Prepared for Financial Consumer Agency of Canada
For more information on this report, please contact the Financial Consumer Agency of Canada at info@fcac-acfc.gc.ca.
This public opinion research report presents the results of an online survey conducted by Ekos Research Associates Inc. on behalf of the Financial Consumer Agency of Canada. The research study was conducted with 8,358 Canadians 18 years of age or older between March and October 2022.
Information contained in this publication or product may be reproduced, in part or in whole, and by any means, for personal or public non-commercial purposes without charge or further permission, unless otherwise specified. Commercial reproduction and distribution are prohibited except with written permission from the Financial Consumer Agency of Canada.
For more information, contact:
Financial Consumer Agency of Canada 427 Laurier Ave. West, Ottawa ON K1R 1B9
www.canada.ca/en/financial-consumer-agency
Aussi disponible en français sous le titre : Collecte de données pour le sondage sur le bien-être financier lié à la COVID-19.
© His Majesty the King in Right of Canada, as represented by the Minister of Finance Canada, 2023.
Ekos Research Associates
Contact: Susan Galley
Ottawa Office
359 Kent Street, Suite 300
Ottawa, Ontario
K2P 0R6
Tel: (613) 235 7215
Fax: (613) 235 8498
E-mail: pobox@ekos.com
The COVID-19 Financial Well-being Survey has been identified as a key policy tool for the Financial Consumer Agency of Canada (FCAC) to monitor how Canadians are dealing financially with the COVID-19 crisis and the impacts on their financial well-being. This research is part of FCAC’s mandate to monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services in Canada. It will inform policy advice and guidance involving supervising financial institutions, monitoring their compliance with codes of conduct and public commitments they have adopted as well as government programs implemented due to COVID-19.
The FCAC commissioned Ekos Research Associates to conduct the COVID-19 Financial Well-being Survey. It was administered using Probit, a hybrid online-phone probability-based panel sample frame developed by Ekos Research Associates. Given the need for monthly oversampling in key target groups (under 35, lower income, Indigenous and newcomers to Canada (past 10 years)) without returning to previously sampled individuals included since the start of the survey (August 2020), additional cases were completed using Leger Opinion panel (LEO). The sample frame was further augmented by random-digit-dial (RDD) phone interviews in key targeted geographic clusters.
The survey questionnaire was streamlined from the 25-minute core of the 2019 Canadian Financial Capability Survey (CFCS) and required approximately 18 to 20 minutes to complete by telephone. Some items were newly added or changed since the 2019 CFCS, and some items were retained for the purposes of tracking over time.
The survey was administered over the period from late March through October 2022. The eight months of data collection included 8,358 interviews with Canadians aged 18 years or older. The overall response rate was 11 percent using a mix of panel members (5,526 cases completed online and 2,458 completed by telephone), as well as RDD (374) as the sample source.
Survey results can be extrapolated to the broader general public of Canadians 18 years and older with an associated margin of error of +/- 1.0 percent at a 95 per cent confidence level for questions posed to the complete sample. Topics covered in the core survey include:
The questionnaire originally provided by FCAC in 2020 continued to be used throughout 2022. However, some questions were removed or added at various points in the collection. A small set of survey items were also collected bi-monthly starting late in 2020 to conserve space on the questionnaire. A set of 20 items used as FCAC performance indicators was also added each month from August through November, with some core items removed for those months to accommodate this addition. About a third of the items in the survey questionnaire were replicated from the previous 2019 CFCS. The primary purpose for retaining these questions was to track changes over time with the previous version of the survey conducted in 2019.
The survey was administered online and by telephone using a bilingual questionnaire. For the online administration, the bilingual survey questionnaire was installed on a secure webserver controlled by Ekos. Telephone interviews were completed on-site, using computer assisted telephone interviewing (CATI) software. The CATI software allowed interviewers to input responses from respondents as the survey unfolded. Interviewers were provided with detailed background on the study followed by practice interviews prior to beginning work. Ten percent of all work was monitored for quality control purposes.
A Random Iterative Method (RIM) weight was calculated using crosstabulation software to correct for response bias between the population distribution of the final sample and population estimates based on the 2016 Census. The weight was calculated according to population proportions for age, gender, region of the country, and education (post-secondary completion versus less education), as well as Indigenous and immigration status.
The value of this contract was $232,081.22 (including HST).
I hereby certify as Senior Officer of Ekos Research Associates Inc. that the deliverables fully comply with the Government of Canada’s political neutrality requirements outlined in the Policy on Communications and Federal Identity and the Directive on the Management of Communications. Specifically, the deliverables do not include information on electoral voting intentions, political party preferences, standings with the electorate, or ratings of the performance of a political party or its leaders.
Signed by: Susan Galley (Vice President)
The mandate of the Financial Consumer Agency of Canada (FCAC) includes the objective of strengthening the financial knowledge, skills and confidence of Canadians to enhance their ability to make positive financial decisions. To further this aim, FCAC conducted public opinion research (POR) through the COVID-19 Financial Well-being Survey to collect quantitative evidence about Canadians’ financial knowledge, skills, and confidence.
