Exploring perceptions, behaviours, and experiences in relation to My VAC Account - Text Description

**Figure 1: Awareness of department/agency dedicated to financial education**
Yes	55%
No	10%
I don't know	35%

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**Figure 2: Awareness of GC Department Dedicated to Financial Education of Consumers**
Yes	25%
No	29%
Don't know	46%

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**Figure 3: Familiarity with FCAC**
Very familiar	1%
Somewhat familiar	7%
Not very familiar	24%
Heard of them, but not at all familiar	17%
Never heard of them	48%
Don't know	3%

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**Figure 4: Preferred Method of Banking**
Online or using your bank's website	51%
Via a mobile app	24%
In person at a branch	13%
Using an ATM (automated teller machine)	8%
By phone	4%
Other	1%

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**Figure 5: Preferred Payment Method**
Debit card	45%
Credit card	43%
Cash	7%
Mobile app	3%
Electronic money transfer	2%
Cheque	0%

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**Figure 6: Preferred Payment Method**
	More often	About as often	Less often
Contactless payments	56%	36%	8%
E-transfers	49%	43%	8%
Credit card	38%	47%	16%
Debit card	28%	52%	20%
Mobile wallets	20%	49%	31%
Cash	6%	24%	71%
Cheques	3%	43%	54%

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**Figure 7: Awareness of Increased Contactless Payment Limits**
Yes	47%
No	50%
Don't know	3%

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**Figure 8: Use of Contactless Payment**
Yes	51%
No	49%

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**Figure 9: Impact of Retailers' Preference for Cashless Payment**
Affected a lot	11%
Affected a little	31%
Not at all affected	57%

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**Figure 10: Payment Method Used as Replacement for Cash**
E-transfer	2%
Contactless payments (e.g., tapping your card at a retailor)	16%
Mobile Wallet	2%
Cheque	0%
Debit card	38%
Credit card	33%
I find another retailer who accepted cash	5%
I have not encountered a retailer who does not accept cash	4%

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**Figure 11: Impact of Branch Closures**
A lot because there are few or no other branches nearby	26%
A little since I had to change where I do my banking	33%
Not much since the new location was still easy to get to	11%
Not at all since I do most of my banking online	16%
Other	19%

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**Figure 12: Personal Impact of Branch Closures**
I have had difficulty contacting my bank	9%
I deposited a cheque in an ABM (or by another means)	7%
I incurred a fee to use another bank's ABM	5%
I was charged fees/interest I did not know about	3%
I have had issues accessing my funds	3%
I have been unable to get issues with my bank resolved	3%
I was unable to lodge a complaint with my bank	1%
The bank was unable to open a bank account for me	1%
There was a hold on my federal government cheque	1%
I cashed a federal govt. cheque somewhere other than a bank	1%
Other	6%
I did not experience any issues because of a branch closure	70%

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**Figure 13: Fees/Interest Incurred Due to COVID-19**
Overdraft	11%
Withdrawal from an ABM	10%
Late payment	9%
Non-sufficient funds	8%
Missed payment fee	6%
Interest for payments outside grace period	6%
Fees for exceeding credit limits	6%
Exceeding monthly transaction limit	6%
Increased interest rate	4%
Balance transfer fee	4%
Cash advance fee	4%
Other fees or interest	3%
Incurred no fees or interest	61%

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**Figure 14: Contacting Bank for Refund**
All of the fees/interest charges were refunded	11%
Some of the fees/interest charges were refunded, but not all	9%
None of the fees/interest charges were refunded	80%

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**Figure 15: Changes to Credit Limits since March 2020**
All credit limits have increased	5%
Some credit limits have increased	8%
Some have remained the same, others have decreased	2%
Some credit limits have increased, some have decreased	1%
All credit limits have decreased	2%
Credit limits have not changed	74%
I don't have any credit products	8%

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**Figure 16: Changes to Credit Limits since March 2020 [Time Series]**
	All credit limits increased	Some credit limits increased	Some credit limits decreased	Some increased, some decreased	All credit limits decreased
Wave 1	3%	6%	1%	1%	1%
Wave 2	3%	5%	2%	1%	1%
Wave 3	3%	7%	2%	1%	2%
Wave 4	3%	6%	2%	1%	2%
Wave 5	3%	9%	2%	1%	2%
Wave 6	4%	9%	2%	1%	2%
Wave 7	5%	8%	2%	1%	2%
Wave 8	6%	11%	3%	1%	2%
Wave 9	6%	10%	3%	2%	4%
Wave 10	6%	13%	3%	1%	3%

