Today, Canada’s financial landscape is shifting. Inflation is easing, interest rates are edging down, and Canadians are adapting to new realities: delayed home ownership, intergenerational wealth transfers, and the continued rise of digital banking. Amid this change, one thing is clear: Canadians are paying closer attention to the sector, including financial institutions, than ever before.
Confidence and Curiosity Offer Openings
Recent research from Leger’s Financial Services Team reveals a nuanced view of the sector:
- 58% of Canadians feel confident in our financial services sector, indicating broad trust in our reliability.
- 45% are curious, signaling a willingness to learn, explore new options, and rethink how they manage their money.
This curiosity represents strategic white space for brand stories to resonate and innovations to gain traction.
At a time when Canadians are juggling evolving retirement goals and rising financial pressures, often supporting both aging parents and adult children, there’s a growing appetite for solutions that speak to real-life complexity. As The Globe and Mail and CBC News have reported, Canadians are increasingly looking for guidance, not just products.
Concern, Skepticism, and Confusion Pose Risk to Financial Institutions
This signals more than economic anxiety; it’s a deeper questioning of whether financial institutions are truly designed to support people through challenge and change. When it comes to the sector at large, our research reveals that:
- 46% of Canadians feel concerned
- 42% are skeptical
- And 34% say they feel confused
This unease should be a wake-up call. Public scrutiny is rising around fees, digital service gaps, and perceptions of corporate citizenship. In just the past year:
- A Toronto Star article spotlighted frustration with growing bank profits amid affordability challenges.
- The housing crisis continues to erode public trust, with many feeling the financial system has worsened access to homeownership, especially in Vancouver and Toronto.
- A Globe and Mail feature from early 2025 emphasized growing expectations for financial brands to speak up on social issues like reconciliation, climate action, and inequality, particularly among younger Canadians who view brand silence as complicity.
Realism and Relevance are Essential
To move forward, financial institutions must match Canadians’ complexity with honest, human responses:
- Realism: Acknowledge financial trade-offs and risks without sugar-coating.
- Relevance: Build tools, services, and advice for real lives; those of newcomers, gig workers, the sandwich generation, and people in transition.
Research conducted earlier this summer by the Leger team showed that Canadians are giving their financial providers permission to engage more directly with societal issues. This moment offers a chance to move from passive service providers to active contributors of social progress.
For Financial Institutions, the Path Forward Is Clear
This dual sentiment of curiosity and concern is not a contradiction, but a call to consider:
- Leading with clarity: Cut jargon, simplify offerings, and show tangible impact.
- Elevating storytelling: Focus on people, not products. Speak with empathy and purpose.
- Addressing concerns head-on: From housing to fees, Canadians want transparency.
- Staying relevant: Reflect a more diverse, digital, and demanding Canada.
The Bottom Line
For those ready to lead with honesty and purpose, this is more than a messaging challenge. It’s a strategic opportunity to deepen trust and loyalty in a sector under scrutiny.
Because confidence can’t be assumed, and curiosity is a door waiting to be opened.
Contact us to see how our Financial Services Sector Team we can help you deepen that trustr and loyalty!
Leger research was conducted via our weekly online omnibus and was based on a representative sample of 1,000 Canadian adults. Data were collected from August 1st to 4th, 2025, using Leger’s proprietary panel.
