From Clicks to Confidence: Using Quick Online Interventions to Increase Young Women’s Financial Confidence and Behaviours – Final Report

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Aussi disponible en français sous le titre : Des clics qui donnent confiance : L’utilisation d’interventions rapides en ligne pour accroître la confiance et les comportements financiers positifs des jeunes femmes — Rapport définitif.

Executive summary

The National Financial Literacy Strategy 2021–2026: Make Change that Counts (National Strategy) highlights financial confidence as a key driver of financial resilience and well-being. The National Strategy prioritizes strategies to build and provide for the diverse needs of Canadians. To advance this priority and address the gender gap in financial confidence demonstrated in previous research,^{Footnote 1} , ^{Footnote 2}  the Financial Consumer Agency of Canada (FCAC) partnered with researchers from Carleton University to develop and test brief online interventions aimed at improving the financial confidence, knowledge, and positive financial behaviours of young women aged 16–25. These interventions, designed using behavioural science, challenged societal assumptions that suggest women are less financially capable than men, and encouraged young women to learn about new financial concepts.

Key findings

• Women underestimated the number of financial literacy questions they answered correctly by 23.5%. In other words, the women had higher financial knowledge than they thought they did.
• The interventions proved effective at boosting financial confidence, with effects observed 1 week later. Women who shared personal stories of financial confidence, defined financial concepts in their own words, or completed both activities showed immediate and sustained increases in financial confidence compared to the control group.
• Financial confidence grew over time for all participants, with the highest levels observed 1 month after the interventions.
• Financial worries decreased over time for participants in all groups, even the control, reaching their lowest levels 1 month post intervention. This effect was stronger among those of lower socioeconomic status, suggesting that thinking about and answering financially relevant questions may be particularly effective in reducing financial stress for this group.
• Positive financial behaviours increased over time for participants in all groups, even the control, with the highest levels of debt repayment and savings contributions observed 1 month after the interventions.

This study demonstrates that simply encouraging young women to reflect on and discuss their finances can significantly enhance their financial confidence and promote positive financial behaviours. Our findings underscore the potential of low-cost brief online interventions to bridge the gender gap in financial confidence. They also highlight the importance of creating supportive environments for women to share their thoughts and attitudes about money. By investing in such initiatives, stakeholders can help overcome systemic barriers and achieve positive financial futures.

Introduction

The National Financial Literacy Strategy 2021–2026, Make Change that Counts (National Strategy) is a 5-year plan to create a more accessible, inclusive, and effective financial ecosystem that supports diverse Canadians in meaningful ways. The National Strategy is focused on how financial ecosystem stakeholders can reduce barriers, catalyze action, and work together to collectively help Canadians build financial resilience and well-being.

The National Strategy highlights the fact that Canadians are not a homogenous group, and their needs are not homogenous either. There is rarely a “one-size-fits-all” solution; many groups of Canadians have unique needs that are not captured by what is commonly held to be the “average” reference point. To be effective, financial literacy efforts need to acknowledge these realities and embrace a sophisticated understanding of diversity and inclusion.

The National Strategy also highlights that while financial vulnerability is not limited to specific groups or demographics, systemic barriers have led to certain groups being more likely than others to face vulnerability. One such group is comprised of people who identify as women. Long-standing systemic discrimination, biases, and barriers have led to women facing substantially greater financial challenges than men do. These obstacles have placed women at significant financial disadvantage, resulting in adverse financial outcomes, such as a lower likelihood of having enough money to cover unexpected costs, a higher likelihood of reliance on credit for day-to-day expenses, and lower overall financial resilience.^{Footnote 3}

Relatedly, women also tend to be less financially confident than men.^{Footnote 1, Footnote 2}   Financial confidence, or trusting in your ability to make good financial decisions, can be an important predictor of positive financial behaviours.^{Footnote 4}  Greater financial confidence is associated with budgeting, saving, healthier credit behaviours, and with making a financial plan.^{Footnote 4}  These actions, in turn, are associated with greater financial well-being.^{Footnote 5, Footnote 6}   As such, women’s lower levels of financial confidence may place them at a heightened risk for making financial decisions that inadvertently worsen their financial well-being.