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**Figure 17: COVID-19 Information Received from Bank**
Steps banks are taking to provide service	59%
Information about ways to bank during the pandemic	49%
How to contact the bank if I need financial help	43%
Information about payment deferrals	28%
Information about branch closures	27%
How to access government benefits during the pandemic	22%
Information about budgeting or financial planning	17%
Signing up for direct deposit	13%
Information about waived or lowered fees	13%
Information on lowering interest rates on credit products	8%
None of the above	4%

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**Figure 18: Perceptions of COVID-19 Information from Bank**
	Strongly agree	Somewhat agree	Neither agree nor disagree	Somewhat disagree	Strongly disagree
The communications from my bank about COVID-19 are easy to understand	36%	39%	16%	5%	4%
I am receiving COVID-19 communications from my bank in my preferred format	37%	33%	19%	5%	6%
The communications from my bank regarding COVID-19 have been helpful	21%	35%	32%	7%	5%

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**Figure 19: Perceptions of COVID-19 Response from Bank**
	Strongly agree	Somewhat agree	Neither agree nor disagree	Somewhat disagree	Strongly disagree
I am satisfied with the way my bank is responding to the COVID-19 crisis	24%	31%	30%	9%	7%
I know what options my bank has available if I need financial help	18%	31%	20%	18%	13%
I would like more information about the bank's response to the pandemic	14%	23%	36%	16%	11%

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**Figure 20: Problems with Bank Since March 2020**
Yes, the problem was related to the COVID-19 pandemic	51%
No, the problem was not related to the COVID-19 pandemic	49%

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**Figure 21: Problems Encountered with Bank Since March 2020**
The behaviour of a bank employee, or poor customer service	28%
An issue that prevented you from accessing your funds, having a credit card rejected at a store, or having an unexpected hold placed on a deposited cheque	19%
Banking services or fees that were not what you were told or expected	16%
A transaction error, whether it was something a store did or the bank did	16%
Being charged for a banking service you didn't agree to	11%
Fraud or other unauthorized access to your funds	10%
Problem with the bank's hardship program	9%
Being misled about or pressured into signing up for a banking product or service	9%
Bank account, loan, credit card or mortgage interest rates that were not what you were told or expected	8%
Aggressive activities related to debt collection or service cancellation	7%
Having your credit limit increased or lowered without your consent	6%
A data breach or misuse of your personal information	5%
Other	25%

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**Figure 22: Contact with Bank Re: Problems**
Yes, and my problem was resolved	27%
Yes, and my problem is in the process of being resolved	11%
Yes, but my problem was not resolved	40%
No, I did not contact my bank	23%

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**Figure 23: Sources of Information re: Hardship Programs**
Radio or television	52%
Internet	37%
Bank	36%
Social media	29%
Print media	18%
A friend or family member	14%
A professional financial advisor or planner	5%
Other	2%

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**Figure 24: Contact with Bank for Financial Help [Time Series]**
	Wave 1 2020/Aug	Wave 2 2020/Sept	Wave 3 2020/Oct	Wave 4 2020/Nov	Wave 5 2020/Dec	Wave 6 2021/Jan	Wave 7 2021/Feb	Wave 8 2021/Mar	Wave 9 2021/Apr	Wave 10 2021/May
Yes	12%	13%	12%	12%	19%	18%	18%	18%	17%	15%
No	88%	87%	88%	88%	81%	82%	82%	82%	83%	85%
Base	1167	1449	1596	1252	1050	1076	991	1017	1279	1157

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**Figure 25: Methods Used to Contact Bank**
Phone	59%
Online	18%
In person at a branch	12%
Email	11%
Regular mail	1%

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**Figure 26: Contact Methods Used by Bank**
Phone	48%
Email	25%
Online	21%
In branch	16%
Regular mail	6%
I did not get any details about the program	6%

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**Figure 27: Outcome of Contact with Bank**
I received financial help	52%
After the program was explained, I declined financial help	8%
I gave up because the wait time was too long	12%
I gave up because I did not know who to contact within the bank	7%
I was denied financial help	21%

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**Figure 28: Outcome of Contact with Bank [Time Series]**
	Wave 1 2020/Aug	Wave 2 2020/Sept	Wave 3 2020/Oct	Wave 4 2020/Nov	Wave 5 2020/Dec	Wave 6 2021/Jan	Wave 7 2021/Feb	Wave 8 2021/Mar	Wave 9 2021/Apr	Wave 10 2021/May
I received financial help	47%	55%	60%	56%	53%	44%	49%	56%	43%	51%
After the program was explained, I declined financial help	10%	12%	14%	12%	12%	8%	11%	5%	10%	8%
I gave up because the wait time was too long	16%	8%	7%	11%	12%	15%	12%	17%	14%	15%
I gave up because I did not know who to contact within the bank	7%	5%	1%	6%	6%	10%	6%	7%	12%	5%
I was denied financial help	19%	21%	18%	15%	16%	23%	22%	15%	22%	22%
Base	125	173	181	140	177	177	160	162	190	158

