Date: November 27, 2025
On November 27, 2025, CAFII hosted a webinar titled A CAFII Virtual Fireside Chat with Dr. Manon Bombardier, Deputy Commissioner of Research, Policy, and Education at the Financial Consumer Agency of Canada (FCAC). CAFII’s Executive Director, Keith Martin, began the webinar by thanking all attendees and introducing CAFII’s Research Analyst, Robyn Jenning, who then introduced Dr. Bombardier, the Deputy Commissioner of the Research, Policy, and Education Branch at FCAC. Dr. Bombardier leads the Agency’s efforts to enhance financial consumer protection through evidence-based policy, strategic research, and public education initiatives. Prior to joining FCAC, Dr. Bombardier served as Assistant Deputy Minister for the Pest Management Regulatory Agency at Health Canada, where she oversaw the Agency’s operations and transformation agenda, driving regulatory modernization and data-informed decision-making. She previously led the Agency’s business transformation strategy, enhancing transparency, public trust, and regulatory effectiveness. Dr. Bombardier also held senior leadership roles at Health Canada, including Acting Associate Assistant Deputy Minister in the Health Products and Food Branch, where she played a key role in regulatory oversight during the COVID pandemic. She holds a PhD in Environmental Toxicology and an MBA.
After introducing Dr. Bombardier, R. Jennings extended a special welcome to several VIP guest attendees, including CAFII’s 14 member companies, 14 Associates, allied industry associations such as the Canadian Life and Health Insurance Association (CLHIA), the Travel and Health Insurance Association of Canada (THIA), and representatives from various insurance and financial services regulators and policy-making authorities, including the following:
- The Insurance Council of BC
- The British Columbia Financial Services Authority, or BCFSA
- The BC Ministry of Finance
- Alberta Insurance Council
- Government of Alberta
- The Financial Services Regulatory Authority of Ontario, or FSRA
- The Financial Consumer Agency of Canada, or FCAC
- The federal Department of Finance, Government of Canada
- The OmbudsService for Life and Health Insurance, or OLHI
R. Jennings began the webinar by asking D. Bombardier to explain FCAC’s role in financial literacy and how it collaborates with ecosystem members to promote it. Dr. Bombardier thanked CAFII for the opportunity to speak to stakeholders and then outlined FCAC’s organizational roles and responsibilities. She explained that FCAC is an independent federal regulatory agency. Its mandate is to protect consumers. It achieves this in two ways: by supervising federally regulated financial institutions to ensure compliance with consumer protection laws and by enhancing Canadians’ financial literacy and well-being. FCAC does this by partnering with various stakeholder organizations to provide reliable, impartial information and resources to Canadians. FCAC also conducts regular research to better understand the challenges Canadians face.
FCAC believes that an informed consumer is a better-protected consumer. When Canadians understand their financial products, they feel more confident in their decision-making. FCAC’s goal is to build a system that gives Canadians the knowledge, confidence, and tools to make sound, informed financial decisions.
FCAC oversees the development and implementation of the National Financial Literacy Strategy, which establishes a shared vision for improving economic outcomes and resilience among Canadians. The National Strategy is currently under review as it is up for renewal in 2026. Collaboration remains a vital element for the strategy’s success. Since FCAC launched the current strategy, it has connected with hundreds of organizations across the country, including industry, non-profit, community groups, and academic institutions.
FCAC is heavily focused on research and collaboration. In 2022, FCAC launched a measurement plan to track collective impact. Organizations can adopt and integrate the plan into their own frameworks to collect data, which is then shared with partners. FCAC also created the Research and Data Exchange, or RDX, which is available online. The RDX is a centralized hub where every partner on the strategy can access and share research and data. FCAC recently published four data stories on its survey findings, including those on preparing for early retirement, fraud, financial advice, and saving for post-secondary education.
R. Jennings then asked Dr. Bombardier to discuss the roles of provincial and federal partners in increasing financial literacy and their interaction. Dr. Bombardier explained that financial literacy is a shared responsibility. The federal government, through the FCAC, sets a national vision in consultation with industry organizations and stakeholders. The provinces and territories have a crucial role in this. FCAC’s National Strategy aims to provide a common framework for everyone. It enables accurate data collection to ensure consistency and, ideally, to create a greater impact across Canada. The provinces and territories are essential in implementing the national approach, and some, like Quebec, have their own literacy strategies. Provinces, such as Ontario, have also integrated financial literacy into school curricula. In summary, the collaboration between federal and provincial governments is truly cooperative and complementary; the success of the National Strategy depends on this.
