Formal Borrowing Statistics in Canada (2026)

In 2021, 81% of adults in Canada borrowed from a formal financial institution, according to World Bank Global Findex data. Down from 82.8% in 2017 to 81% in 2021 (−1.8 percentage points). Canada ranks #1 of 2 economies in North America on this measure, and #1 of 142 globally.

Key Statistics

Latest value (2021): 81% (2021); Formal Borrowing in Canada as of 2021, the most recent observation in World Bank Global Findex data.
Change since 2017: −1.8 pp (2021); Down from 82.8% in 2017 to 81% in 2021 (−1.8 percentage points).
Earliest value in this dataset (2014): 76.5% (2014); Earliest observation in this dataset, which covers 1990 onward (the source series may begin earlier). Up from 76.5% in 2014 to 81% in 2021.
Peak value (2017): 82.8% (2017); Highest value in the available series; the 2021 value is 81%.
Rank in North America: #1 of 2 (2021); Canada ranks 1 of 2 countries in North America with data, based on each country's latest value.
Global rank: #1 of 142 (2021); Canada ranks 1 of 142 countries with data globally.
North America average: 73.6% (2021); Canada (81%) is above the average of 73.6% across the 2 countries in North America with data.
Among women (2021): 81.2% (2021); Value for women in Canada, same 2021 World Bank Global Findex data.
Among men (2021): 80.8% (2021); Value for men in Canada, same 2021 World Bank Global Findex data.
Gender gap (women minus men): +0.4 pp (2021); In 2021, the figure was 81.2% for women and 80.8% for men — 0.4 percentage points higher among women.
Among the poorest 40% (2021): 71.7% (2021); Value for adults in the poorest 40% of households in Canada in 2021.
Poorest-40% gap vs national: −9.3 pp (2021); The poorest 40% (71.7%) are 9.3 percentage points below the national figure (81%).
Internet use in Canada (2024): 94.4% (2024); 94.4% of the population in Canada used the internet in 2024 (World Bank); shown for context only.
Population (2024): 41.3 million (2024); Canada had a population of 41.3 million in 2024 (World Bank); shown for scale only.

Trend, 2014–2021

Formal Borrowing in Canada by year (% of adults (age 15+))
Year	% of adults (age 15+)	Change
2021	81%	−1.8 pp
2017	82.8%	+6.4 pp
2014	76.5%	—

Fig. 1 — Formal Borrowing in Canada, 2014–2021

Frequently asked questions

What share of adults in Canada borrowed from a formal financial institution?

81% of adults in Canada borrowed from a formal financial institution in 2021, according to World Bank Global Findex data.

Where does the formal borrowing data for Canada come from?

The data comes from the World Bank Global Findex (indicator fin22a). The latest observation for Canada is from 2021; the snapshot was retrieved on 2026-06-10.

How has formal borrowing in Canada changed over time?

World Bank Global Findex data show a rise from 76.5% in 2014 to 81% in 2021.

How does Canada compare with other countries in North America?

Canada ranks 1 of 2 countries in North America with data, with 81% versus a regional average of 73.6% (latest values per country).

Where does Canada rank globally on formal borrowing?

Canada ranks 1 of 142 countries with data globally, based on the latest World Bank Global Findex value for each country.

Source & methodology

Source: World Bank Global Findex, indicator fin22a, retrieved 2026-06-10.

Figures are shown exactly as published in the source dataset; only the change column of the trend table is computed from adjacent published values.Read more on the methodology page. All figures are estimates and projections; this is not financial advice.

Last updated 2026-06-10.