The Financial Consumer Agency of Canada (FCAC) partnered with Statistics Canada to examine trends in online banking. Drawing on Statistics Canada’s 2022 Canadian Internet Use Survey, this work informs the National Financial Literacy Strategy’s priorities. Findings identify trends in online banking in Canada: 

• Income & Education: Lower family income is associated with a lower likelihood of using online banking.  

• Racialized Populations: racialized populations (79%) were less likely to bank online compared with the non-racialized, non-Indigenous population (83%). There was no statistically significant difference in online banking between the Indigenous population living off-reserve and the non-Indigenous population. 

• Trust: 88% of individuals who trusted banks and other financial institutions with their personal information banked online, compared with 69% of those who had low levels of trust. Internet users who said they did not trust AI were also less likely to bank online (79%), compared with others (88%).  

• Age: 76% of Internet users aged 65 to 74 banked online, while the remaining either opted for traditional banking methods or did not bank at all. Online banking was rarer among Internet-using Canadians aged 75 and older.