Highlights: Key findings from the Survey on Banking of Canadians

The Financial Consumer Agency of Canada (FCAC) ensures federally regulated financial entities comply with consumer protection measures, promotes financial education, and raises consumers’ awareness of their rights and responsibilities. The Fall Economic Statement 2018 issued by the Minister of Finance stated that “the Financial Consumer Agency of Canada will engage with banks and seniors’ groups to create a code of conduct to guide banks in their delivery of services to Canada’s seniors” (the Code).

To help inform the development of the Code, FCAC fielded the Survey on Banking of Canadians to assess the banking experiences of older Canadians. Key findings of this research are presented below.

Key findings

The survey yielded several important findings concerning the banking experiences of Canada’s seniors:

The Survey on Banking of Canadians

The Survey on Banking of Canadians is a nationally representative telephone survey of approximately 3,000 adults, having as its main focus persons aged 55 and older. A sub-sample of those under the age of 55 was also included for comparison purposes. The survey was administered via random digit dialing and was in the field from February 8 to March 10, 2019. The margin of error for the overall sample is ±1.8% at the 95% confidence level.

For more information regarding the survey methodology, research findings, and to access the tabulated data, please refer to Library and Archives Canada.

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