Confidence in Banks’ Preparedness for Economic and Cyber Shocks

Are Canadians Confident in Banks’ Preparedness for Economic and Cyber Shocks? The Data Says: It Depends.

Canada’s financial institutions have built a reputation for stability, but stability is no longer the same as preparedness. In a year shaped by inflation fatigue, geopolitical volatility, rising cyber threats, and shifting public trust, Canadians are signaling a nuanced view of how ready their banks truly are for the next major shock.

Leger’s Financial Sector team’s recent data shows 62% of Canadians feel confident that financial institutions can manage major economic or cybersecurity disruptions. But dig deeper, and a more complex picture emerges; one that says confidence is uneven, conditional, and heavily shaped by life stage, region, and economic outlook.

Confidence is strong among older Canadians, and more fragile among younger segments

Among Canadians 55+, confidence rises to 71%. This group remembers past downturns, has lived through crises with stable institutions, and tends to respond to signals of continuity.

Younger Canadians (18–34) show 59% confidence, but with much weaker intensity. And the very group most deeply digitally embedded (e.g., younger adults) is the least likely to express “very confident” levels. That matters. These are consumers who are at risk of being exposed to fraud, the most active online, and the most sensitive to cybersecurity narratives.

A growing confidence divide across the middle years

Confidence drops sharply among Canadians aged 35–44; a group shouldering debt, raising families, and navigating higher-cost financial environments. Their confidence levels drop to 54% with just over 1-in-10 (13%) reporting they are “not at all confident”. This is one of the highest intensities in our data.

This signals something deeper: confidence is likely being shaped by direct, lived financial strain. For financially stretched households, preparedness isn’t theoretical, it’s personal.

Region still matters in Canada’s trust dynamics

Ontario and Quebec sit at 63–64% confidence, reflecting long-standing trust in the major institutions that anchor these markets.

The Prairies and Atlantic Canada show lower intensity, and the Prairies (e.g., Manitoba & Saskatchewan) stand out with a 37% not-confident rate. Regional experience with economic volatility, resource markets, and uneven recovery cycles appear to be influencing perceptions.

Cybersecurity remains the unspoken variable behind the confidence split

Confidence is materially higher among Canadians with university education (68%) and higher income (68%). These groups tend to feel more equipped to navigate digital threats or at least believe their institutions are.

Among Canadians with a high school education or less, confidence falls to 55%, and concerns about cybersecurity breaches rise. The disparity suggests that cybersecurity communication, not just cybersecurity performance, has the potential of becoming a differentiator in trust.

A challenging external climate is shaping sentiment

Canadians are absorbing a complex wave of signals at once:

• • Persistent affordability pressures despite interest-rate relief
  • Geopolitical instability affecting global markets
  • A near-constant stream of cybersecurity incidents in both private and public sectors
  • Growing political polarization, increasing skepticism of large institutions
  • AI-related uncertainty, especially around data protection and fraud

In this environment, “confidence” is no longer a static perception. It’s elastic and can move with headlines, with household economics, and with perceived transparency from institutions.

The takeaways for Canada’s financial institutions

Confidence gaps reflect perception gaps — especially around cybersecurity. Canadians want clarity, not reassurance.

This group is signalling strain, skepticism, and heightened sensitivity to financial risk. If confidence falters here, the sector will feel it.

Preparedness is no longer judged solely on institutional strength, but on institutional clarity. And Canadians are telling us they want more of it.

Opportunity to strengthen confidence through clarity

Canadians are telling us something important. Preparedness is no longer judged only by the strength of balance sheets. It is judged by how clearly institutions communicate what they are ready for, why they are ready, and what products, solutions, and services are in place to help protect the people who rely on them.

If your team is planning for the next phase of resilience, I would welcome a conversation about how these insights can guide your FI strategy. Let’s connect and move the sector forward with confidence.