Appearance before the Standing Committee on Finance (July 7, 2020): Monitoring surveys on the financial impact of COVID-19 on consumers

Issue

COVID-19 has impacted the employment, financial well-being and banking behaviours of Canadians. Data are needed to measure this impact and inform the Agency’s ongoing supervisory activities, policy and program responses, and consumer education materials.

Background

Over the coming months, FCAC will be conducting two surveys of Canadian residents aged 18 and older to achieve these outcomes:

• track Canadians’ experience and use of products and services offered by financial institutions to help consumers deal with the COVID-19 crisis
• monitor how Canadians are managing their financial situation during the COVID-19 crisis

The surveys are designed to enable FCAC to conduct Gender-based Analysis Plus (GBA+) and obtain results for key vulnerable groups (e.g., lower income individuals, persons with high school education or less, recent immigrants, and Indigenous persons).

Data/Quick facts

Together, these surveys will measure the effects of the COVID-19 crisis on the following:

• Canadians’ financial well-being, banking behaviours, employment, income, savings and debt
• consumer uptake of supports offered by government and financial institutions to help Canadians manage their finances
• access to banking services, including difficulties experienced because of branch closures or other effects of the crisis
• fees or charges incurred for using bank products and services
• methods that Canadians use to manage day-to-day finances
• Canadians’ risk of being targeted by fraud and financial scams

Key messages

• Over the coming months, FCAC will survey Canadians to better assess the impact of the COVID-19 pandemic on their finances. The data collected will contribute to our ongoing research work, which includes regular surveys and industry reviews on consumer awareness, attitudes and behaviours.
• The findings of these research activities will inform efforts by the FCAC and the government to support Canadians during the recovery.
• The results of these research activities will enrich the Agency’s intelligence on consumer issues and trends, contributing to our proactive supervision of financial institutions and enabling us to refine and update our unbiased and fact-based educational information for consumers.
• The surveys are designed to enable FCAC to conduct Gender-based Analysis Plus (GBA+) and obtain results for key vulnerable groups (e.g., lower income individuals, persons with high school education or less, recent immigrants, and Indigenous persons).