Nearly Half Experience Major Life Changes Without Seeking Financial Guidance
SAINT JOHN — New Brunswickers navigating major life events such as job loss, illness, or bereavement are increasingly vulnerable to financial scams, according to new data from the Financial and Consumer Services Commission of New Brunswick.
The findings reveal that while significant life changes are common across the province, many residents are not seeking financial advice during these periods, leaving them exposed to misinformation and fraud.
Data from the Commission’s 2025–2026 Consumer Index shows that 46 per cent of New Brunswickers experienced a major life event over the past year. However, only 29 per cent sought assistance to understand the financial implications of those changes.
“Finfo.ca was created to meet people where they are, especially when life gets complicated,” said Marissa Sollows, the Commission’s Director of Communications and Public Affairs. “It provides clear, unbiased information based on real-life situations, so people can make informed decisions without having to sort through conflicting or unreliable advice.”
Younger Adults Increasingly Turn to Online Sources
Among those who did seek guidance, younger adults were more likely to rely on digital platforms. The survey found that 39 per cent of respondents aged 18 to 39 turned to the internet or online forums for financial information — a trend that may increase exposure to unreliable or misleading advice.
Stressful Situations Amplify Financial Risk
The Commission notes that periods of emotional or financial stress can significantly affect decision-making, often leading individuals to prioritize speed over accuracy when seeking information.
“Life’s hardest moments often come with financial decisions, and people may feel like they are left to figure it out on their own,” Sollows said. “When we are under stress or feeling uncertain, it is natural to want quick answers. But that urgency can make it harder to pause and confirm the information source is trustworthy, which can increase the risk of misinformation or fraud.”
The report highlights caregiving as a particularly vulnerable scenario. Individuals supporting aging parents reported significantly higher rates of financial loss due to scams.
Those in caregiving roles reported losing money to scams at a rate of 33 per cent, compared to 11 per cent among those not in similar situations — a gap that has more than doubled since 2025.
Fraud Losses Continue to Rise Across the Province
Cryptocurrency and Investment Scams Lead Losses
Financial losses linked to scams are trending upward in New Brunswick. Thirteen per cent of respondents reported losing money to a scam in the past year, an increase from 11 per cent in 2025.
Cryptocurrency-related scams accounted for 28 per cent of reported losses, followed by investment scams at 22 per cent.
While most financial losses were relatively modest — with 65 per cent of victims losing $1,000 or less — a notable portion of respondents experienced more severe impacts. Seven per cent reported losses exceeding $10,000.
Despite these figures, reporting rates remain low. Only 58 per cent of scam victims said they reported the incident.
“Reporting fraud or suspicious activity is critical,” said Sollows. “Even if no money is lost, sharing that information can help prevent others from being targeted and gives us a clearer picture of emerging risks.”
Respondents who did not report scams cited uncertainty about where to report or skepticism that action would be taken.
Confidence in Financial Knowledge May Not Reflect Reality
Gap Between Confidence and Outcomes Persists
Despite rising scam losses, financial confidence among New Brunswickers remains high. The survey found that 86 per cent of respondents feel confident managing their finances.
However, the data suggests a disconnect between perceived knowledge and real-world outcomes. Nearly one-third of respondents reported being charged unexpected fees when purchasing financial products, while 26 per cent said they entered into contracts they did not fully understand.
“At a time when many people feel confident managing their money, these findings show they are still running into costly problems,” Sollows said.
Encouragingly, the survey indicates some improvement in transparency among financial service providers. Compared to 2025, more consumers reported better understanding of key aspects of financial products, including personal financial goals (79 per cent, up 13 percentage points), risk tolerance (78 per cent, up 13 percentage points), and fees (72 per cent, up 11 percentage points).
New Digital Resource Aims to Close Information Gap
Finfo.ca Designed for Real-Life Financial Scenarios
In response to these findings, the Commission recently launched Finfo.ca, a new educational website aimed at helping New Brunswickers navigate financial decisions during major life events.
The platform focuses on practical, real-world scenarios such as managing finances within relationships, dealing with financial stress, and supporting aging family members. It also includes interactive tools such as calculators, quizzes, and worksheets.
“The goal of Finfo is to ensure New Brunswickers have access to trustworthy, easy-to-understand guidance when they need it most,” Sollows said. “It’s a go-to guide for making sense of money in New Brunswick.”
Survey Methodology and Scope
The survey was conducted by Thinkwell Research between January 29 and February 9, 2026, with 600 New Brunswick adults aged 18 and older participating. Results were weighted by age, gender, and county to reflect the province’s population.
A probability sample of this size carries a margin of error of plus or minus 4.0 percentage points, 19 times out of 20.
The Commission uses the annual survey to monitor trends in consumer awareness, financial literacy, and behaviour, helping identify emerging risks and areas requiring additional education or regulatory attention.