The COVID-19 Financial Well-being Survey has been identified as a key policy tool for the FCAC to monitor how Canadians are dealing financially with the COVID-19 crisis and the impacts on their financial well-being. This research is part of FCAC’s mandate to monitor and evaluate trends and emerging issues that may have an impact on consumers of financial products and services in Canada. It will also inform policy advice and guidance involving supervising financial institutions, monitoring their compliance with codes of conduct and public commitments they have adopted as well as government programs implemented due to COVID-19.
Data from the COVID-19 Financial Well-being Survey allows FCAC to develop recommendations, provide guidance, and inform policy discussions. The study also helps FCAC develop unbiased and evidence-based information and tools to educate and inform Canadian consumers dealing with the financial effects of the COVID-19 pandemic. In particular, this research supports FCAC’s mandate in the following areas:
The COVID-19 Financial Well-being Survey is intended to track how Canadians are managing their finances during the COVID-19 pandemic and the effects on their financial well-being. Topics include:
Where applicable, comparisons will be derived based on surveys conducted by FCAC prior to COVID-19 pandemic such as the 2019 Canadian Financial Capability Survey.
The approach for the COVID-19 Financial Well-being Survey was to collect an 8,000-case probability-based sample, with the majority of the interviews completed online (self-administered) or by telephone with members of either the Probit panel or the Leger Opinion panel (LEO), with augmented sampling as needed using targeted RDD sample. In general, a probability-based sampling frame is considered to be more statistically robust and rigorous because the sample is randomly selected, which means that there are statistical methods that can be used to assess sample error when extrapolating the results to the entire population. The LEO panel is partially probability-based and a necessary added sampling source given the study requirement to oversample those under 35, and lower-income households, as well as newcomers to Canada and Indigenous respondents, particularly among women within these lower incidence segments. Sampling within the Probit panel was further constrained by the requirement for any panel member to complete the survey only once over the 25 months of ongoing collection.
A total of 66% (5,526) of the interviews were to be completed online (self-administered) by panel members. A smaller sample of about 2,832 respondents were to complete the survey by telephone, including panel members with a preference for telephone interviews or among segments where response was low (2,458), as well as a subset of cases completed using a Random Digit Dialing (RDD) sample (landline and cell phone sample) (374) in key geographic clusters to reach the two target groups of Indigenous people and recent immigrants (last 10 years). This continued the approach used at the start of the 2020-2021 survey collection and follows a similar approach taken in the 2019 CFCS survey which also relied on a mix of Probit panel (online and phone), as well as a smaller portion of interviews obtained by telephone using RDD sample.
The key sample frame used was the hybrid online-telephone Probit panel developed by Ekos Research Associates. This panel of more than 120,000 individuals serves as a fully representative sample of Canadians and margin of errors can be applied. From it we can draw random samples and collect data in a more cost efficient and timely manner than would otherwise be possible in a traditional telephone survey. The LEO panel was used to augment response among lower incidence target groups.
Probit panellists have been selected randomly using a random-digit dial (RDD) landline-cell phone hybrid sample frame, which is a reliable method used to conduct telephone surveys that are representative of the population. Once selected, panellists are contacted and recruited by telephone and asked to complete a basic profile (i.e., base survey instrument) including a range of demographic information. They are also asked if they would prefer to complete surveys online or by telephone. All panel members are eligible to participate, including those with cell phones only, those with no Internet access, and those who simply prefer to respond by telephone rather than online. The LEO panel includes more than 400,000 Canadians and relies on probability-based recruitment methods, augmented by referrals and social media outreach. Panel members complete surveys exclusively online.
Canadians 18 years of age or older participated in the survey. Results from the final survey sample can be extrapolated to the broader general public of Canadians 18 and over, with a margin of error of +/-1.0 percent at a 95 percent confidence level for questions posed to the full sample.
The sample includes 8,358 cases completed with panel members, of which 5,526 were completed online and 2,458 by phone. An additional 374 cases were completed by telephone using the RDD sample to augment the overall response in strata where sample or response rates were lower in the panel (e.g., among Indigenous respondents and newcomers to Canada). In these cases, RDD sample was selected from key geographic areas of the country where the incidence of Indigenous residents or recently immigrated Canadians is higher than average for the population.
Some cases were completed by telephone to reach intended targets for key segments of interest to FCAC in the final sample. These included:
Following is a breakdown of unweighted frequency of cases completed within key segments of the survey sample from month to month, as well as weighted percentage of the overall monthly sample.
