2024 Building Better Financial Futures Challenge

The Building Better Financial Futures Challenge is a post-secondary student paper competition designed to promote the creation of actionable, evidence-based, solutions to current financial challenges faced by vulnerable communities.

The 2024 Building Better Financial Futures Challenge has now closed.

Outcome: A top and runner-up paper was selected from the undergraduate category. No submissions were received in the graduate category this year.

Video summary of top and runner-up papers.

Selected papers

Top paper: Comprehensive Financial Inclusion Program for Newcomer Families: A Machine-Learning-Informed Province-Specific Pan-Canadian Solution

Author:  Khushi Toprani

Affiliation: Desautels Faculty of Management, McGill University

Abstract: This paper proposes the Comprehensive Financial Inclusion Program for Newcomer Families (CFIP), a tailored, province-specific strategy designed to address the financial vulnerabilities facing Canadian immigrants. Despite representing a significant portion of Canada’s population and contributing substantially to the workforce, newcomers often face unique financial challenges, such as lack of product and service experience in Canada, low income, mental scarcity, and risk of discrimination (FCAC, 2021). Data from FCAC’s 2019 Canadian Financial Capability Survey was analyzed through Partitioning Around Medoids (PAM) clustering. Results show that newcomer families can benefit from targeted financial interventions that take into account where newcomers are most likely to live within Canada. The CFIP leverages existing community networks like libraries and community centres to offer accessible, personalized financial education aimed at enhancing immigrants' financial knowledge and well-being. The program includes six modules tailored to the needs of newcomers (in alignment with the study’s primary research), covering topics like remittance, taxes in Canada, retirement planning, and education savings plans. It provides both in-person and online learning. Additionally, new immigrants are paired with more experienced ones for ongoing support and guidance. Pilot programs will be launched in Ontario, British Columbia, and Quebec. These initiatives leverage local community networks to embed financial education within trusted community spaces, reducing barriers to financial services and fostering long-term well-being for newcomer families. This program aligns with Ecosystem Priority 4 of FCAC’s National Financial Literacy Strategy: Enhancing access to trustworthy and affordable financial help. The program’s effectiveness is intended to be measured through engagement rates, changes in financial behaviors, and financial health indicators, with feedback mechanisms like surveys implemented to ensure continuous improvement.

Runner-up paper: Enhancing Access to Financial Assistance for Immigrant Women in Canada: A Financial Education and Employment Program

Author: Mekhalaa Muraly

Affiliation: Huron University College at the University of Western Ontario

Abstract: This policy paper proposes a financial education and employment program to enhance immigrant women's access to trustworthy and affordable financial assistance in Canada while addressing systemic challenges, such as precarious work and poverty. The "Learn&Lead Apprenticeship Program" establishes a collaborative framework between commercial banks and community-based organizations (CBOs). This program offers training, peer-led financial literacy sessions, and direct employment opportunities.   It involves two phases: first, training immigrant women as leaders through commercial banks (overseen by FCAC), and second, employing these leaders to provide financial consultations and support to other immigrant women. In their roles at CBOs, these leaders provide personalized financial consultations and group workshops, helping other immigrant women navigate financial challenges and life transitions. This peer-to-peer support system, rooted in trust, cultural awareness, and multilingualism, empowers immigrant women to build savings, plan for retirement, and make independent financial decisions. Modelled after Australia’s “Let’s Talk Money” program, it integrates education, employment, and sustained financial support to address barriers to financial inclusion, improve economic outcomes, and foster leadership development among immigrant women. This program’s effectiveness will be tested through focus groups and pre-post surveys to assess the perceived benefits and outcomes of the financial support provided.

Read the top and runner-up papers from last year’s competition.