Before continuing the conversation, R. Jennings congratulated FCAC on the 15th anniversary of Financial Literacy Month this November. She then asked if Dr. Bombardier could provide some background on the campaign and how it aligns with the FCAC’s mandate. Every November, FCAC brings together organizations across Canada to help Canadians build financial resilience and literacy. The theme for this year is “Talk Money.” The campaign focuses on action and normalizing financial conversations. It reflects one of the FCAC’s core principles: that financial literacy is a shared responsibility. Everyone has a role to play. Dr. Bombardier explained that more than half of Canadians have said that they are struggling to keep up with their financial commitments. When money feels stressful, people tend to remain silent; this can worsen the issue. Research has found that openly talking about money boosts confidence and leads to better financial outcomes. FCAC conducted a study with young Canadian women that found sharing their experiences reduced stress and fostered positive financial habits, such as saving and paying down debt. This month, FCAC wants to challenge Canadians to start the conversation.
An additional focus for FCAC this month was youth, specifically young adults ages 15 to 30. People make significant financial decisions during these years, often with limited knowledge and support. FCAC aims to meet Canadians where they are, including younger generations who are beginning to make important financial choices. Additionally, FCAC’s research has shown that younger generations often turn to family members, friends, and social media for financial advice. As social media and AI-generated content increase, so do the risks. FCAC is working with partners to ensure consumers receive accurate information.
R. Jennings asked Dr. Bombardier if she could discuss some of the initiatives that FCAC is currently developing in financial literacy across Canada, especially as they relate to vulnerable groups such as young people, lower-income Canadians, or newcomers. Financial literacy is not a one-size-fits-all approach. FCAC aims to develop initiatives that meet vulnerable groups where they are, addressing their specific challenges and circumstances. It does this by using behavioural science to better understand the factors that influence financial confidence and positive habits. One example is FCAC’s research study with Carleton University on girls and young women aged 16 to 25. The study found that women often have financial knowledge comparable to men, but they report lower confidence. This gap matters: lower confidence will affect how you make decisions and which opportunities you pursue. During the research partnership with Carleton University, FCAC tested online activities which encouraged participants to challenge stereotypes, share personal stories, and define financial concepts in their own words. At first, women underestimated the accuracy of their responses to the financial literacy questions by 24%. In other words, women had much higher financial knowledge than they thought they did. Through their participation in the online activities, however, the women’s confidence increased. Additionally, financial worries decreased, particularly among those from lower-income backgrounds, while positive behaviours, such as saving and repaying debts, increased across all groups. This highlights that creating spaces where women can talk openly about money will boost confidence and foster positive financial habits.
Next, Dr. Bombardier discussed the other research projects currently underway at FCAC. She clarified that research is essential to fulfilling FCAC’s mandate. By understanding the challenges Canadians face, FCAC can better determine how best to assist. One area of particular interest is consumer debt and indebtedness. It is a growing concern. FCAC has a monthly well-being monitor on its website that currently shows that 1/3 of Canadians are borrowing money to cover their daily expenses, and 40% say that their debt has increased month by month. These are clear signs of vulnerability. Another area of interest is credit cards, which are a significant point of financial stress for many. FCAC partnered with Queens University and Rochester University to determine whether a minor, behaviorally-informed digital intervention, such as an alert, prompts people to pay down their debts faster. Using the Optimity Healthy Lifestyle app, FCAC sent an electronic “nudge” to 25,000 participants about their debts. The results found that those with credit card debt reduced their balances by 25% more than the control group after receiving the alert. The results have not yet been published but will be available soon.
Financial literacy and fraud are two topics of significant focus for FCAC, Dr. Bombardier explained. The goal, however, remains the same: to use the available evidence to create practical, relevant, and timely tools to help Canadians. FCAC does this through partnerships across industry.
