How Do Some Lower-Income Canadians Pay

Jerry Buckland, Christopher Henry, Wendy Nur, Aidan Romanow-Bear and Stephen Wild

No 2026-6, Staff Analytical Papers from Bank of Canada

Abstract: Previous research suggests that lower-income Canadians may have unique experiences with the use of payments, including the use of cash and digital payments. We conduct a case study using data from the Canadian Financial Diaries (CFD) project to gain insight into how some lower-income Canadians pay. The CFD uses a mixed methods design for financial diaries that combines qualitative and quantitative components to understand the strengths and weaknesses of the finances of 47 Canadians with lower income. We find that diarists use their bank account to facilitate a variety of associated payments; that payment use is habitual; and that the number of monthly transactions can vary widely, both for individual diarists and between [them/diarists]. We conclude with a static analysis that suggests lower-income Canadians who make a lot of transactions during the month could pay lower monthly fees overall if they used an account package with a higher monthly fee.

Keywords: Money and payments; Cash and bank notes; Retail payments (search for similar items in EconPapers)
JEL-codes: D83 E41 (search for similar items in EconPapers)
Date: 2026-03
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Persistent link: https://EconPapers.repec.org/RePEc:bca:bocsap:26-6

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