2025 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 2025 Building Better Financial Futures Challenge has now closed.
Outcome: A top and runner-up paper were each selected from the undergraduate and graduate categories.
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Selected papers
Graduate Category
Top paper: Restoring Reflection: Financial Checkpoints and New Behavioral Interventions for the Smartphone Economy
Author: Malick Cisse
Affiliation: Rotman School of Management, University of Toronto
Abstract: This paper explores how the rise of frictionless digital payment systems has altered consumer decision-making, reducing moments of reflection and amplifying impulsive purchasing behaviour. Using an applied behavioural-economics framework, the paper synthesizes insights from cognitive psychology, financial literacy research, and case evidence from the financial ecosystem. The central objective is to explore whether behavioral design—specifically, the introduction of Financial Checkpoints—can reintroduce deliberation into mobile spending without compromising consumer autonomy. Financial Checkpoints are opt-in design interventions that embed brief pauses and contextual spending feedback into digital transactions. Research demonstates how subtle, non-coercive nudges can enhance consumer outcomes while preserving freedom of choice. Key findings indicate that well-calibrated nudges can reduce impulsive transactions, enhance consumer trust, and align commercial incentives with long-term financial wellness. Embedding Financial Checkpoints across payment interfaces could help restore reflection in digital commerce, promote transparency, and position convenience as a tool for empowerment rather than excess.
Runner-up paper: Addressing Post-Holiday Credit Card Debt in Canada - A Behavioral Economics Intervention for Timely Repayment and Financial Resilience
Author: Naba Yunas
Affiliation: Rotman School of Management, University of Toronto
Abstract: During the 2023 holiday season, 59% of Canadian holiday shoppers used credit cards to finance their purchases, and nearly one in three who incurred holiday debt had not repaid it months later, leading to high interest costs and reduced financial resilience. Although many consumers intend to repay, predictable cognitive biases and frictions in digital interfaces often result in delayed or insufficient repayment. This paper explores how insights from behavioural economics could inform the design of credit card repayment interfaces to better support debt reduction.
Using a behavioural economics framework and consumer journey analysis, the paper identifies present bias, optimism bias, minimum payment anchoring, and avoidance as key mechanisms that undermine timely debt reduction. It proposes a digitally delivered choice architecture intervention for implementation during the January repayment window, a period marked by increased salience and fresh-start motivation. The intervention aims to increase repayment amounts and reduce revolving balances by introducing more salient, motivating, and user-friendly repayment options.
Undergraduate Category
Top paper: Nudging Savings: Strengthening Financial Resilience Through Default Micro-savings For Government Transfers
Name: Emily Hamann
Affiliation: Goodman School of Business, Brock University
Abstract: This paper explores the potential of integrating an automatic enrollment micro-savings framework into existing financial support frameworks to help strengthen the financial resilience among low-income Canadians. The goal would be to ‘nudge’ individuals into passively accumulating savings, transforming savings habits into a default, without the burden of making frequent financial decisions. Drawing on international examples, the paper examines how automatic contributions may influence saving behaviour and perceptions of financial security. A micro-savings program aligns closely with the National Financial Literacy Strategy’s Managing Savings building block in building emergency savings buffers and reducing friction surrounding long-term savings. The initiative would aim to foster positive savings habits, strengthen emergency savings buffers among Canadians, and reduce reliance on high cost-credit options.
Runner-up paper: Financial Inclusion and Resilience Through Debt Relief: A Behavioural Intervention for Low- Income Canadians
Author: Jennifer Racovan
Affiliation: Faculty of Arts & Science, Rotman Commerce, University of Toronto
Abstract: This policy paper explores the potential of a low-interest loan program to enhance financial inclusion and resilience among low-income Canadians. The central research question asks: Can combining low-interest loans with financial counselling and goal-based planning improve debt repayment and saving habits among low-income individuals? Recognizing structural barriers such as limited access, digital exclusion, and financial literacy gaps (Fan et al., 2022; Statistics Canada, 2024), the proposed intervention adapts Australia’s No Interest Loan Scheme (NILS), offering up to $3,000 in low-cost credit over 24 months. Drawing on insights from Thaler and Benartzi’s Save More Tomorrow (2004), Atkinson et al. (2013), and Karlan et al. (2012), the program integrates behavioural nudges such as reminders, financial counselling, and goal-based planning to address present bias (Ainslie, 1975) and the intention–action gap (Soman et al., 2019). By simplifying choice architecture (Thaler & Sunstein, 2009) and incorporating commitment devices, the initiative aims to foster sustainable debt management habits.