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 many new Canadians are experiencing apprehension around numbers and finance.

The majority of respondents (59%) indicated that they either “very strongly agree” or “somewhat agree” that they had a good understanding of the Canadian financial system when they arrived in Canada.

This suggests respondents' relatively high confidence level regarding their initial understanding of the Canadian financial system.

Among the generations, Gen Z (60%) and Gen Xers (79%) indicated to have a better understanding of the financial systems and tools as compared to their Millennials (55%) and Baby Boomers counterparts (22%), showing a greater awareness and understanding of the tools and resources to support financial literacy.

According to the survey, male newcomers to Canada tend to understand the Canadian financial system more than their female counterparts. 23% of men "strongly agreed" and 45% "somewhat agreed" that they understood the financial system, while only 16% of women "strongly agreed" and 34% "somewhat agreed" to the same question.

Individuals with higher education and income levels tend to better understand the Canadian financial system. When asked about this topic, 40% of respondents with higher education and 44% with higher income levels agreed that they understand the financial system well. This suggests that higher education and income levels may contribute to a better understanding of the Canadian financial system.

Respondents who identify as visible minorities have shared the need to better understanding of our Canadian financial system as a newcomer, with only 8% strongly agreeing to have a good understanding as compared to those 28% of respondents who are not a visible minority. This suggests that visible minorities face additional challenges in understanding the Canadian financial system, potentially due to language barriers, cultural differences, limited access to financial resources, etc.

• 52% of respondents stated that not knowing where to find reliable/accurate information was a significant barrier.

• This concern was more prevalent among those in Nova Scotia (67%) and Alberta (60%) than other regions in the country.

• Individuals with lower household income levels (<$50K: 50%) were less likely to report this as a concern than higher income brackets.

• 14% of respondents highlighted a lack of access to resources in their primary language as a barrier.

• This concern was more common among Millennials (14%) and Gen X (18%).

• Visible minorities (13%) were slightly less likely to report this as a barrier than non-visible minorities (15%).

A significant majority (61%) of respondents reported that they rely on friends and family for information on the financial system. This indicates the importance of personal and informal networks in providing financial guidance to newcomers, particularly among younger demographics like Gen Z, Millennials (63%) and Gen X (54%).

About a third (29%) of respondents mentioned joining social media groups to access financial information. This trend was more prevalent among older demographics, such as Generation X (34%) and Millennials (29%).

More than half (53%) of respondents used online written resources, including government and financial institution websites, to gather financial information. This method was more prevalent among Generation X (60%) and Millennials (53%).

Around 43% of respondents reported using online videos, such as the videos available on YouTube and TikTok, to learn about the financial system. This method was more popular among younger demographics, such as Generation Z (44%) and Millennials (44%).

Nearly half (48%) of respondents relied on information from financial institutions. This method was particularly popular among Millennials (50%) and Baby Boomers (56%).

A smaller percentage (22%) of respondents sought information from other third-party organizations, such as immigration agencies and newcomer support groups. This method was less common but still notable/visible among specific demographics.

About 43% of respondents wanted to understand better how Canadian credit cards work. This indicates a need for clearer explanations and guidance on credit card usage and terms, particularly among younger demographics like GenZ (45%) and Millennials (44%).

Nearly half (48%) of respondents wished to understand better how to start building credit in Canada. This indicates a need for more information and resources on establishing credit history among all demographics, including Generation Z (45%), Millennials (51%), Generation X (45%), and Baby Boomers (44%).

Many respondents (49%) wanted to understand their credit score better. This indicates a need for education on how credit scores are calculated and how they impact financial decisions, particularly among older demographics like Baby Boomers (56%).

More than half (54%) of respondents wished to understand how to file their taxes correctly. This indicates a need for more precise guidance on tax filing processes and requirements, particularly among younger demographics like Gen Z (47%) and Millennials (59%).

About a third (34%) of respondents wished to understand better how to avoid financial phishing and fraud scams. This indicates a need for education on recognizing and protecting against online scams, particularly among younger demographics.

Most respondents (51%) wanted to understand how to start growing their savings. This indicates a need for saving strategies and financial planning guidance, particularly among younger demographics.

About 42% of respondents wished to understand how to purchase a home and get a mortgage. This indicates a need for information on the home-buying process and mortgage options, particularly among Millennials (45%) and Gen X (44%).

A smaller percentage (28%) of respondents wanted to understand how to access loans. This indicates a need for information on loan options and eligibility requirements, particularly among older demographics like Baby Boomers (33%) and Gen X (29%)