What is Financial Literacy?
Financial literacy means having the skills and knowledge to make informed decisions about managing your money.
Understanding basic financial concepts lets people know how to navigate the financial system.
People with financial literacy skills make better financial decisions and manage money better than those without these skills.
Programs
Facts & Statistics
Download literacy facts and infographic for use in your organization’s communications, as well as for personal use.
46% of Canadians were targeted for financial information through phishing or hacking.
Canadian’s Financial Well-being: Summary of Financial Consumer Agency of Canada survey findings – Financial Consumer Agency of Canada, 2023
49% of people with low incomes in Canada carry debt and those who do spend an average of 31% of their income on debt payments.
12.5% (almost 800,000) of lower-income households experienced difficulties in accessing financial help programs or services (compared to 7% of households overall). A further 9% of households with lower incomes could not access help file taxes and obtain benefits they were eligible for, while 9% could not access help in managing their debt.
Financial Vulnerability of Low-Income Canadians: A Rising Tide – Financial Resiliency Institute, 2022
44% of Canadians say that money is what tends to cause them the most stress in their lives.
2024 Financial Stress Index – Financial Planning Standards Council, 2024
People who have higher levels of financial confidence tend to have better results with day-to-day money and debt management than those with low levels of confidence.
The link between financial confidence and financial outcomes among working-age Canadians – Social Research and Demonstration Corporation, 2016