| Month | Total | M (<35) | F (<35) | M (Indigenous) | F (Indigenous) | M (<40K HHI) | F (<40K HHI) | M (Recent immigrant) | F (Recent immigrant) |
|---|---|---|---|---|---|---|---|---|---|
| Total: | 8,358 | 1,069 12% | 1,463 15% | 256 2% | 385 3% | 1,197 16% | 1,613 21% | 387 4% | 409 4% |
| March 2022 | 1,051 13% | 157 13% | 181 14% | 36 3% | 44 3% | 151 17% | 209 22% | 74 5% | 33 3% |
| April 2022 | 1,053 13% | 146 13% | 180 14% | 28 2% | 47 4% | 142 16% | 193 22% | 48 3% | 42 3% |
| May 2022 | 1,052 13% | 121 12% | 188 16% | 32 3% | 48 3% | 155 18% | 202 20% | 42 4% | 55 4% |
| June 2022 | 1,052 13% | 140 12% | 181 15% | 33 2% | 47 3% | 155 16% | 215 22% | 53 4% | 58 4% |
| July 2022 | 1,054 13% | 121 11% | 181 16% | 36 2% | 45 3% | 151 15% | 209 22% | 47 4% | 64 5% |
| August 2022 | 1,024 12% | 122 10% | 182 17% | 34 2% | 42 3% | 150 15% | 205 22% | 46 3% | 55 5% |
| September 2022 | 1,044 12% | 133 13% | 189 15% | 23 2% | 46 3% | 148 15% | 207 20% | 41 3% | 57 4% |
| October 2022 | 1,028 12% | 129 11% | 181 16% | 34 2% | 66 4% | 145 15% | 173 18% | 35 3% | 45 3% |
The questionnaire was originally provided by FCAC in 2020 and revised at intervals throughout 2021 and 2022. Some questions were allocated for bi-monthly collection late in 2020, to conserve interview length and three new items were added in October 2021 to more adequately identify households with children. A significant number of changes were made to the questionnaire in August 2022. A series of 18 questions used as departmental performance indicators were added to the survey. Some items were re-instituted for monthly rather than bi-monthly collection. Four items were removed (impact of COVID, method of keeping track of a budget, identification of sources of assets, and paying off the balance on credit cards each month). Wording changes were also made to a few questions related to value of assets and debt.
The survey questionnaire was comprised of roughly 45 questions in the first five months of collection (March through July). In the last three months of the survey period (August though October) this increased to 62 items, increasing the length by 37%. About a third of the survey items were replicated from the 2019 CFCS for the purposes of tracking changes over time, although some of these items were changed slightly either to add clarity or adapt them for administration online as well as on the telephone. Topics included:
The majority of questions were closed-ended.
In order to introduce survey participants to the purpose of the project, the questionnaire was prefaced with a brief introduction to the study and rationale for the research. Respondents were told the purpose of the survey and how the information would be assisting the Government of Canada. The voluntary and confidential nature of the survey was also emphasized. Instructions for completing the survey clearly indicated how to move through the questionnaire and fill in responses. Email invitations included both an email address and a 1-800 number that respondents could use in the event they had questions about the study or completing the questionnaire. The survey was administered online and by phone using a bilingual questionnaire. All work was carried out according to the specifications outlined in the Government of Canada standards.
For the online administration, the bilingual survey questionnaires were installed on a secure webserver controlled by Ekos. The email invitation included a description and purpose of the survey (in both languages) along with a link to the survey website. When respondents clicked the survey link, they were taken to a website containing the survey instrument. Once inside the survey, the respondent had the choice of completing the questionnaire in French or English (with the option of changing the survey language at any time). The survey database was mounted using a Personalized Identification Number (PIN), so only individuals with a PIN were allowed access to the survey. The PIN also allowed respondents to exit and re-enter the survey at any time to complete or change information before the questionnaire was completed/submitted.
Telephone interviews were completed using computer assisted telephone interviewing software (CATI) allowing interviewers to input responses from respondents as the survey unfolded. During initial training, telephone interviewers were given instruction about the study objectives and sampling – as well as the meaning and intent of specific items in the survey. Practice interviews also took place. By and large, interviewers input survey responses by selecting a category offered on the screen that best reflected the respondent’s answer. For open-ended questions, however, verbatim responses from the respondent were inputted for later review and coding.
Telephone interviews were carried out under regular supervision and 10 percent of interviews were monitored to ensure professional conduct and data quality. A minimum of eight call-backs (nine total calls) were made to each selected household in the original sample before retiring a case and substituting another household. Follow-up calls were made on subsequent days, at varying time periods to maximize the potential for reaching a given respondent, and callback appointments were taken at the convenience of the respondent. All individuals were also asked at the start whether they preferred to conduct the interview in English or French.
The survey collection occurred monthly between March and October 2022. Just over 1,000 cases collected each month over the eight months the survey were collected. Of the 8,358 completed cases in the sample, 5,526 respondents completed the questionnaire online[3] and 2,832 completed by telephone. All responses were kept completely confidential, and no responses were linked to individual names.
The overall response rate for the survey was 12.4%. The following table provides details on the sample records used to complete the core sample by month.