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**Figure 29: Type of Financial Help Received**
Deferred mortgage payments	52%
Deferred payments on a car loan	17%
Deferred payments on outstanding credit card balances	15%
Reduced interest rate on credit card balances	10%
Increased credit limit on a personal line of credit	5%
Increased credit limit on a credit card to manage day-to-day spending	3%
Reduced interest rate on credit products other than credit cards	3%
Increased credit limit on a home equity line of credit	2%
Other	26%

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**Figure 30: Type of Financial Help Received [Time Series]**
	Wave 1 2020/Aug	Wave 2 2020/Sept	Wave 3 2020/Oct	Wave 4 2020/Nov	Wave 5 2020/Dec	Wave 6 2021/Jan	Wave 7 2021/Feb	Wave 8 2021/Mar	Wave 9 2021/Apr	Wave 10 2021/May
Deferred mortgage payments	69%	61%	54%	65%	61%	52%	46%	49%	52%	49%
Deferred payments on outstanding credit card balances	15%	15%	18%	16%	15%	14%	14%	10%	15%	8%
Reduced interest rate on credit card balances	7%	14%	7%	14%	8%	7%	7%	8%	9%	9%
Increased credit limit on a personal line of credit	7%	1%	3%	1%	5%	1%	3%	8%	15%	6%
Increased credit limit on a home equity line of credit	3%	1%	4%	0%	0%	0%	3%	0%	4%	3%
Increased credit limit on a credit card to manage day-to-day spending	3%	2%	1%	1%	2%	3%	1%	2%	0%	3%
Reduced interest rate on credit products other than credit cards	2%	1%	2%	3%	6%	3%	5%	1%	0%	8%
Deferred payments on a car loan	15%	9%	22%	22%	14%	18%	14%	16%	13%	12%
Other	17%	22%	16%	21%	19%	25%	31%	33%	20%	25%

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**Figure 31: Length of Hardship Program**
Less than 1 month	14%
1 month to less than 2 months	9%
2 months to less than 3 months	14%
3 months to less than 4 months	14%
4 months to less than 5 months	3%
5 months to less than 6 months	16%
6 months or longer	30%

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**Figure 32: Reasons for Not Contacting Bank for Financial Help**
Not confident it would be resolved	11%
Too small an amount/no big deal	5%
I didn't know how or who to contact	4%
It required too much effort	3%
It would have taken too long	2%
It was too difficult to contact my bank	2%
Other	6%
Did not experience any financial hardship	71%
I do not have any products or services with a bank	1%

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**Figure 33: Reasons for Declining Financial Help**
I did not like the details of the program	22%	167
Enrolling would have a negative effect on my credit score	13%	167
It required too much effort/it was not worth the effort	11%	167
It would have taken too long	4%	167
The help would not have given me much benefit	28%	167
I found other means of financial help	21%	167
I was worried about future obligations/price tag	28%	167
Other	12%	167

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**Figure 34: Perceptions of Hardship Program**
	Strongly agree	Somewhat agree	Neither agree nor disagree	Somewhat disagree	Strongly disagree
I am satisfied with the way the bank responded to my request	46%	34%	6%	7%	8%
I understand my obligations under the program	45%	34%	7%	8%	7%
The bank clearly disclosed the terms and conditions of the program	42%	29%	9%	9%	11%
I trust the advice the bank gave me about my options	33%	35%	15%	9%	9%

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**Figure 35: Perceptions of Bank Service**
	Strongly agree	Somewhat agree	Neither agree nor disagree	Somewhat disagree	Strongly disagree
The bank dealt with my request in a reasonable amount of time	45%	29%	5%	9%	12%
It was easy to contact the bank about the program	36%	30%	7%	13%	14%
The bank clearly explained the options available to me	31%	27%	12%	13%	16%
The bank kept me informed about the status of my request	31%	25%	13%	15%	17%

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**Figure 36: Contact with Other Banks for Financial Assistance**
Other lender	16%
Insurance company	10%
Credit union	5%
Securities firm	2%
Other	7%
I did not contact anyone	66%

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**Figure 37: End of Hardship Program [Time Series]**
	Wave 1 2020/Aug	Wave 2 2020/Sept	Wave 3 2020/Oct	Wave 4 2020/Nov	Wave 5 2020/Dec	Wave 6 2021/Jan	Wave 7 2021/Feb	Wave 8 2021/Mar	Wave 9 2021/Apr	Wave 10 2021/May
Yes	52%	43%	62%	77%	74%	70%	71%	80%	74%	72%
No	48%	57%	38%	23%	26%	30%	29%	20%	26%	28%
Base	54	92	101	74	89	69	73	87	73	76

