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Government of Canada / Gouvernement du Canada

Priority 5 Use behavioural design to simplify financial decisions

7 Findings
2 Initiatives
2 Adopters

The aim of this priority is to encourage ecosystem stakeholders to design and present information in ways that facilitate and motivate consumer financial decisions and practices that are beneficial for the consumer.

PRIORITY 5 - TARGET OUTCOMES

Target outcome 5.1

More ecosystem stakeholders use behavioural insights and design research to test and deploy consumer-facing materials that demonstrably help Canadians make financial decisions that will lead to positive financial outcomes.

Target outcome 5.2

More Canadians use tools that use behavioural insights in the design and presentation of financial decisions to facilitate and motivate choices leading to better outcomes.

Target outcome 5.3

Fewer Canadians purchase or use financial products and services that are not in their own best interest due to the misuse of behavioural design elements.

WHAT FCAC WILL DO

  • Lead by example to implement evidence-based behavioural experiments and pilot projects designed to drive sound financial decisions.
  • Study the impact of behavioural design initiatives from other jurisdictions in driving positive consumer outcomes to assess their adaptability for a Canadian context.
  • Support non-profits and community service providers in integrating behavioural insights, design research, and experimentation into the delivery of their financial education services.
  • Continue to collaborate with a wide variety of stakeholders to develop pilot experiments, interventions, and tools incorporating behavioural science.
Related findings
Finding

65% of QUBER users accepted and successfully completed a saving challenge, and of those, 80% continued with other saving goals.

Initiative: QUBER App

Adopter: QUBER
Finding

80% of QUBER users accepted a saving challenge, and of those, more than 80% successfully completed the challenge.

Initiative: QUBER App

Adopter: QUBER
Finding

Among 230 users of QUBER, a personal finance app with behavioural insights, most of them feel confident that they could reach their short-term saving goals.

Initiative: QUBER App

Adopter: QUBER
Finding

More than 60% of QUBER users took action to save money based on a behavioural nudge in the app.

Initiative: QUBER App

Adopter: QUBER
Finding

The longer users have been saving with QUBER, the lower the chance they report reduced productivity at work due to money stress.

Initiative: QUBER App

Adopter: QUBER
Finding

Users of QUBER, a personal finance app with behavioural insights, build an emergency fund of $1,000 or more in 2 years, on average.

Initiative: QUBER App

Adopter: QUBER
Finding

Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.

Initiative: QUBER App

Adopter: QUBER
Related measures
Use the Opens in new tabMeasures Library to search for Strategy-Aligned Measures (SAMs) that help stakeholders in the financial ecosystem track progress toward achieving the National Strategy’s target outcomes.
Related initiatives
Initiative

Fintech Cadence programs

Fintech Cadence supports the financial literacy ecosystem—and, in turn, promotes increased digital access and digital literacy—by helping to build and sustain the Fintech community. They promote the education of Fintech talent, support early-stage start-ups, and develop collaborations with financial institutions to help solve industry challenges. They track the FinTechs in Canada, their areas of specialty, what kinds of products and services they provide, as well as details about their target audiences.

Adopter: Fintech Cadence
Initiative

QUBER App

QUBER is a personal finance app that encourages saving and learning through gamification. They use savings challenges, lotteries, and matched savings programs to nudge people to save more. Working with employers and Financial Institutions, they are able to capture key demographic and vulnerability-related information (e.g., people without emergency funds or those living paycheque-to-paycheque), as well as Strategy-Aligned Measures on the success, and number, of users completing challenges. They track saving amounts, frequencies, retention, fees paid, and confidence levels.

Adopter: QUBER
Related adopters
Adopter

Fintech Cadence

FinTech Cadence is a Montreal-based non-profit organization dedicated to building out Canada's financial technology (fintech) ecosystem by serving as the foundation for ambitious Canadian fintech leaders to build, grow, and scale bold solutions.
Adopter

QUBER

QUBER is an emergency savings benefit that allows organizations to offer their employees/members a unique matched savings program.

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