Financial well-being-survey-results

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FINANCIAL WELL-BEING IN CANADA
SURVEY RESULTS

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Informationcontained inthispublicationor product maybe reproduced,inpart or inwhole,and byanymeans,for
personalor public...

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FinancialWell-Beingin Canada: Survey Results
Financial well-beingisthe extentto which you can comfortablymeet all of you...

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Figure 1 – Categories of factors relating to financial well-being
In this model,financial well-beingisdeterminedby5 cate...

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Key messages
• Many Canadians are doing reasonablywell financially
• Income isimportant, but so are behaviours
• Financi...

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Most Canadiansare doing reasonably well financially.
To assessCanadians’ overall financial well-being, we calculateda Fi...

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We calculated mean scores for these 3 components.Canadians obtainedmean scores of:
• 81 for meetingcommitments
• 61 for ...

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The cross-sectional data yieldedbythe surveydon’t tell us definitivelythatimprovinga person’sscore
in 1 area will improv...

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Financial Well-BeingScoresvary greatly withineach income bracket (Figure 5). Notably,there are some
Canadians in highinc...

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factors, such as income,owning versusrentinga home,and employment(workingfull-time versus
workingpart-time or beingunem...

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Helpingsomeone to developa new mindsettoward spending,savingand borrowing or changing their
perspective onhow much cont...

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confidence and attitudestoward spending,saving and borrowing were behindmost of the variabilityin
Financial Well-BeingS...

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Figure 6 – Percentage of Canadian respondents in each financial well-beingcategory
To offera better understandingof wha...

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Among membersof the FinanciallySecure group, income was the variable most strongly relatedto
financial well-being.Thisi...

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Among the SomewhatSecure group, the numberof dependentchildrenlivingathome was strongly
relatedto financial well-being....

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It is important to note that paying a mortgage off over time (as opposed to continuingto carry it) is
advantageous.Hist...

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Our analyses of the Struggling Somewhatgroup revealedthat not borrowing for dailyexpenseswasthe
variable most strongly ...

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Our analyses showedthat having post-secondaryeducationwas stronglyrelatedto financial well-being
for Canadians in thisg...

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Withinthe Struggling a Lot group, Canadians who had a higherscore for locus of control tendedto
have higherfinancial we...

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Sometimeswhena person feelseverythingisoutof control, an advisable approach is to findone
achievable goal and focus on ...

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Howdo these groups differfrom eachother?
Next,we exploredhow the 4 groups differed24 intheirfinancial behaviours, psych...

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Based on these patterns, we exploredwhetherit ispossible that life stage is a key difference between
the SomewhatSecure...

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Giventhe demographic differencesbetweenthe SomewhatSecure and FinanciallySecure groups, and
the plausible explanationsf...

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Conclusion
Overall,three quarters of Canadians have a Financial Well-BeingScore of 50 or more, which places
them ineith...

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Despite the fact that many Canadians had reasonablyhigh levelsof financial well-being—74% of
Canadian respondentshad a ...

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Our findingsalso leadto specificrecommendationsthat practitioners might want to considerfor
Canadians in the identified...

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Acknowledgements
The Financial Consumer Agencyof Canada (FCAC) wouldlike to acknowledge the excellentworkof the
Agency ...

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Judge,T. A.,Erez, A., Bono, J. E., & Thoresen,C. J. (2002). Are measuresof self-esteem,neuroticism,
locus of control, a...

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