Retail Bank Customers in Canada Seek Advice as Most are Financially Unhealthy

A full 59% of retail bank customers in Canada are now classified as financially unhealthy[1] as the strain of rising household costs and record levels of personal debt push many to seek financial guidance from their financial institutions. According to the J.D. Power 2022 Canada Retail Banking Advice Satisfaction Study,^SM released today, 50% of banking customers expect their financial institutions to help them improve their financial health.

"The role financial institutions play as trusted sources of guidance and financial advice cannot be overstated, particularly in a challenging economic environment like the one we’re in now," said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “Despite the growing importance of financial advice, however, many banks are missing the mark by under-delivering when it matters most. Key performance indicators, such as providing an in-depth review of customers’ financial situations or providing tips to help customers stay on budget, are met less than 50% of the time."

Read the full press release for key findings and brand rankings >