The gender gap in confidence emerges at a disturbingly young age, extending from other areas that serve as precursors to financial decision-making.^{Footnote 7}  As early as in the first grade, girls in North America perceive their mathematical abilities to be lower than those of boys,^{Footnote 8}  despite there being no objective differences in math performance between genders at this age.^{Footnote 9}  Also starting in grade 1, teachers assign lower ratings to girls’ math skills compared to boys with comparable academic skills and learning behaviours.^{Footnote 10}  By third grade, girls are not only less confident but also less interested in math than boys.^{Footnote 11}

At home, parents can inadvertently underscore these biases. For instance, research suggests that from ages 6 to 10, girls receive less pocket money from their parents than boys do, despite completing more paid household tasks.^{Footnote 12}  This disparity limits their opportunities to manage their own money and develop related financial confidence during this formative stage of life, contributing to a “savings gap” that persists through age 15. It may also condition girls to accept the idea of earning less than men for work of equal value once they reach adulthood.^{Footnote 12}

Teenage girls also report lower confidence in their financial skills overall as compared to boys.^{Footnote 13}  This trend aligns with the well-documented confidence gap in mathematics and numerical reasoning, which persists broadly into adolescence,^{Footnote 14}  and contributes to fewer young women pursuing careers in STEM (science, technology, engineering and mathematics) fields.^{Footnote 15, Footnote 16}  These girls then grow into young women who are less confident in dealing with money and numbers. For example, female MBA graduates who are starting their careers are less likely than men to negotiate higher salaries and paid training.^{Footnote 17}

These imbalances reflect broader societal inequities and the lack of gender parity, which have historically resulted in women controlling fewer financial resources. Consequently, women have in general fewer opportunities to make financial decisions that could foster financial confidence. On average, women in Canada earn approximately 84 cents for every dollar earned by men.^{Footnote 18}  This gender pay gap persists across industries and professional levels and is even more pronounced among marginalized groups of women who display intersectional vulnerabilities,^{Footnote 19}  even though educational attainments of women surpass those of men.^{Footnote 20}  Women in Canada also continue to be under-represented in professional and leadership positions, both in the corporate sector and in political appointments, placing further limitations on their economic opportunities.^{Footnote 18}

Within the context of the financial marketplace, these financial and employment inequities are further compounded by other systemic biases and barriers. This results in women entrepreneurs encountering greater obstacles in accessing financing, and facing a greater likelihood of either having their funding proposals rejected or receiving less funding than men.^{Footnote 21}  Biases against women in the financial marketplace also manifest in more insidious ways. For example, a study using technology that tracks eye movement found that during meetings with heterosexual couples, financial advisors spent 50% more time focusing on male clients compared with the time they spent focusing on female clients.^{Footnote 22}  This difference reflects the unconscious assumption that men are the primary financial decision-makers.

One crucial question is how these gender disparities affect the economy. Research shows that the underrepresentation of women in financial decision-making and women’s limited financial inclusion lead to significant economic opportunity costs. For instance, a study by the World Bank estimates that closing the gender gap in earnings could add US $160.2 trillion to the global economy.^{Footnote 23}  Additionally, the McKinsey Global Institute calculated that in 2025 alone, if women were to participate in the economy at the same level as men, it could increase the annual global GDP by up to US $28 trillion.^{Footnote 24}

The need for broader financial inclusion—especially in terms of quality access—is undeniable. From both social equity and economic standpoints, financial literacy interventions must take a gender-based approach to effectively enhance inclusion. These initiatives should identify and address the unique barriers that women face, empowering them to achieve greater financial equity and success. Fully integrating women into the financial marketplace can drive significant economic benefits and improved financial well-being for all.