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**Figure 38: Contacted by Bank to Discuss Program Ending [Time Series]**
	Wave 1 2020/Aug	Wave 2 2020/Sept	Wave 3 2020/Oct	Wave 4 2020/Nov	Wave 5 2020/Dec	Wave 6 2021/Jan	Wave 7 2021/Feb	Wave 8 2021/Mar	Wave 9 2021/Apr	Wave 10 2021/May
Yes	14%	28%	45%	43%	38%	37%	37%	39%	38%	25%
No	86%	73%	55%	57%	62%	63%	63%	61%	62%	75%
Base	28	40	62	56	66	46	51	67	53	52

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**Figure 39: Alternative Program Offered after End of Initial Program [Time Series]**
Wave 5	35%
Wave 6	54%
Wave 7	64%
Wave 8	54%
Wave 9	63%
Wave 10	56%
Wave 5 to 10	47%

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**Figure 40: Relief Measures Offered by Bank Once Initial Program was Complete [Time Series]**
Deferred mortgage payments	14%
Reduced interest rate on credit products other than credit cards	4%
Increased credit limit on a personal line of credit	4%
Deferred payments on a car loan	4%
Refinancing of existing debt	3%
Increased credit limit on a credit card	2%
Deferred payments on outstanding credit card balances	2%
Increased credit limit on a home equity line of credit	2%
Reduced interest rate on credit card balances	1%
Other	10%
My bank has not offered to continue relief measures	60%

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**Figure 41: Keeping Bills and Financial Commitments Current [Time Series]**
	Easier	About the same	Harder
Wave 5	27%	32%	41%
Wave 6	33%	40%	27%
Wave 7	37%	42%	21%
Wave 8	27%	41%	32%
Wave 9	36%	43%	21%
Wave 10	33%	43%	24%
Wave 5 to 10	28%	42%	31%

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**Figure 42: Personal Bank Account**
Yes	94.54%
No	5.46%

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**Figure 43: Intended Use of Payment Methods Post-Pandemic**
	Increase	Stay about the same	Decrease
Mobile payments to pay for your purchases	24%	70%	6%
Contactless purchases with your credit or debit card	21%	73%	7%
Cash	20%	54%	25%
E-transfers	19%	76%	5%
Mobile banking	17%	81%	2%
Online banking	14%	83%	3%
Branch banking	13%	66%	20%
ATMs	11%	70%	19%
Prepaid cards	12%	62%	26%
Other	23%	71%	6%

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**Figure 44: Use of Multiple Financial Institutions**
My cards are all with the same FI	35%
My cards are split between two different FIs	39%
My cards are split between three or more FIs	26%

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**Figure 45: Accessing New Financial Products via Online/Mobile Banking since March 2020**
...it was convenient	47%
…it was faster than doing so in person	30%
… I wanted to minimize in-person contact	28%
… there was a promotional offer	24%
… I was unable to apply for or open it in person	12%
... Tried to open or apply another way, but was told to do so online	8%
Other	11%
Don't know	1%
Prefer not to say	1%

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**Figure 46: Delaying Opening New Financial Products since March 2020**
My income was reduced compared to last year	35%
I couldn't visit a branch and meet with a customer service representative because the branch was closed	24%
I couldn't visit a branch and meet with a customer service representative for reasons unrelated to the branch being closed	16%
I needed more time to meet the qualification criteria	16%
I lost my job	16%
Other	15%
I started a new job	5%
Don't know	4%
Prefer not to say	3%

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**Figure 47: Sharing Banking Information for Advice or to Purchase Financial Products/Services**
I am currently sharing my online or mobile banking login information	54%
I am NOT currently sharing my online or mobile banking login information	46%

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**Figure 48: Unauthorized Use of Bank/Credit Card Number in the last 2 Years**
Yes, debit card only	4%	2%
Yes, credit card only	18%	10%
Yes, both credit card and debit card	1%	1%
Neither	77%	87%

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**Figure 49: Occurrence of Unauthorized Transactions by Type of Card**
	Once	Twice	3 to 5 times	6 to 10 times	More than 10 times
Credit card	66%	21%	9%	3%	1%
Debit card	77%	12%	8%	0%	4%

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**Figure 50: Contact with FI about Unauthorized Transactions**
Bank	86%
Credit union	5%
Trust company	1%
Other	8%

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**Figure 51: Reasons FIs gave for not reimbursing unauthorized transactions**
…it is a dispute with the merchant	30%
...I took too long to report it	17%
...I authorized the transaction	13%
…my PIN was used	4%
Other	13%
Don't know	13%
Prefer not to say	9%

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