacy, which were presented at the Symposium, with the goal of informing the work of many other stakeholders on a nation-wide basis.
National Research Plan on Financial Literacy 2016-2018
April 2017
This document presents Canada’s 2016-2018 National Research Plan for Financial Literacy. The objective of the Plan is to focus efforts and enhance coordination among researchers to generate key empirical evidence that will contribute to the successful implementation of the National Strategy for Financial Literacy—Count me in, Canada.
Financial Consumers’ Rights and Responsibilities – 2016
Ipsos Public Affairs Canada
February 2017
Ipsos Public Affairs Canada conducted a national survery of 2,000 Canadians to measure the extent to which Canadians are aware of their financial rights and responsibilities.
This study was commissioned by the Financial Consumer Agency of Canada.
2016
Payday Loans: Market Trends
October 2016
A national survey of 1,500 Canadian payday loan users to inform the Agency’s approach to educating consumers.
The Role of Financial Literacy in Financial Decisions and Retirement Preparedness Among Seniors and Near-seniors – Executive Summary (PDF, 244 KB)
Taylor Shek-wai Hui, Cam Nguyen, Boris Palameta and David Gyarmati, The Social Research and Demonstration Corporation
May 2016
Compared to younger Canadians, seniors score the lowest on assessments of financial knowledge, but rate their financial confidence as the highest of any age group. This report examines the impact of this gap between financial knowledge and financial confidence on the ability of seniors to meet their financial needs in retirement.
This study was commissioned by the Financial Consumer Agency of Canada.
The Link Between Financial Confidence and Financial Outcomes Among Working-aged Canadians – Executive Summary (PDF, 276 KB)
Boris Palameta, Cam Nguyen, Taylor Shek-wai Hui and David Gyarmati, The Social Research and Demonstration Corporation
May 2016
This study examines the links between financial knowledge, financial confidence and a range of important financial outcomes among working-aged Canadians. It draws attention to psychological underpinnings of financial decision-making and emphasizes the central importance of financial confidence in financial decision-making, behaviours and outcomes.
The report was commissioned by the Financial Consumer Agency of Canada.
Auto Finance: Market Trends (PDF, 692 KB)
February 2016
This report evaluates trends and issues in Canada’s auto finance market. It focuses on the risks posed to consumers by non-prime loans and car loans with terms in excess of five years (i.e., extended-term loans), such as negative equity, buying too much car, and the auto-debt treadmill. The report covers FCAC’s response to the risks identified, including the supervision of auto loans offered by federally regulated lenders (e.g., banks) to ensure compliance with federal consumer protection laws and the development of new education material to help consumers make responsible choices.
2015
Managing Money and Planning for the Future: Key Findings from the 2014 Canadian Financial Capability Survey (PDF, 1.54 MB)
November 2015
This report relays key findings from the 2014 Canadian Financial Capability Survey with specific emphasis on managing money and debt wisely, and planning and saving for the future. It identifies areas of strength in Canadians’ financial literacy and draws attention to opportunities for improvement.
2014 Public Opinion Research to Assist in Understanding Stakeholder Knowledge and Perceptions of the Financial Consumer Agency of Canada (PDF, 930 KB)
Harris/Decima
March 2015
This report presents the findings from a survey of FCAC’s stakeholders, the purpose of which was to understand stakeholder knowledge and perceptions of FCAC; obtain their feedback about various aspects of the organization’s activities in order to improve various elements of its programs and activities; obtain feedback to help improve its dealings with stakeholders; and gauge key stakeholders’ perceptions about potential actions that they believe would be important for FCAC to consider during its business planning cycle. The survey was two-fold: 180 FCAC stakeholders completed an online survey and from that group, 99 stakeholders were selected for follow-up, in-depth telephone interviews. The survey was conducted between October 6 and December 12, 2014.
International Review: Mobile Payments and Consumer Protection (PDF, 554 KB)
Charles Gibney, Steve Trites, Nicole Ufoegbune and Bruno Lévesque
January 2015
This report reviews international developments in the regulation of mobile payments from a consumer protection perspective. The authors discuss the unique market conditions that have led to the evolution of m-payment ecosystems in various countries and the resulting evolution of consumer protection regulatory frameworks.
2014
Public Opinion Research to Strengthen Financial Literacy for Seniors (PDF, 780 KB)
The Strategic Counsel
June 2014
The authors conducted a series of key informant interviews with experts and organizations engaged either directly or indirectly in the field of financial literacy, specifically in respect of the challenges facing seniors in Canada. A number of recommendations are reported, which aim to provide guidance regarding those aspects of seniors’ financial literacy that may require further exploration or further attention.
This report was commissioned by the Financial Consumer Agency of Canada.
Banking Fees in Canada: Patterns and Trends (PDF, 1,728 KB)
Charles Gibney, Sami Bibi and Bruno Lévesque
June 2014
In Banking Fees in Canada: Patterns and Trends, the authors examine the evolution of the service charges related to chequing accounts over the past decade. The study looks into trends for both the price of retail banking services offered in the market as well as what Canadian consumers report paying to do their day-today banking transactions. The report also includes a discussion of the effectiveness of the low-cost accounts offered by eight of Canada’s large banks.
Financial Capability and Essential Skills: An Exploratory Analysis (PDF, 3,042 KB)
Sophie Hébert and David Gyarmati
February 2014
The analysis conducted in this report builds on an existing large scale research project, UPSKILL. The analysis included two primary components. First, a regression analysis was conducted to explore the relationship between financial capability and various individual factors including socio-demographics, confidence and attitudinal measures, and skills and knowledge. Second, an impact analysis was conducted utilizing the experimental design, to measure the effect of UPSKILL training on financial capability domains — making ends meet, keeping track and planning ahead.
This work was commissioned by the Financial Consumer Agency of Canada.
2013
Mobile Payments and Consumer Protection in Canada (PDF, 956 KB)
Steve Trites, Charles Gibney and Bruno Lévesque
December 2013
Many observers expect mobile payments to be widely adopted over the near term. In Mobile Payments and Consumer Protection in Canada the authors examine risks associated with the emergence of this new payment method and assess the extent to which financial consumers in Canada are protected when making mobile payments.
2012
The Consumer Implications of the Use of Electronic and Mobile Payment Systems (PDF, 4,703 KB)
SiLu Liu and Yue Zhuo
November 2012
The authors summarize the status of electronic payment models, with a focus on mobile payment. In particular, consumer adoption and other issues related to mobile payment and its implications are reported.
This work was commissioned by the Financial Consumer Agency of Canada.
2011
The Future of Financial Education — Report on the 2011 FCAC–OECD Conference on Financial Literacy
This report summarizes and discusses the major themes that arose during the joint FCAC-OECD conference in May 2011, “Partnering to Turn Financial Literacy Into Action.”
This report is a synthesis on "Canadians and Their Money: A National Symposium on Financial Capability" held on June 9-10, 2005 in Ottawa. This report provides a starting point for a new stage of discussion on financial capability in Canada.
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