A conversation with Dr. Manon Bombardier, interim Deputy Commissioner of Research, Policy and Education

2026 marks the final year of FCAC’s 2021–2026 National Financial Literacy Strategy. Has the Strategy delivered on its goals?

The strength of the Strategy lies in the collective action and alignment it generated among partners to improve outcomes for consumers on a comprehensive set of initiatives. We've made real progress in shifting from organizationally fragmented efforts to a more coordinated, ecosystem-wide approach to strengthening the financial well-being and resilience of Canadians. We're still assessing the results of the Strategy, but the stakeholders we've consulted with so far have told us they have seen real change, especially for Canadians with diverse needs.

Can you speak to any results that are particularly noteworthy?

The National Strategy’s Measurement Plan really stands out for me. It sets a new benchmark that is not about counting activities, but rather about measuring outcomes and how we are making a difference. This is very innovative, especially since many organizations still struggle to measure impact when there are so many external factors that can’t be controlled. We now have 38 organizations that are actively using the Measurement Plan and sharing their findings with us. This sets an early foundation for building consistency and momentum across the ecosystem. Another important achievement that deserves mention is the launch of the Research and Data Exchange platform (RDX), which is designed to evolve into a shared space where stakeholders and partners can exchange their insights on financial literacy. We will continue to add new functionalities to the RDX, to support collective learning and help strengthen the financial well-being of Canadians.

This year, FCAC will be renewing the National Financial Literacy Strategy. What can stakeholders expect?

This year is an important turning point for financial literacy—an opportunity to take stock and reenergize how we work with stakeholders to strengthen the financial well-being of Canadians and support the informed decisions they make at critical moments in their financial lives. The landscape has changed a lot since 2021: Canadians carry more debt, have smaller emergency savings, and the risks that they face - particularly around fraud - are evolving daily. The renewed National Strategy needs to evolve with these realities. What won't change is the spirit of collaboration. The purpose of the National Strategy has always been alignment, and that will remain central. Stakeholders can expect even deeper collaboration, particularly with financial institutions, because they're often the first point of contact when consumers need guidance most. Strengthening these partnerships will be key. We also see enormous value in collaborating and aligning efforts more closely with provinces and territories. For example, there's a lot of great work that's being done on the education of high school students and sharing best practices and reinforcing consistent messages across jurisdictions can amplify that impact. Stakeholders can also expect more frequent progress reviews: In a fast-changing environment, we need to assess more quickly whether we’re making a difference, so that we can adjust in real-time as required. We will also look at how FCAC can refine its role to complement (not duplicate) existing efforts and act more as a convener, connecting organizations and initiatives, and as an amplifier of trusted consumer-facing content.

How does the financial literacy of Canadians compare to citizens of other countries?

Canadians generally score above the average in terms of financial knowledge compared to people in other countries. For instance, 15-year-old Canadian students recently achieved a mean score of 519 for financial literacy in the OECD PISA assessment, which is 21 points above the international average. It's something to be proud of, but it's not a reason to be complacent. Averages only tell part of the story. Beneath those numbers, there are real gaps in financial literacy, especially for younger adults and Indigenous Peoples, and for those facing financial vulnerability. So, we still have more work to do. It’s also important to remember that financial literacy is not just about knowledge. It's about building confidence and resilience, so that Canadians can cope if ever they’re faced with difficult situations, and make sound decisions despite a constantly evolving financial environment. So that's why we're focusing not only on raising financial literacy scores but also on closing the gaps to make sure that everyone can thrive.

What are some ways FCAC is trying to address the gaps you are finding in research?

I'm particularly proud of the Research, Policy and Education (RPE) Branch's consumer data gathering efforts. FCAC is in a unique position to monitor emerging trends in real time by conducting surveys and crowdsourcing insights directly from Canadians. This allows us to identify how economic conditions such as inflation and rising interest rates impact the most vulnerable groups, and shows us where targeted interventions are most needed. One particular area of focus is Canadians’ mortgage journeys. During the pandemic, many of the homeowners we surveyed told us they were able to keep up with their payments, but 37% still had to change some aspects of their financial plans to keep up. Insights like these help us understand when homeowners are most financially stretched, where they need support, and how timely interventions or information can help improve their decision-making.

We’re also partnering with academics to test practical solutions. For example, in a study with Queens University and the University of Rochester, we found that a simple behavioural intervention led to a 35% greater reduction in credit card debt compared to a control group. Small, evidence-based interventions can make a big difference for vulnerable groups, and we're now working on scaling these approaches.

You've had a long career working in regulation, including at Health Canada. What would you say is different or unique about regulation in the financial consumer protection space?

What strikes me as different in the financial consumer space is how often people interact with the financial system—sometimes multiple times a day—without really thinking about the long-term impact of those decisions. Many feel routine – like tapping a card or paying a bill – so the risks may only become visible when something big happens in your life, like losing a job or falling ill. That’s when people suddenly realize how these day-to-day decisions added up. In contrast, in areas like food or drugs, people generally have a more immediate sense of cause and effect - if you eat something that makes you sick or take a drug that causes an adverse reaction, you feel it quickly. Another difference I see is around choice. In a health context, people know they have options - at a pharmacy, you can choose between various options, for instance over-the-counter drugs or natural health products. They’re widely available and people understand they can pick what works best for them. The sense of choice does not seem as strong when it comes to financial products and services. Consumers may not realize that they can shop around or get financial advice on alternatives. Many people think that they have to just accept what's offered to them. Our own research shows that 13% of mortgage holders were not aware that they could negotiate.

Does that lower awareness of financial rights suggest the need for more regulation?

I think it means there's more need for education on financial consumer rights. We need to educate people and raise awareness that we have options, and that we can and should shop around for financial products. Giving Canadians the tools to compare the benefits and the costs of different products is something that the ecosystem can help with. FCAC has a role to play in changing the assumptions and biases, and we’re doing that through behavioural nudges to make people realize that they can build confidence with information, with knowledge. Once they have that confidence, they can make their own decisions. So, it's about giving Canadians more information, more education, and more tools to make the best decisions.

As interim Deputy Commissioner, you are immersed in big picture thinking about financial literacy. What are some practical strategies you can share with Canadians on how to manage their finances in challenging times?

It starts with the basics. Know how to budget, how to save money including for emergency situations, and how to pay down debt on a regular basis. It's all about planning and being prepared. Our research has shown that about 70% of people who budget—even when they only do it on an intermittent basis—are better positioned to keep up with their financial commitments. These small activities can make a difference, especially when you start early. Also, shop around and compare products. FCAC and others offer helpful tools to compare financial products like credit cards and savings and chequing accounts. Finally, make sure you talk about money, which has been the theme of our Financial Literacy Month campaign in November. When you share your experiences with family and friends, you might learn a few tricks, you might teach a few tricks, and you might also realize that you're not alone.