| Month | March | April | May | June |
|---|---|---|---|---|
| Total Sample | 8,667 | 7,393 | 10,456 | 9,680 |
| Invalid (email bounced, not correct person) | 336 | 315 | 289 | 342 |
| Valid Sample | 8,331 | 7,077 | 10,167 | 9,338 |
| Partial complete | 81 | 150 | 158 | 106 |
| Refused | 335 | 254 | 141 | 356 |
| No response | 5,232 | 4,274 | 7,075 | 6,010 |
| Responding | ||||
| Complete | 1,051 | 1,053 | 1,052 | 1,052 |
| Ineligible | 31 | 24 | 28 | 19 |
| Quota filled | 50 | 5 | 554 | 51 |
| Total responding | 1,132 | 1,082 | 1,634 | 1,122 |
| Response Rate (Total responding over Valid sample) | 13.6% | 15.3% | 16.1% | 12.0% |
| Month | July | August | September | October |
|---|---|---|---|---|
| Total Sample | 9,876 | 12,583 | 10,270 | 10,834 |
| Invalid (email bounced, not correct person) | 554 | 264 | 266 | 474 |
| Valid Sample | 9,321 | 12,320 | 10,004 | 10,361 |
| Partial complete | 143 | 109 | 144 | 122 |
| Refused | 218 | 160 | 176 | 355 |
| No response | 6,351 | 9,990 | 7,454 | 7,245 |
| Responding | ||||
| Complete | 1,054 | 1,024 | 1,044 | 1,028 |
| Ineligible | 2 | 15 | 20 | 71 |
| Quota filled | 125 | 38 | 80 | 60 |
| Total responding | 1,201 | 1,077 | 1,144 | 1,159 |
| Response Rate (Total responding over Valid sample) | 12.9% | 8.7% | 11.4% | 11.2% |
Note that the response rate is calculated based on the combined response among those who completed the survey and those willing to complete the survey that were screened out because of study criteria or already filled sample quotas. The base for the calculation is the valid sample accessed, excluding records found to be invalid (i.e., bounced email addresses or non-valid telephone numbers). This response rate formula was developed by industry associations and endorsed in the Government of Canada survey standards.
The key steps in the data base management involved cleaning the data, developing population weights and constructing an adjustment factor for specific questions where a sizeable "mode" effect was discerned, with a specific focus on core variables used for trend analysis.
Cleaning the data base involved re-coding open-ended responses into existing categories. As noted above, there were a handful of questions in the survey that had an open-ended response category where respondents could provide their own answer. For these questions, verbatim responses were reviewed and assigned to existing categories in instances where they logically fit. A new "response category" was added to the dataset only in instances where a number of respondents provided an answer that was not captured in the existing response categories. These are indicated in the questionnaire using capitalized text to flag categories that were not shown to respondents throughout the collection, but post-coded.
In addition, data cleaning was undertaken to ensure internal consistency between the branching/skip logic of the questionnaire and the variable responses. For example, responses were deleted if the question was not applicable based on the skip logic. This could occur in instances where the respondent/interviewer went back and revised the answer to a question in an earlier point in the survey. In other questions, rules were set as required depending on the responses to other survey items.
A comparison of each unweighted sample with 2016 Census figures from Statistics Canada suggests there are sources of systematic sample bias in each survey, following patterns typically found in most general public surveys. In the core survey sample, there is:
The sample weight was created based on population parameters according to the 2016 Census. Data were weighted to population proportions for age, region of the country, gender, as well as education (post-secondary completion versus less), and Indigenous and recent immigrant status. A table with the weighted and unweighted proportions of the sample for those variables included in the weight solution is presented in Appendix C
A Random Iterative Method (RIM) weight was calculated using crosstabulation software to correct for response bias between the population distribution of the final sample and population estimates. To calculate a RIM weight, crosstabulation software reconciles the differences between the sample and the target distributions across a user-defined set of, typically demographic, variables through a series of random iterations, until it arrives at a weighting factor for each record that adjusts the population distribution of the data file to most closely match the target population.
Calculated variables were largely a matter of creating common items from categorical and continuous responses (e.g., where most respondents indicated a specific value such as personal income, but some were only willing to provide a range, therefore the midpoint of the range was used for the calculation). A series of banner tables were produced segmenting data for the core and follow-up survey samples to explore sub-group patterns (e.g., by source and mode of completion, as well as based on key demographics such as age, gender, and so on), in order to support basic analysis of the data.
Thank you for taking the time to complete this survey dealing with some important issues on household finances on behalf of the Government of Canada. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
Si vous préférez répondre au sondage en français, veuillez cliquer sur français.
Your participation is voluntary and your responses will be kept entirely confidential and anonymous. The survey takes 15 minutes to complete. It is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. To view our privacy policy, click here.
If you require any technical assistance, please contact online@ekos.com.
Good morning/afternoon/evening, Bonjour, May I speak with [name of respondent]?
My name is [name of itnerviewer] and I am calling from Ekos Research Associates, a public opinion research company. We are conducting a study on behalf of the Government of Canada to find out what people think about some important issues on household finances. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
Would you prefer to be interviewed in English or French?/Préférez-vous répondre en français ou en anglais?
Please be assured that we are not selling or soliciting anything. Your participation is voluntary and your responses will be kept entirely confidential and anonymous. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. This survey is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act.
If asked length: The survey will take about 15 minutes to complete
If asked client: I can tell you at the end who sponsored this survey
In what year were you born?
If 2004/2005, confirm if at least 18
Are you at least 18 years of age?
Hesitant
May we place your age into one of the following general age categories?
What is your current marital status?
Are you financially responsible for any children living in your household or currently living somewhere else? If so, how many?
Yes, DM_Q02B
[ADM_Q02B > = 2 Do these children [Else] Does the child> live with you at least 50% of the time?
Yes, DM_Q02C
What is the age range of the child living with you at least 50% of the time?