R. Jennings asked whether Dr. Bombardier could speak further about specific themes related to particular groups of Canadians and their financial literacy gaps. Debt and fraud are recurring themes that FCAC sees. Scams have increased significantly in recent years. R. Jennings asked if FCAC’s research has found that certain groups are particularly vulnerable to fraud. She mentioned FCAC’s finding that women tend to lack confidence in their financial knowledge, regardless of how accurate it actually is. Dr. Bombardier explained that FCAC is currently looking into this, though it has been an area of interest since 2019.
How does the FCAC measure impact and track its progress? Dr. Bombardier emphasized that measuring and monitoring efforts are essential. It’s not enough to run interventions; we must determine if these efforts are producing positive results. If not, FCAC needs to adjust its approach. Dr. Bombardier added that this is done in a few ways. The National Strategy Measurement Plan, the first of its kind in Canada, helps organizations across the ecosystem consistently measure outcomes and share data, enabling us to measure collective success. FCAC also conducts national surveys and then publishes the data on its website, including the financial well-being survey, which is fielded monthly. Another measurement tool is the Financial Resilience Index, or FRI, which is currently in testing. FCAC is developing a baseline for the FRI to measure longer-term impacts. The FRI intends to provide additional insight into how Canadians access resources and apply their skills and knowledge when making financial decisions. During difficult or particularly expensive financial times, how are Canadians managing their expenses and the daily cost of living? This tool will be released soon.
A key goal of the National Strategy is to reduce barriers and foster a more inclusive country. Despite high financial inclusion rates in Canada—most Canadians already have access to bank accounts and digital payment systems—R. Jennings inquired about what additional steps are necessary. Dr. Bombardier responded that, although Canada performs well globally on inclusion and financial literacy, there is still room for improvement. Approximately 98% of Canadians have a bank account, whether physical or digital, thanks to a strong legislative framework that guarantees the right of all Canadians to one. Access is only the beginning; having suitable products, understanding them, and comparing options are essential. Dr. Bombardier also mentioned legislation introduced in 2022 that requires banks to consider customers’ circumstances before offering and selling products and services, thereby reducing the risk of inappropriate or unnecessary consumer purchases.
Another example of inclusivity, FCAC has reached an agreement with the financial sector and a number of financial institutions to modernize their commitment to provide low-cost or no-cost accounts for consumers. This was done to ensure that all Canadians have access to modern, basic banking services, with targeted groups benefiting from the no-cost accounts. This has an implementation date of December 1st, 2025.
R. Jennings asked if FCAC knew who comprised the 2% outlier group or what still prevents 2% of Canadians from accessing a bank account. FCAC did not have a specific answer to this question, though Dr. Bombardier speculated that it would likely comprise rural communities with limited internet access or people who did not want to open an account.
How does Canada rank globally in financial literacy? In short, Dr. Bombardier mentioned that Canada performs quite well. The OECD regularly conducts surveys on financial literacy among adults and young people, which have shown that Canada ranks highly internationally. That being said, Canada should not become complacent; there is always room for improvement. Plus, averages hide gaps; youth and indigenous communities tend to be more financially vulnerable, thus scoring lower. These gaps matter because they translate into real-life challenges. Canada leads globally in its national, ongoing commitment to improvement. National commitment does not mean merely engaging the ecosystem broadly; it means continuing to build upon Canada’s already strong foundation with coordinated, targeted action.
FCAC works with international partners to identify opportunities to share best practices and learn from one another. R. Jennings asked Dr. Bombardier if there were any international jurisdictions with which FCAC works. She replied that each jurisdiction has its own particularities, which is something to consider. Dr. Bombardier mentioned the Nordic countries, which score highly on financial literacy. They utilize multi-year action plans that they actively monitor and adjust. Agility is important. Estonia is a country making strides for financial literacy; the government uses “finfluencers” to share trusted financial information with the public. These “finfluencers” become a network. Canada’s financial resilience index is considered cutting-edge globally. Furthermore, the fact that Canada is on its third iteration of its national strategy, while some countries are just starting to develop a plan, speaks to Canada’s leadership role.
