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General Survey on Consumers' Financial Awareness, Attitudes and Behaviour (Executive Summary)
Non-Bank Financial Services4
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7 percent of all respondents said they had used a storefront cheque-cashing service last year.
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31 percent of these cheque cashing users used this service to cash a federal government cheque at a storefront cheque-cashing service, at least once last year. They represented nearly half a million adult Canadians.
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Of those who had used these non-bank services, many (4 out of 10) thought the service fees were not higher than those offered by financial institutions.
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31 percent of these cheque cashing users used this service to cash a federal government cheque at a storefront cheque-cashing service, at least once last year. They represented nearly half a million adult Canadians.
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2 percent of all respondents said they had used a storefront loan company last year for a payday loan.
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Many (almost half) of those who had used these non-bank financial services thought the interest rates charged were not higher than those of financial institutions or just didn't know.
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Many (almost half) of those who had used these non-bank financial services thought the interest rates charged were not higher than those of financial institutions or just didn't know.
- Northern residents were the most likely to have used a storefront cheque-cashing service or loan company.
Footnote 4 Because non-bank financial services are likely to be used by lower-income, lower-literate people, consumers with financial difficulties or without a bank account, a segment of the population underrepresented in surveys, figures contained in this section may be under-estimated.
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