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Financial Literacy Statistics For Canadians 2024

Top Financial Literacy Statistics for Canadians Statistics in 2024

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Navigating the Numbers: A Glimpse into Canada’s Financial Literacy in 2024

In an era when financial acumen is more crucial than ever, understanding the landscape of financial literacy and establishing a solid foundation of financial matters in Canada is vital to empowering individuals and shaping the nation’s economic future. Goeasy conducted a survey, which received responses from 1038 respondents across different age groups, regions, genders, education levels, income levels, and ethnicities, with the goal of better understanding how to support Canadians.


Diving into the survey results has opened the door to uncovering trends and challenges that everyday Canadians face, especially those new to the country. Many of the findings will show that you are not alone and that many people are experiencing the same apprehension around numbers and finance.

Overview of Financial Literacy in Canada

Understanding finances and financial literacy is critical to personal and societal well-being. It empowers individuals to make informed financial decisions, resulting in effective money management by developing better spending habits. Canada's recent efforts to promote financial literacy have gained significant momentum, especially with the need to support Canadians’ need to fostereconomic stability and prosperity. The survey and the resulting statistics focused on financial literacy rates among new Canadians.

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Putting Canadians on a path to a better financial future

When banks aren’t an option, we can help you get approved for the loan you need today.

400+

locations in

Canada

800K

customers

served

93%

satisfaction

rate

60%

of customers improve

their credit score

1in3

customers graduate to

prime rates

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What credit score do I need for easyfinancial?

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This is determined on a case-by-case basis. We use many factors to approve applicants for a loan, including monthly income and credit score. We factor in your debt-to-income ratio (50%), debts in collections, car payments, and monthly debt obligations. Those with bad credit (300-720) are encouraged to apply.

What is a soft inquiry and how is it different than a hard inquiry?

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A soft inquiry is when your credit report is pulled for informational purposes and does not affect your credit score. A soft inquiry is simply a review of your credit report that's used to determine if you are eligible for a pre-approved offer and may be used to verify who you are.  When a company conducts a soft inquiry, this is only visible to you, and is not seen by other lenders therefore it will not negatively affect your credit score. 

A hard inquiry is when a credit report is requested from the credit bureau for the purpose of evaluating you as a borrower. A hard inquiry can affect your credit score and can be seen by other lenders. However, keep in mind that hard inquiries are only one of the five major factors that help determine your credit score.  Other factors such a payment history and credit utilization play a much bigger role in determining your credit score. 

What documents are needed to get an approval?

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We require the following documents:

2 recent pay stubs

  1. Last 90 days of banking information 

  2. 1 recent bill addressed to your current home 

  3. A piece of government photo ID