Yes, DM_Q02C
What are the age ranges of the children living with you at least 50% of the time?
[Phone] Interviewer: Read categories to respondent.> Accept all that apply
Do you play an active role in managing your household's finances?
Did you or anyone in your household experience any of the following as a result of COVID-19?
A temporary layoff, where you expect to return to your employer
A permanent job loss or layoff, where you do not expect to return to your employer
A reduction in your regular paid hours at work
Reduced sales/contracts from your own business
Increased difficulties finding a job
Other, please specify:
How would you rate your current level of anxiety, stress, or worry?
[Phone] Interviewer: Read categories to respondent.
How would you say that your level of anxiety, stress or worry has changed in the past 12 months?
[Phone] Interviewer: Read categories to respondent.
What was the approximate total household income of all members (including yourself) before taxes and deductions from all sources during the last year, ending December 2021?
DK/NR, IN_Q04
What was your approximate total household income in 2021?
[Phone] Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.
Compared to December 2019 (i.e. before COVID-19 pandemic) how has your household income changed?
[Phone] Interviewer: Read categories to respondent.
Now we are going to ask questions about your day-to-day finances, saving and debt.
Do you typically check your bank account balance and manage your day-to-day banking transactions using either internet banking or a personal mobile device?
Do you have a household budget?
No/DK/NR, OE_Q06_N
Why do you not have a budget?
[Phone] Interviewer: Prompt only if needed.
Yes, OE_Q06_N
When it comes to your budget, how do you keep track of your money?
Yes, OE_Q06_N
Use budgeting/finance software (e.g. Excel) or an online budgeting tool/app
Yes, OE_Q06_N
Write out the budget by hand or use cash jars/envelopes
Yes, OE_Q06_N
Automate my bill payments and savings
Yes, OE_Q06_N
Keep a budget in my head
Do you currently own or rent your home?
Do you currently have any of the following assets?
Workplace Pension Plan
Registered Retirement Saving Plan (RRSP) or Registered Retirement Income Fund (RRIF)
Tax free savings account (TFSA)
Cash savings (from savings or chequing accounts)
Other non-registered investments (stocks, bonds, term deposits, GICs, Non-RRSP Mutual funds)
A secondary house, rental property, or vacation home
A business or farm, including related equipment and property
Other, specify:
Assets, SAVINGS_T
Compared to December 2019 (i.e. before COVID-19 pandemic) how has the value of your total household assets changed in the last year?
[Phone] Interviewer: Read categories to respondent.
Assets, SAVINGS_T
Have you had to use your savings due to the COVID-19 crisis?
Yes, SAVINGS_C
Altogether, about how much of your savings have you needed to use over the past 12 months?
DK/NR, SAVINGS_C_A
About how much of your savings have you needed to use over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
Have you set aside emergency or rainy day funds in case of sickness, job loss, economic downturn, or other emergencies?
Yes, OE_Q18_NA
How many months do you think the money in that fund will last?
OE_Q18_N <7 months/DK/NR
If an unexpected need arose within the next month, how confident are you that you could come up with $2,000, if you needed it?
[Phone] Interviewer: Read categories to respondent.
When it comes to bills and other financial commitments, would you say that you are ...
[Phone] Interviewer: Read categories to respondent.
Do you currently have any of the following other types of debt?
Home Equity Line of Credit (HELOC)
Personal loan or line of credit
Automobile loan or lease
Outstanding credit card balances
Student loan
Mortgage on secondary residence, rental property, business or vacation home
Other loans, debts or liabilities - Specify:
Debt, QAD_Q11_N or Mortgage, QAD_Q01_N
Compared to December 2019 (i.e. before COVID-19 pandemic), how has your total debt changed in the last year?
[Phone] Interviewer: Read categories to respondent.
Stayed the same/increased, DEBT_I
Has your total debt increased due to the COVID-19 crisis?
Stayed the same/increased, DEBT_I
How much did your debt increase from all sources in the past 12 months?
DK/NR, DEBT_C_A
About how much has your total debt increased over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
Not "Outstanding credit card balances", QAD_Q11_N
In the past 12 months, did you pay your credit card in full each month?
[Phone] Interviewer: Read categories to respondent.
In the past 12 months, have you run short of money and had to use a credit card, overdraft or borrow to buy food or to pay monthly expenses (i.e., regular expenses as opposed to bigger items like renovating, vacation, etc)?
Are you currently behind two or more consecutive months in paying a bill, loan, rent or mortgage payment?
Over the past 12 months, have you used any of the following other methods to manage your day-to-day expenses?
Seek advice from a financial professional about managing expenses
Borrow from a friend or family member
Use an online lender or payday loan company, other than a bank
Make a formal or informal proposal to creditors or declare bankruptcy
online lender or payday loan company, CREDIT_I
What type of loan did you obtain from your payday loan or online lender?
Not None of the above, CREDIT_I
In the past 12 months, did you seek advice from any of the following financial professionals to help manage your debt?
Licensed Insolvency Trustee
Credit counsellor
Debt advisor
Other, specify:
How would you rate your current credit record?
Very bad - good, FC_Q12_N
How has your credit record changed over the past 12 months?
[Phone] Interviewer: Read categories to respondent.
In the last 2 years, have you discovered that someone has used your bank or credit card number to pay for goods without your authorization?
In the past 12 months, has anyone tried to obtain your personal or financial information by hacking one of your online accounts or through an email phishing scam?
Note: A phishing scam is an email that looks legitimate but is an attempt to get personal information such as your account number, username, PIN code, or password.
In the past 2 years, have you been a victim of financial fraud or a financial scam?
A victim is someone who has accepted advice to invest in a financial product that you later found to be worthless, such as a pyramid or ponzi scheme, or accidentally provided financial information in response to an email or phone call that they later found out was not genuine
The next few questions are about your general level of financial awareness and attitudes.
How would you rate your level of financial knowledge?
[Phone] Interviewer: Read categories to respondent.
How well do the following statements describe you or your situation?
Because of my money situation, I feel like I will never have the things I want in life.
I am just getting by financially.
I am concerned that the money I have or will save won't last.
How often do these statements apply to you?
I have money left over at the end of the month.
My finances control my life.
The next part is a bit different. It has some questions about financial matters posed like a quiz.
If the inflation rate is 5% and the interest rate you get on your savings is 3%, will your savings have at least as much buying power in a year's time?
If each of the following persons had the same amount of take home pay, who would need the greatest amount of life insurance?
[Phone] Interviewer: Read categories to respondent.
Under which of the following circumstances would it be most financially beneficial to borrow money to buy something now and repay it with future income?
[Phone] Interviewer: Read categories to respondent.
Feb 22, reactivated Oct 22
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
Credit card protection insurance will always cover the outstanding balance on your credit card if your claim is approved.
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
A bank can issue you a credit card without your prior approval.
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
A bank can increase your credit card limit without your prior approval.
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
You do not have to agree to credit card protection insurance when applying for a credit card.
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false – or if you don’t know.
Banks must provide you with easy-to-understand information on the cost of financial products and services they offer you.
The survey is almost complete. The last section asks about your work and personal situation.
Are you currently employed?
Yes, LF_Q01A =: 1
Are you employed...
No/DK/NR, LF_Q01A
Are you...
Are you...
What is the highest level of schooling that you have ever attained?
What is your postal code?
NR, POSTCELL
In which province or territory do you live?
Were you born in Canada?
No, DM_Q03
In what year did you first immigrate or move to Canada?
Yes, DM_Q03
Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)?
[Phone] Interviewer, if asked: The terms "First Nations" and "North American Indian" can be interchanged. Some respondents may prefer one term over the other. "Inuit" is the plural form of "Inuk". If the respondent answers Eskimo, code Yes.
Yes, DM_Q06
Are you currently or have you lived on a reserve during the past 12 months?
Do you identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
Would anyone else in your household identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
What is your ethnic or cultural background?
That concludes the survey. This survey was conducted on behalf of the Financial Consumer Agency of Canada.
For anyone interested in the survey findings, research results will be released in the fall of 2022, at: https://www.canada.ca/en/financial-consumer-agency/programs/research.html .
We thank you very much for taking the time to answer this survey. Your help is greatly appreciated.
We regret that your responses have shown that you are ineligible to participate in this survey. Thank you for your time.
Thank you for taking the time to complete this survey dealing with some important issues on household finances on behalf of the Government of Canada. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
Si vous préférez répondre au sondage en français, veuillez cliquer sur français.
Your participation is voluntary and your responses will be kept entirely confidential and anonymous. The survey takes 15 minutes to complete. It is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. To view our privacy policy, click here
If you require any technical assistance, please contact online@ekos.com.
Good morning/afternoon/evening, Bonjour, May I speak with [name of respondent]?
My name is [name of interviewer] and I am calling from Ekos Research Associates, a public opinion research company. We are conducting a study on behalf of the Government of Canada to find out what people think about some important issues on household finances. The results will help to monitor the financial impact of COVID-19 on Canadians so that adequate advice and help can be provided to the individuals and households that need it.
Would you prefer to be interviewed in English or French?/Préférez-vous répondre en français ou en anglais?
Please be assured that we are not selling or soliciting anything. Your participation is voluntary and your responses will be kept entirely confidential and anonymous. Results will not be reported on an individual basis, but rolled into groups of 20 or more to preserve confidentiality. This survey is being directed by Ekos Research, and is being administered according to the requirements of the Privacy Act.
If asked length: The survey will take about 15 minutes to complete
If asked client: I can tell you at the end who sponsored this survey
Phone
This call may be recorded for quality control or training purposes.
In what year were you born?
If 2004, confirm if at least 18
Are you at least 18 years of age?
Hesitant
May we place your age into one of the following general age categories?
What is your current marital status?
Are you financially responsible for any children living in your household or currently living somewhere else? If so, how many?
Yes, DM_Q02B
[ADM_Q02B = 2] Do these children [Else] Does the child live with you at least 50% of the time?
Yes, DM_Q02C
What is the age range of the child living with you at least 50% of the time?
[Phone] Interviewer: Read categories to respondent.> Accept all that apply
Yes, DM_Q02C
What are the age ranges of the children living with you at least 50% of the time?
[Phone] Interviewer: Read categories to respondent.> Accept all that apply
Do you play an active role in managing your household's finances?