To help close the gender gap in financial decision-making, we collaborated with researchers from Carleton University to develop online interventions designed to improve women’s financial confidence and positive financial behaviours, such as savings, debt-repayment, and budgeting. We focused on women aged 16 to 25, as young adulthood is a key time when many young adults begin managing their finances independently for the first time. Targeting this age group provides a key opportunity to build women’s financial confidence early and set young women on a path for long-term success. While previous research has explored ways to boost women’s financial confidence,^{Footnote 25, Footnote 26}   existing interventions are time-consuming or difficult to scale up in practice. To address this challenge, we prioritized testing brief digital interventions that could be more easily scaled up and integrated into existing financial literacy programs.

With these goals in mind, we developed and tested 2 5-minute online interventions that were informed by behavioural science and specifically designed to address the unique needs of young women. These interventions aimed to increase women’s financial confidence and positive financial behaviours. We hoped to observe a lasting impact of the interventions, with participants building financial confidence that persisted over time.

There were 3 research questions for this project:

1. Can a brief intervention administered online in approximately 5 minutes increase the financial confidence of young women between the ages of 16 and 25?

2. Will the interventions also produce increases in positive financial behaviours such as savings contributions, debt repayment, or budgeting?

3. Will any changes in financial confidence and positive financial behaviours caused by the interventions be observed 1 week and/or 1 month later?

A brief based on this research was published in November 2024 and can be found here: From Clicks to Confidence: Using Quick Online Interventions to Increase Young Women’s Financial Confidence and Behaviours – A Gender Equality Research Brief - Canada.ca

Methodology

Sample

From June 2023 to December 2023, 1,119 women from across Canada, aged 16 to 25, were recruited via online channels to participate in a research study about women and finances. After signing up for the study, participants met with a research assistant over Zoom to confirm their age and gender identification for eligibility verification. The average age of participants was 21.5 years old. About half (48.8%) of the sample identified as a visible minority and 2.9% identified as Indigenous, First Nations, or Métis. Most participants (62.6%) reported an annual income of less than $20,000. This is unsurprising considering the young age of the sample and the fact that most participants were students.

*Several demographic variables in this table had missing data: age (n = 1), country of birth (n = 1), language at home (n = 5), Indigenous identification (n = 1), income (n = 16), and main source of income (n = 4). The reported percentages are valid percentages, calculated based on available responses for each variable.

Interventions

With researchers from Carleton University, we designed 2 behavioural science-informed interventions to help boost the financial confidence and positive financial behaviours of young women.

• Recall and Share: This intervention was designed to challenge societal assumptions that suggest that men are more financially capable than women. In this intervention, participants were brought to a website that included a forum with a collection of stories from real women describing moments when they felt financially confident. Participants were asked to write about a past instance when they felt confident about a financial decision or behaviour and then add their story to the site. Entries were anonymous but personalized with a small amount of information, such as a virtual avatar, age and location. After posting their story, participants were asked to pick a story shared by another woman on the website that was interesting to them or that resonated with them, and then briefly explain why they chose the story they did.
• Find and Explain: This intervention was designed to encourage women to learn about new financial concepts in an engaging way. The anticipated result was that the resulting increase in financial knowledge would lead to an increase in financial confidence. In this intervention, participants were asked to help develop a crowdsourced dictionary that explained financial concepts in plain language. They were first brought to a website that hosted the dictionary. They were then asked to find definitions to financial concepts elsewhere online, rewrite them in their own words, and add them to the crowdsourced dictionary. After adding their own definitions, participants were asked to browse the website to read other crowdsourced definitions and share a financial term that they now felt they better understood.

Pre-intervention measures

Upon signing up for the study, participants were asked to complete a survey that assessed their demographics, financial confidence, financial well-being, financial worries, financial habits, savings contributions, and credit card payments in the past week. They were also asked 8 financial knowledge questions to measure their level of financial literacy. Immediately after completing the 8 questions, they were asked to report how many of the financial knowledge questions they believed they answered correctly.

After completing the pre-intervention survey, participants were randomly assigned to 1 of 4 conditions:

• Control condition: participants received no intervention
• Recall & Share condition: participants received the Recall & Share intervention
• Find & Explain condition: participants received the Find & Explain intervention
• Both Interventions condition: participants received both the Recall & Share and the Find & Explain interventions

Post-intervention measures

Immediately after the intervention

Immediately after receiving the intervention (or no intervention in the case of the Control condition), all participants once again completed a questionnaire assessing their financial confidence. Additionally, they reported their intentions to engage in 5 different financial behaviours: contribute to a savings account, make a credit card payment, check the balance on their bank accounts, make a budget, and use a budgeting tool.

One-week follow-up assessment

One week later, participants were sent a follow-up survey that assessed their financial confidence and financial worries. It was also important to assess whether they engaged in positive financial behaviours in the previous week. As such, they were also asked whether they had checked their bank accounts, contributed to a savings account, made a credit card payment, and/or stuck to their budget over the previous 7 days.

One-month follow-up assessment

One month later, participants were once again asked to complete a questionnaire on their financial confidence and financial worries. Additionally, participants completed a measure of their overall financial habits. (This measure was only assessed at the pre-intervention survey and the 1-month follow-up because it was a general assessment of financial habits that was unlikely to experience change in a short 1-week period.) Lastly, participants were asked whether they had checked their bank accounts, contributed to savings, made a credit card payment, and/or stuck to their budget over the past month.

For more detailed information on the measures included in this study and the analyses performed, please refer to the Appendix.

Figure 1. Study design overview

Findings

Finding: Women underestimated the number of financial literacy questions they answered correctly by 23.5%. In other words, women in this study were underconfident, demonstrating higher financial knowledge than they thought they had.

To assess whether the women were underconfident in their financial literacy, we compared participants’ actual score on the 8-question measure of financial knowledge survey to their perceived score of how many questions they believed they answered correctly. On average, the women knew more about financial concepts than they thought they did. Participants underestimated the number of questions they answered correctly by 23.5% (p < .001). These results suggest that participants felt underconfident in their financial literacy. In actuality, the average score on the 8-question measure was 7.22, indicating that most women scored very high on the measure of financial literacy. These results align with existing research showing that women tend to experience lower confidence in their financial capabilities compared to men.

Figure 2. Differences between perceived and actual financial literacy

Note: * denotes that the difference in results is statistically significant (p < 0.001). Women perceived that their financial literacy score was lower than it actually was.

Finding: Women who received any of the interventions exhibited approximately 6% higher financial confidence on average compared to those in the control group, and this effect was still observed 1 week later.

At the pre-intervention assessment, women in all 4 conditions reported similar levels of financial confidence. Post-intervention, however, differences in financial confidence emerged, suggesting that the interventions were effective in boosting financial confidence among participants. Women who shared a personal story of financial confidence (Recall & Share condition), defined a financial concept in their own words (Find & Explain condition), or completed both activities (Both Interventions condition) reported financial confidence rates that were, on average, 6% higher than women in the control group. Specifically, the Recall & Share condition showed a 6.2% higher rate, the Find & Explain condition showed a 5.5% higher rate, and the Both Interventions condition showed a 7.5% higher rate compared to the control group.

At the 1-week follow-up, women in all 3 intervention groups continued to demonstrate higher financial confidence compared to the control group. The Recall & Share condition showed a 3.6% advantage over the control group at this time, with the Find & Explain and Both Interventions conditions showing 3.0% and 5.1% advantages, respectively.

At the 1-month follow-up, the effects of the Recall & Share and Find & Explain conditions were no longer significantly higher than those of the control group. However, women in the Both Interventions condition continued to demonstrate higher financial confidence compared to the control group, although the effect was smaller than before. Given the modest size of this effect, results from the 1-month follow-up should be interpreted with caution.

To determine if demographic factors influenced the effects of the interventions on financial confidence, the analyses above were re-run with 3 demographic variables—age, income, and socioeconomic status—entered as controls. The results remained unchanged, indicating that these demographic variables are not underlying the observed effects.

Figure 3. Financial confidence across time: A comparison of conditions

Note: * denotes that the difference in results is statistically significant (p < 0.05). Immediately post-intervention and 1 week later, all 3 intervention groups had higher levels of financial confidence compared to the control group. Additionally, 1 month later, women who received both interventions continued to have higher financial confidence compared to the control group, though the effect was small.

Finding: Women in all conditions exhibited higher financial confidence the longer they participated in the study.

Participants in all conditions, even those in the Control condition who received no intervention, reported further boosts to financial confidence as their time participating in the study increased, with the highest levels of financial confidence observed 1 month after receiving the interventions. On average across all conditions, financial confidence was 8.4% higher at the 1-month follow-up compared to the initial pre-intervention assessment. Once again, these effects were unchanged after controlling for income, age and socioeconomic status. The reason for this effect could be that all participants, irrespective of which condition they were in, completed questionnaires on their financial knowledge, confidence, and positive financial behaviours. Simply reflecting on their financial understanding and behaviours appeared to boost their confidence and assurance in their financial skills.

Figure 4. Changes in financial confidence over time

Note: * denotes that the difference in results is statistically significant (p < 0.05). Participants in all conditions continued to demonstrate statistically significant improvements in financial confidence over time.

Finding: Women in all conditions reported worrying less about their financial situation the longer they participated in the study. This improvement was especially pronounced among those of lower socioeconomic status.

Since financial worries can undermine financial confidence, it was important to examine how women’s levels of financial worries changed following participation in the study. Financial worries, or feeling very concerned about your financial situation, can be a stressful experience. This stress may have a negative impact on the ability to make well-informed financial decisions.^{Footnote 27}  Given that the interventions were designed to boost financial confidence, it was considered possible that the study would produce a decrease in financial worries. The results did indeed indicate that the longer women participated in the study, the less they worried about their financial situation. Financial worries decreased by 4% over the 1-month period (p <.05). This effect held when income, age, and socioeconomic status were added as controls. Moderation analyses suggest that this effect was stronger among those of lower socioeconomic status. That is, women who perceived their socioeconomic status to be relatively lower reported fewer financial worries over time compared to women who perceived their socioeconomic status to be relatively higher (p < .05).

Figure 5. Changes in financial worries over time

Note: * denotes that the difference in results is statistically significant (p < 0.05). Financial worries were significantly lower than the pre-intervention measure at both the 1 week and 1 month follow-up.

Finding: Women in all conditions engaged in more positive financial behaviours the longer they participated in the study.

Financial habits were assessed using a 12-item scale that asked participants how often they engaged in a variety of positive financial behaviours, with responses ranging from Never (1) to Always (5).^{Footnote 28}  Behaviours measured included paying bills on time, staying within a budget, paying off a credit card, and building up savings. Participants in all conditions, even those in the Control condition who received no intervention, increasingly engaged in positive financial behaviours as their time participating in the study increased, with the highest levels being observed 1 month after receiving the intervention. These effects held when income, age, and socioeconomic status were statistically controlled. Although the change was small (only a 1.5% increase over time), the results were still statistically significant (p <.05). These results suggest that prompting the young women in this study to reflect on their financial knowledge and activities encouraged them to engage in more positive financial behaviours.

Finding: Women in the Recall & Share condition often talked about successful savings, achieving financial goals, and learning about financial products.

Content analysis of the personal stories shared by the young women revealed that the stories tended to be related to 15 themes (Table 2). Most frequently, women shared stories about contributing to a savings account or successfully saving for a specific financial goal such as a vacation, pet, or emergency fund. Learning about new financial products also led women to feel more financially confident. Other common themes included building up their credit score or sticking to their budget. These findings indicate that while there are numerous financial behaviours that can make women feel financially confident, behaviours related to savings might particularly resonate with young women in emerging adulthood. Indeed, 33% of all stories were related to savings. For example, one participant wrote:

Discussion

The findings from this study highlight several important aspects of financial literacy and confidence among women. First, the significant underestimation of financial knowledge among women participants—by 23.5%—suggests that they possess higher financial literacy than they perceive. This underconfidence aligns with existing research indicating that women often feel less confident in their financial abilities compared to men.^{Footnote 1 ,Footnote 2} Such underconfidence may discourage women from actively engaging in financial decision-making, underscoring the need for interventions that not only enhance knowledge but also build self-confidence.

Second, this study demonstrates that brief, digitally delivered interventions can effectively increase financial confidence among women. While large-scale financial education programs require substantial time and resources, our results suggest that even short, targeted interventions that last approximately 5 minutes can have a meaningful impact. Women who recalled and shared a personal story of financial confidence, defined financial concepts in their own words, or completed both intervention activities, exhibited higher financial confidence compared to those who did not receive an intervention. This effect persisted for at least one week, though it diminished over time, particularly for participants who completed only 1 of the 2 interventions. Women who engaged in both activities (i.e., shared a personal story and defined financial concepts) continued one month later to show higher financial confidence compared to the control group, though the effect was small and should be interpreted with caution. These results suggest that combining multiple strategies may be a path towards more lasting impact, and could lead to more sustained improvements in financial confidence.

Interestingly, financial confidence increased over time for all participants, including those in the control group. This suggests that simply reflecting on financial knowledge, attitudes, and behaviours while completing assessment questionnaires contributed to increased confidence. Additionally, all participants reported a reduction in financial worries over the study period. The greatest reduction in financial worries was observed among women from lower socioeconomic backgrounds, suggesting that interventions of this nature may be particularly effective for this subgroup.

Another study finding was that all participants—both from the intervention and control groups—reported a small but statistically significant increase in positive financial behaviours, such as debt repayment, budgeting, and saving. Although future research is necessary to confirm this result given the small nature of the effect, it is a noteworthy outcome, as small changes in behaviour can have a big impact on financial well-being. Regarding the mechanism of this effect, it is possible that focusing on financial matters served as a “nudge” that prompted more proactive financial behaviours. Alternately, the boost in confidence itself may have empowered participants to take positive financial actions. Taken together, these results indicate that interventions like the ones studied here can have broader benefits beyond just boosting confidence.

Finally, analyzing the personal stories shared by participants in the Recall & Share condition revealed recurring themes that contribute to financial confidence. Women often cited contributing to savings, achieving savings goals, or learning about financial products as key factors that enhanced their confidence. This suggests that practical financial experiences and achievements play a crucial role in building women’s confidence. When designing future interventions, incorporating elements that help women reach these financial achievements—particularly in the realm of savings—may be especially effective in fostering long-term confidence and resilience.

Limitations

This study used an experimental design, enabling causal inferences about the impact of the intervention on financial confidence and behaviours. However, several limitations should be noted. Most significantly, the study’s sample was not representative of the Canadian population. As participation was voluntary and participants were aware that the study focused on the topic of women and finances, it is possible that women who were less comfortable sharing their thoughts and attitudes about money opted not to participate. Further, the generalizability of this study’s findings may vary across different sub-populations of Canadian women. Notably, this study’s results suggest that participation appeared to reduce worry more significantly among women who identified as lower socioeconomic status compared to their high socioeconomic status counterparts. Further research is needed to explore how such interventions impact diverse intersectional identities within Canada’s population of women.

Recommendations for advancing financial confidence in young women

1. Reduce barriers by normalizing conversations about money

To encourage young women to openly reflect on their finances, the financial ecosystem should take active steps to normalize conversations about money. The findings from this research highlight the importance of fostering an environment where financial discussions are routine and accessible. Governments, community organizations, and industry partners all have a role to play in supporting and normalizing these conversations. The interventions evaluated in this study are low-cost, require minimal resources to implement, and have the potential to have a significant impact on bridging the gender gap in financial confidence. We encourage ecosystem stakeholders to explore ways that interventions of this nature can be scaled up to reach even more young women across Canada.