While it’s positive that Canada participates in international discussions on financial literacy, it is essential that these conversations also occur locally among Canadians. R. Jennings asked Dr. Bombardier if she finds it more challenging to communicate the importance of financial literacy to Canadians, considering the increased stress and the flood of information they face. What are the main challenges in improving financial literacy levels? Dr. Bombardier explained that Canadians are overwhelmed with information, some of which is incorrect or malicious. She mentioned that engaging Canadians on this topic has been challenging, especially given the growing financial stress. The data shows this: 40% of Canadians have seen their debt increase. These factors hinder long-term financial focus. Therefore, FCAC’s biggest challenge is to cut through the noise and deliver clear, practical, accurate, and relevant guidance. People don’t want theoretical solutions; they want concise answers for their concerns. Other factors limit conversation, such as language barriers, limited digital access, and cultural barriers. Even when people know what to do, action can be difficult, especially when stressed. FCAC aims to provide Canadians with information in a timely and accessible manner. It is about empowering people.
R. Jennings then asked whether Dr. Bombardier could speak generally about strategies she would recommend to someone aiming to stay on top of their finances and improve their financial outcomes. It is best to start with the fundamentals: budgeting, saving, and paying down debt. Budgets don’t need to be complicated; Canadians can start with just a piece of paper. Budgets help assess spending habits, track earnings, and determine how much can be saved. FCAC’s research found that 70% of people who budget, even at a basic level, meet their financial commitments, compared to those who do not budget at all. There is a psychological barrier to budgeting; some people feel overwhelmed or intimidated by the idea of regularly monitoring their finances. When it comes to saving, Dr. Bombardier recommended starting small and early. Saving early builds financial resilience and can reduce stress later if a crisis occurs. It’s important to talk about money and share experiences with family and friends. Discussing paying down or off debt, saving for a vacation, or reducing spending habits are excellent and motivating conversations to have with those around you. Lastly, if you are facing financial challenges, remember that you are not alone. From financial advisors to credit counselling to your community’s emotional support, many options are available to help Canadians in need. Plus, Canadians have the right to shop around and compare products and services to find what is best for them.
On the positive side, does Dr. Bombardier see opportunities for new technologies, such as AI, to assist with financial literacy? She responded that innovation often breeds skepticism and hesitancy. AI has tremendous potential, especially in financial literacy. What industry and government must do is protect consumers so that these innovations do not cause more harm than good. Detection, protection, and mitigation are key.
FCAC recently hosted a workshop with various organizations on AI and consumer protection. It examined ways to foster innovation while maintaining adequate safeguards. AI tools can be very effective in interactive learning and real-time support, which helps build confidence. However, there are downsides: privacy concerns, data security, misinformation, and algorithmic bias. Despite its potential benefits, regulators must ensure that new technologies do not widen the digital divide for those with limited digital literacy. FCAC is collaborating with its partners to assess the risks and opportunities associated with AI to ensure consumer protection.
An anonymous attendee asked whether FCAC deliberately chose not to hold a kickoff event at the start of November to mark financial literacy month, and whether this will happen in 2026. Dr. Bombardier replied that she was uncertain whether a commencement event would take place in 2026, though she will speak with her FCAC colleagues.
As the webinar wrapped up, R. Jennings asked Dr. Bombardier if she had anything else to add or discuss. She thanked CAFII for the opportunity to speak on such an important topic. She compared financial literacy to driving a car on a busy digital highway; you don’t need to understand how the engine works, but you do need to know the rules of the road and use a GPS to navigate traffic. Therefore, knowledge is essential; without it, accidents can happen. If you lack financial literacy, you may be unprepared for a financial mishap. Along with knowledge, we need systems that protect us. Building the GPS and guardrails for driving is like the ones required for financial literacy and financial well-being. It’s also something that cannot be done alone; provincial and federal governments must work together with industry to serve Canadians.
R. Jennings thanked Dr. Bombardier and asked K. Martin to conclude the webinar. He joined the discussion and asked whether FCAC’s research with international jurisdictions is publicly available. Dr. Bombardier explained that FCAC aims to create a space for academic institutions, regulators, and provincial governments to share research and information. She emphasized that sharing and collaboration are essential to prevent duplicate efforts.
K. Martin then asked whether Canadian universities are doing any work to understand financial literacy gaps. Dr. Bombardier explained that FCAC published papers from four students on financial emergencies. FCAC regularly conducts student competitions in partnership with other government departments. She noted that this is probably not happening as much as it should, so further work is needed.
K. Martin thanked Dr. Bombardier for her time and concluded the webinar.