How would you rate your current level of anxiety, stress, or worry?
[Phone] Interviewer: Read categories to respondent.
How would you say that your level of anxiety, stress or worry has changed in the past 12 months?
[Phone] Interviewer: Read categories to respondent.
What was the approximate total household income of all members (including yourself) before taxes and deductions from all sources during the last year, ending December 2021?
DK/NR, IN_Q04
What was your approximate total household income in 2021?
[Phone] Interviewer: "Roughly to the nearest 20 thousand or so." Prompt with categories If needed.
Compared to December 2019 (i.e. before COVID-19 pandemic) how has your household income changed?
[Phone] Interviewer: Read categories to respondent.
Now we are going to ask questions about your day-to-day finances, saving and debt.
Do you typically check your bank account balance and manage your day-to-day banking transactions using either internet banking or a personal mobile device?
Do you have a household budget?
No/DK/NR, OE_Q06_N
Why do you not have a budget?
[Phone] Interviewer: Prompt only if needed.
Do you currently own or rent your home?
220408 all asked in wave 1
How has the value of your total household assets changed since the beginning of the COVID-19 pandemic (i.e., since December 2019)?
[Phone] Interviewer: Read categories to respondent.
220408 all asked in wave 1
Have you had to use your savings due to the recent increase in the price of goods, such as gasoline and groceries?
Yes, SAVINGS_C
Altogether, about how much of your savings have you needed to use over the past 12 months?
DK/NR, SAVINGS_C_A
About how much of your savings have you needed to use over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
Have you set aside emergency or rainy day funds that would cover your expenses for 3 months, in case of sickness, job loss, economic downturn, or other emergencies?
220804 all wave 1
If an unexpected need arose within the next month, how confident are you that you could come up with $2,000, if you needed it?
[Phone] Interviewer: Read categories to respondent.
Over the past month, would you say your monthly household spending was ...?
When it comes to bills and other financial commitments, would you say that you are ...
[Phone] Interviewer: Read categories to respondent.
Do you currently have any of the following other types of debt?
Home Equity Line of Credit (HELOC)
Personal loan or line of credit
Automobile loan or lease
Outstanding credit card balances
Student loan
Mortgage on secondary residence, rental property, business or vacation home
Other loans, debts or liabilities - Specify:
Debt, QAD_Q11_N or Mortgage, QAD_Q01_N
How has your total debt changed in the last three years (i.e., since December 2019)?
[Phone] Interviewer: Read categories to respondent.
Stayed the same/increased, DEBT_I
Has your total debt increased due to the COVID-19 pandemic?
Stayed the same/increased, DEBT_I
How much did your debt increase from all sources in the past 12 months?
DK/NR, DEBT_C_A
About how much has your total debt increased over the past 12 months?
[Phone] Interviewer: "Roughly to the nearest thousand or so." Prompt with categories If needed.
In the past 12 months, have you run short of money and had to use a credit card, overdraft or borrow to buy food or to pay monthly expenses (i.e., regular expenses as opposed to bigger items like renovating, vacation, etc)?
Are you currently behind two or more consecutive months in paying a bill, loan, rent or mortgage payment?
Over the past 12 months, have you used any of the following other methods to manage your day-to-day expenses?
Seek advice from a financial professional about managing expenses
Borrow from a friend or family member
Use an online lender or payday loan company, other than a bank
Make a formal or informal proposal to creditors or declare bankruptcy
online lender or payday loan company, CREDIT_I
What type of loan did you obtain from your payday loan or online lender?
Not None of the above, CREDIT_I, wave 2
In the past 12 months, did you seek advice from any of the following financial professionals to help manage your debt?
Licensed Insolvency Trustee
Credit counsellor
Debt advisor
Other, specify:
How would you rate your current credit record?
Very bad - good, FC_Q12_N, wave 2
How has your credit record changed over the past 12 months?
[Phone] Interviewer: Read categories to respondent.
In the last 2 years, have you discovered that someone has used your bank or credit card number to pay for goods without your authorization?
In the past 12 months, has anyone tried to obtain your personal or financial information by hacking one of your online accounts or through an email phishing scam?
Note: A phishing scam is an email that looks legitimate but is an attempt to get personal information such as your account number, username, PIN code, or password.
In the past 2 years, have you been a victim of financial fraud or a financial scam?
A victim is someone who has accepted advice to invest in a financial product that you later found to be worthless, such as a pyramid or ponzi scheme, or accidentally provided financial information in response to an email or phone call that they later found out was not genuine
220804 both waves
The next part is a bit different. It has some questions about financial matters posed like a quiz.
Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, with the money in this account, would you be able to buy...
Do you think the following statement is true or false? Buying a single company stock usually provides a safer return than a stock mutual fund.
Please indicate whether you agree or disagree with each of the following statements:
I feel confident in making decisions about financial products and services.
Please indicate whether you agree or disagree with each of the following statements:
I am good at shopping around to get the best financial product such as loans or insurance rates.
Please indicate whether you agree or disagree with each of the following statements:
I feel confident about managing my money day-to-day.
Please indicate whether you agree or disagree with each of the following statements:
I am knowledgeable about day-to-day money management.
