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Ratehub logo's 2021 Digital Money Trends Report

We surveyed Canadians and tapped into our internal user data to see how personal finance habits and behaviours have changed throughout 2021. Find out how Canadians altered the way they interact with financial products and services during the COVID-19 pandemic.

Click below to jump to a different section of's 2021 Digital Money Trends Report:

2021 Digital Money Trends Report Overview

The last year has been a significant one in regards to personal finance in Canada. From the rise of inflation, cryptocurrency, skyrocketing home prices and of course, meme stocks, Canadians navigated their financial decisions through yet another year of COVID-19.

In 2021, Canadians continued to look beyond traditional sources when researching and applying for personal finance products. Using online tools, such as – which attracts over 1 million visitors each month – Canadians compared mortgage rates, credit cards, bank accounts, GICs and insurance quotes, ultimately making better financial decisions for themselves.


What is the Digital Money Trends Report (DMTR)?'s 2021 Digital Money Trends Report provides insights into how Canadians use financial technology, how they manage their finances and how their behaviour affects the financial services landscape in Canada.

Survey Methodology

The data in this report is based on two main sources:

  • Digital Money Trends Report survey – An online survey of 1,500 Canadians was completed between November 18-28, 2021, using Leger’s online panel.
  • website user data – This report incorporates mortgage, banking and insurance rate requests from millions of users in 2021, representing actual consumer behaviour based on real product offerings.

Key Findings

  • More appetite for variable-rate mortgagesVariable-rate mortgages have become increasingly popular in 2020 and 2021 because of the historically low mortgage rates that have become available due to the pandemic
  • Cash back is the way to goCash back cards have surged in popularity amongst Canadians in 2020 and 2021, while interest in travel rewards and store rewards experienced a decline 
  • Paying the price for bank loyalty – With a majority of Canadians stating that they have never switched bank accounts, many end up paying $10.96 or more a month in bank fees
  • Re-examining insurance options – Canadians spent more time researching and comparing insurance options online during the pandemic

Click below to jump to a different section of's 2021 Digital Money Trends Report: