This program strengthens the financial literacy and resilience of Canadians. Working with stakeholders (i.e., through mobilizing the financial ecosystem), it relies on evidence-based research and collaboration to propose policies, educate consumers, and encourage them to take beneficial financial actions. The scope of this program is covered comprehensively by the National Financial Literacy Strategy (i.e., measuring indicators related to the National Financial Literacy Strategy captures all the target outcomes for the program).
Source: the department's Program Inventory, via GC InfoBase.
History and lineage
First appears in GC InfoBase's actual spending by program in 2022-23. The data does not record when a program was created; it may be older than its first appearance here, which is limited by the sources (program spending starts in 2010-11, Departmental Plans in 2018-19).
Bars: spending by fiscal year (dark: actual; light: actual restated on the 2017-18 program structure; outlined: the latest plan's forecast; grey: related programs). Bands: each program in the lineage over the years it has data. The line at the bottom shows this program's names over time.
Program
Relation
Years with data
Actual spending over those years
Research, Policy and Education
This program
2022-23 – 2028-29
$23.4M
No earlier or later program in the same department has a similar name.
Significant changes in scope and budget
Detected from the data: renames between plans, programs it appears to replace, merge with or split into (matched by name), year-over-year changes in spending of at least 25% and $5M, or in employees of at least 20% and 25 FTEs, linked budget measures, and results indicators added or dropped.
Year
What changed
Source
2023-24
Indicators added: Number of ecosystem initiatives (FCAC and stakeholders) that aim to contribute to any outcome of the National Financial Literacy Strategy; Percentage of proposed FCAC commitments from the National Financial Literacy Strategy that are advanced by FCAC’s projects and initiatives
Indicators dropped: Number of Canadians reached through initiatives supporting the National Strategy for Financial Literacy; Percentage of Canadians who adopt desired financial behaviours; Percentage of Canadians who strengthen their financial confidence; Percentage of Canadians who strengthen their financial knowledge; Percentage of non-budgeters who are confident in their ability to make and follow a budget; Percentage of non-budgeters who begin budgeting
The program's indicators from its department's Departmental Results Framework: the target set in each year's plan, and the result reported the following year. Source: GC InfoBase.
Historical: targets against results
Number of ecosystem initiatives (FCAC and stakeholders) that aim to contribute to any outcome of the National Financial Literacy Strategy
Expected result: Canadians’ financial resilience is strengthened by FCAC initiatives, including mobilizing the financial ecosystem
Report year
Target
Due
Result
Status
2024-25
Year over year improvement within the 5-year National Strategy cycle
2025
169
Met
Percentage of proposed FCAC commitments from the National Financial Literacy Strategy that are advanced by FCAC’s projects and initiatives
Expected result: Canadians’ financial resilience is strengthened by FCAC initiatives, including mobilizing the financial ecosystem
Report year
Target
Due
Result
Status
2024-25
100% by the end of the 5-year National Strategy cycle
2025
89%
Met
Number of Canadians reached through initiatives supporting the National Strategy for Financial Literacy
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
10,104,531
Not met
Percentage of Canadians who adopt desired financial behaviours
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
55%
The percentage of Canadians who reported having a budget increased to 55% in 2022–2023 from 54% in 2021 to 2022
Not met
Percentage of Canadians who strengthen their financial confidence
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
41%
The percentage of Canadians who describe themselves as knowledgeable or very knowledgeable when it comes to finances decreased to 41% in 2022–2023 from 45% in 2021 to 2022.
Not met
Percentage of Canadians who strengthen their financial knowledge
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
59%
Canadians’ financial knowledge scores (based on an objective three-item quiz) increased to 59% in 2022–2023 from 57.3% in 2021 to 2022
Not met
Percentage of non-budgeters who are confident in their ability to make and follow a budget
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
46%
Met
Percentage of non-budgeters who begin budgeting
Expected result: Canadians are strengthening their financial knowledge, skills and confidence
Report year
Target
Due
Result
Status
2022-23
5% increase
2023
31%
Met
Current: the 2026-27 plan's targets
Number of ecosystem initiatives (FCAC and stakeholders) that aim to contribute to any outcome of the National Financial Literacy Strategy
Expected result: Canadians’ financial resilience is strengthened by FCAC initiatives, including mobilizing the financial ecosystem
Report year
Target
Due
Result
Status
2026-27
Year over year improvement within the 5-year National Financial Literacy Strategy cycle
2027
—
Planned
Percentage of proposed FCAC commitments from the National Financial Literacy Strategy that are advanced by FCAC’s projects and initiatives
Expected result: Canadians’ financial resilience is strengthened by FCAC initiatives, including mobilizing the financial ecosystem
Report year
Target
Due
Result
Status
2026-27
100% by the end of the 5-year National Financial Literacy Strategy cycle
2027
—
Planned
Future goals: targets due after 2026-27
No targets with a later due date.
Spending and employees: planned against actual
Spending
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual. Show the numbers
Fiscal year
Planned
Actual
2022-23
$8.4M
$7.1M
2023-24
$11.4M
$8.1M
2024-25
$9.6M
$8.3M
2025-26
$0
—
2026-27
$17.4M
—
2027-28
$19.3M*
—
2028-29
$19.7M*
—
Employees (FTEs)
Outlined bar: planned in that year's Departmental Plan (dashed: the latest plan, for years not yet reported). Filled bar: actual. Show the numbers
Fiscal year
Planned
Actual
2022-23
42
39
2023-24
46
44
2024-25
48
44
2025-26
61
—
2026-27
63
—
2027-28
63*
—
2028-29
63*
—
Planned spending, plan by plan
Each row is one year's Departmental Plan and its forecast for the next three fiscal years; read a column down to see how the forecast for one year changed. The last row is what was actually spent. Click an amount for its source. Biggest changes in federal spending plans