Please indicate whether you agree or disagree with each of the following statements:
When making a decision about financial products (e.g., credit cards or insurance policies), I tend to compare information about different product options.
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I comparison shopped when purchasing a product or service
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I paid all my bills on time
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I kept a written or electronic record of my monthly expenses
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I stayed within my budget or spending plan
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I paid off credit card balance in full each month
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I maxed out the limit on one or more credit cards
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I made only minimum payments on a loan
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I began or maintained an emergency savings fund
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I saved money from every paycheck
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I saved for a long-term goal such as a car, education, home, etc.
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I contributed money to a retirement account
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I bought bonds, stocks, or mutual funds
Think about the extent to which each statement applies to your own behaviours/actions over the past 6 months. Please indicate whether you agree or disagree with each statement:
I made use of free or paid advice on financial products or services.
Please indicate whether you agree or disagree with the following statement:
Recent changes in interest rates have disrupted my plans to buy a home.
221011 wave 2
The next few questions are about your general level of financial awareness and attitudes.
How would you rate your level of financial knowledge?
[Phone] Interviewer: Read categories to respondent.
221011 wave 2
How well do the following statements describe you or your situation?
Because of my money situation, I feel like I will never have the things I want in life.
I am just getting by financially.
I am concerned that the money I have or will save won't last.
221011 wave 2
How often do these statements apply to you?
I have money left over at the end of the month.
My finances control my life.
220804 back in Nov (05221Z)
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
Credit card protection insurance will always cover the outstanding balance on your credit card if your claim is approved.
220804 back in Nov (05221Z)
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
A bank can issue you a credit card without your prior approval.
220804 back in Nov (05221Z)
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
A bank can increase your credit card limit without your prior approval.
220804 back in Nov (05221Z)
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
You do not have to agree to credit card protection insurance when applying for a credit card.
220804 back in Nov (05221Z)
[Phone] I would like you to tell me, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
The first/next statement is... [Else] We would like you to tell us, to the best of your knowledge, whether you think each of the following statements about financial products is true or false - or if you don’t know.
Banks must provide you with easy-to-understand information on the cost of financial products and services they offer you.
The survey is almost complete. The last section asks about your work and personal situation.
Are you currently employed?
Yes, LF_Q01A =: 1
Are you employed...
No/DK/NR, LF_Q01A
Are you...
Are you...
What is the highest level of schooling that you have ever attained?
What is your postal code?
NR, POSTCELL
In which province or territory do you live?
Were you born in Canada?
No, DM_Q03
In what year did you first immigrate or move to Canada?
Yes, DM_Q03
Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)?
[Phone] Interviewer, if asked: The terms "First Nations" and "North American Indian" can be interchanged. Some respondents may prefer one term over the other. "Inuit" is the plural form of "Inuk". If the respondent answers Eskimo, code Yes.
Yes, DM_Q06
Are you currently or have you lived on a reserve during the past 12 months?
Do you identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
Would anyone else in your household identify as a person with a disability?
[Phone] Interviewer, if asked: A person with a disability is a person who has a long-term or recurring impairment (such as vision, hearing, mobility, flexibility, dexterity, pain, learning, developmental, memory or mental health-related) which limits their daily activities inside or outside the home (such as at school, work, or in the wider community).
What is your ethnic or cultural background?
That concludes the survey. This survey was conducted on behalf of the Financial Consumer Agency of Canada.
For anyone interested in the survey findings, research results will be released in the fall of 2022, at: https://www.canada.ca/en/financial-consumer-agency/programs/research.html .
We thank you very much for taking the time to answer this survey. Your help is greatly appreciated.
Screened out
We regret that your responses have shown that you are ineligible to participate in this survey. Thank you for your time.
Following are the number of cases, as well as the unweighted and weighted distributions for the sample characteristics used in the weight of the survey sample.[4]
| Response | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 8358 | -- | -- |
| 18-34 | 2573 | 31% | 28% |
| 35-44 | 1440 | 17% | 16% |
| 45-54 | 1250 | 15% | 18% |
| 55-64 | 1245 | 15% | 18% |
| 65 up | 1850 | 22% | 21% |
| Response | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 8358 | -- | -- |
| BC | 958 | 11% | 14% |
| Alberta | 816 | 10% | 11% |
| Prairies | 900 | 11% | 7% |
| Ontario | 2649 | 32% | 38% |
| Quebec | 2134 | 26% | 23% |
| Atlantic | 884 | 11% | 7% |
| Territories | 17 | 0% | 0% |
| Response | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 8358 | -- | -- |
| Married / Living with partner | 4317 | 52% | 50% |
| Separated/Divorced/Widowed | 1378 | 17% | 18% |
| Single (Never married) | 2617 | 31% | 31% |
| Response | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 8358 | -- | -- |
| Less than post secondary completion | 1737 | 21% | 40% |
| Completed College | 3024 | 36% | 34% |
| Completed University | 3532 | 42% | 25% |
| Response | Total | Unweighted (%) | Weighted (%) |
|---|---|---|---|
| Total | 8358 | -- | -- |
| Yes | 6574 | 79% | 79% |
| No | 1748 | 21% | 20% |