Meet the author of the top paper submitted to FCAC’s National Student Paper Competition 2024
Khushi Toprani describes her proposal to build the financial resilience of newcomers.
"My mission is to ensure newcomers to Canada have access to the financial resources they need to thrive."
Khushi Toprani
Who I am:
Khushi Toprani, fourth-year undergraduate, McGill Desautels Faculty of Management
The problem I want to solve:
I chose to focus on the National Financial Literacy Strategy priority “Enhance access to trustworthy and affordable financial help," through the lens of immigrants. I was really interested in asking what is the Canadian dream for immigrants, are they getting the financial help and resources they need and, if not, what's stopping them?
My why:
Having lived in both India and Canada, I’ve experienced firsthand the unique challenges and opportunities that come with being an international student and an immigrant. It’s a journey that opens your eyes to the gaps in support systems for newcomers, from navigating simple processes like applying for a SIN number to understanding the complexities of taxes.
I’ve been fortunate to have a strong support system through my parents, but I’ve seen many others struggle without similar resources. This inequity fuels my passion for creating solutions and advocating for a more level playing field. My parents' journey deeply resonates with me—they faced immense challenges as immigrants to Canada raising 2 children, relying on their community to bridge the gaps. Their experience taught me the importance of support networks, and the resilience it takes to adapt to a new country.
My mission is to channel these experiences into meaningful impact, ensuring that others have access to the tools and resources they need to thrive in their new environments.
My approach:
I am studying strategy and business analytics, so I wanted my recommendations to be based on the insights that data can bring to strategy. There’s not a lot of evaluation of financial well-being data, especially when it comes to immigrants. So having access to the FCAC’s Monthly Financial Well-Being Monitor and the Canadian Financial Capability Survey datasets was a crucial part of my approach and provided me with great data-driven insights. I used a machine-learning technique called “clustering,” which allows you to group unlabeled data based on similarities. Using this approach, I identified 3 subgroups of immigrants in the data sets.
My biggest challenge:
I had taken a university course on data clustering, but it was really hard to cluster with a big data set. There were so many variables to choose from. There were demographic and financial variables, and subjective questions like “how often do you forget to pay your bills?” There was even data information on what immigrants want to learn about with their finances. The clustering process took me a really long time.
My aha moment:
Clustering the data on immigrants into subgroups gave me an interesting insight. The data showed that the subgroup that was the most financially stressed, with the highest need for intervention had the highest incomes. I had assumed that those with the highest incomes would be the least financially stressed. This subgroup is doing well in their careers, but they are struggling to pay their bills on time and to budget and manage their expenses. The data suggests that the reason this subgroup has the highest financial need is because they have young children, not just because they are new to Canada. They look to the internet for trustworthy and affordable financial help instead of going to financial advisors or to the bank. My analysis suggests that this group may be mentally stretched and struggling to take actions that help them financially because they are so busy day-to-day.
My solution:
My first recommendation is to place existing financial resources in places where newcomers with young children are likely to go, such as libraries and community centres. I want to reduce the burden involved with accessing these resources, because they don’t have the time to go and look for them.
My second recommendation is to have a mentoring program for newcomers, that connects them with older immigrants. My data analysis showed that there are two other subgroups of immigrants in Canada who may be able to offer information and support to newcomers. These subgroups immigrated in the 1960s, have adjusted to Canada, and likely no longer have dependents. They have better financial well-being. They have a lot of lived knowledge that would be shareable with newcomers.
My third recommendation is to have a program that educates newcomers on the key financial concepts they want to learn about. The data shows they want to learn about RESPs because they have children, and they also want to better understand taxes. My proposal is for a digital platform with short, engaging videos for self-paced learning, that would include interactive features to connect newcomers with older immigrants with lived experiences. This dual approach would ensure accessibility, and provide practical, culturally relevant financial guidance.
Now what?
My report has been published! I then get to present my research to financial consumer protection specialists. I’m really looking forward to this. I want to thank my supervisors, Dr. Antonia Gieschen and Dr. Laurette Dubé, for their valuable input and guidance throughout the research process.
As I look to the future, I am excited to continue contributing to leveling this uneven playing field for immigrants in the policy world.