By the time young Canadians are ready to enter the workforce, they typically have one or more bank accounts already open. Some Canadians may have had accounts open since birth, while others may be opening their first accounts as teens. Either way, beginning to take control of one’s finances is a huge step, and a great opportunity to start learning about deposit protection.
Deposit protection is rarely the first thing young people think of when managing their finances; many people don’t think a bank can fail, but it can happen. 43 CDIC member institutions have failed since 1967, and each time, CDIC was there to protect depositors. Not a single dollar under CDIC protection was lost.
As a young adult your deposits may not be big but they are important to you. You can protect them using CDIC’s coverage categories that match your life stage. Check out these great resources for more information.
- Deposit Protection at Every Life Stage
- Making it safe for Canadians to save
- Jordann at My Alternate Life talks about how CDIC gives her the confidence to switch banks, and explains how to find out if your bank is a CDIC member.