Canada Deposit Insurance Corporation: CDIC launches its new advertising campaign to raise awareness of deposit insurance

CDIC launches its new advertising campaign to raise awareness of deposit insurance

OTTAWA – September 9, 2024 – The Canada Deposit Insurance Corporation (CDIC) works to increase the public's awareness of deposit insurance and how it can protect people's money in the event of a bank's failure. Today, CDIC has launched its new 2024 campaign on the theme of "Protecting your deposits – that’s what we do". The consumer-focused campaign aims to raise awareness of deposit protection, particularly among young women, where awareness is lowest.

"Public awareness is a global best practice and is an International Association of Deposit Insurers (IADI) core principle for effective deposit insurance programs," said Tamara Mason, Head of Communications and Reporting at CDIC. This is based on international research that shows that awareness of deposit protection is the #1 mitigator of bank run behaviour across all jurisdictions tested. We are proud that CDIC is recognized as world-class in public awareness among our IADI partners, particularly how it relates to our extensive research and evidence-based approach."

Following research to determine the messaging that most resonates and drives confidence with young women, CDIC tested several concepts and scripts with members of the public earlier this year. The scripts and scenarios were refined using the feedback from the qualitative research.

The final concept features CDIC as an 'everyday champion' combining believability and relatability with protection and possible loss—ideas that had the greatest appeal with focus group participants.

Currently, 65% of the general public are aware of CDIC or federal deposit protection, while only 42% of women aged 18-34 and 49% of women aged 35-49 are aware of the protection offered by CDIC. CDIC aims to shrink the awareness gap between men and women with this current and ongoing campaign.

For more information on CDIC's public awareness activities, go to CDIC.ca.

About CDIC

CDIC is a federal Crown corporation, established in 1967. We protect people's money and contribute to financial stability by safeguarding over $1 trillion in eligible deposits at more than 80 member financial institutions. As a resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest. Our members include banks, federally regulated credit unions, as well as trust and loan companies. We are funded by premiums paid by member financial institutions and do not receive public funds to operate. We have resolved 43 member failures to date, affecting some two million people in Canada.

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For further information

Tamara Mason
Head, Communications and Reporting
Tel: 613-943-4395
E-mail: media@cdic.ca

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