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Numerous respondents would not regularly look for advice that is financial once they felt it absolutely was required.

As shown in Figure 12 Footnote 29 , just eight % of participants reported constantly looking for advice that is financial they felt it had been required. Interestingly, 27 % never searched for advice even if they felt it had been required.

Figure 12: how frequently can you look for free or advice that is unpaid financial products once you feel it’s required?

Getting suggestions about financial loans and services is definitely an essential part of attaining monetary wellbeing. By way of example, FCAC research shows that getting economic advice escalates the possibility of saving and planning that is financial. Footnote 30 the rate that is low of advice desired by participants highlights the necessity to market the accessibility to such advice to cash advance users.

4.11. Usage of financial organizations

Participants reported reduced usage of conventional economic solutions than the standard Canadian. Footnote 31

For example, just 35 % of participants reported access that is having a credit card, when compared with 87 % of Canadians generally speaking. Footnote 32 Only 12 % said that they had a relative personal credit line, in comparison to 40 per cent of Canadians. Footnote 33

Participants identified a few cause of maybe perhaps not credit that is accessing a bank or credit union:

Particularly, 35 percent stated they would not have usage of a banking account during the time of their payday that is last loan. Read more »