2. Build financial resilience through early and ongoing initiatives

To strengthen financial confidence and resilience in young girls, parents, teachers, and other trusted adults should begin discussing money with them from an early age. These early conversations can help young girls develop a strong foundation in financial decision-making, improve their financial resilience, and reduce gender disparities in financial confidence. Creating a supportive environment where young women feel comfortable sharing their thoughts about money can increase the likelihood that they will engage in positive financial behaviours—such as budgeting, saving, and debt repayment—throughout their lives.

3. Enhance financial education through continued reinforcement

While the interventions in this study effectively boosted the financial confidence of young women, the impact of the interventions diminished over time. Future research should explore whether repeated exposure to similar interventions, or "booster doses" of the interventions, might extend and reinforce their benefits. Identifying ways to integrate ongoing financial education into various stages of a young woman’s life could help sustain long-term financial confidence and resilience.

4. Tailor financial interventions to diverse sub-populations

The current interventions were designed for a broad audience of young women, but financial literacy needs vary across intersectional identities that are shaped by cultural, socioeconomic, and demographic factors. The National Financial Literacy Strategy 2021–2026 emphasizes the importance of tailoring interventions to their intended audience under Priority 2: Build and Provide for Diverse Needs. Future research should investigate how interventions can be adapted and tailored to better serve diverse sub-populations of Canadian women.

Conclusions

This study’s findings demonstrate the potential of targeted interventions to enhance financial confidence and behaviour, emphasizing the need to make this a central focus of financial well-being efforts. Alongside prior research,^{Footnote 29, Footnote 30 ,  Footnote 31}  our results highlight the importance of advancing financial inclusion for women. To foster meaningful change, it is essential to create environments where young women feel they can discuss and engage with financial topics. The recommendations outlined in this report represent critical steps towards equity, fairness, and dismantling the deep-rooted societal stereotypes that have long constrained women’s financial potential. Achieving this goal requires that stakeholders across the financial ecosystem—including governments, community organizations, and industry—work together to normalize financial conversations and ensure equitable access to both financial knowledge and opportunities.

The significance of this work extends far beyond the topic of financial confidence. By challenging outdated norms and actively advocating for a more inclusive financial system, we take a decisive step toward a future where financial success is determined by ability and ambition, not gender. The study’s recommendations have tangible and noteworthy economic implications—research consistently shows that when women achieve greater economic empowerment and financial inclusion, economies grow, poverty declines, and communities thrive. A more equal society is not just a better society for reasons of egalitarianism, it is also a much more profitable and successful society.

Acknowledgements

FCAC would like to acknowledge the work of Dr. Johanna Peetz and Dr. Andrea Howard of Carleton University for their expertise and dedication in designing, testing, and analyzing the results of this study. Their work has been instrumental in evaluating the effectiveness of online interventions aimed at improving the financial confidence and responsible financial behaviours of Canadian young women over time.

We also wish to recognize the invaluable contributions of FCAC team members who played a pivotal role in the success of this project, including Dr. Rebecca Kong, Dr. Samantha Hollingshead, Dr. Monica Soliman, Li Cheng, and Dr. Jeannette Benson. Their efforts have been crucial in ensuring the project's success and in advancing our understanding of approaches to improve the financial confidence of women.

Appendix

Measures and analyses

Demographic variables

Participants reported on the following demographics:

• Age: How old are you? (Response option: numeric)
• Ethnicity:
  1. Do you identify as a visible minority in Canada? (Response options: yes/no)
  2. What is your ethnic or cultural background? Check all that apply. (Categorical response options provided, including “Other (please specify): [text field]”, “Don’t know” and “Prefer not to say”)
  3. Are you an Indigenous person, that is, First Nations, Métis or Inuk (Inuit)? (Response options: Yes, No, Don’t know, Prefer not to say)
• Province of residence: Where do you currently live? (Categorical response options provided for each Canadian province and territory)
• Country of origin: Where were you born? (Response options: Born in Canada, Born outside Canada – specify country: [text field])
• Year of immigration to Canada (for those not born in Canada): In what year did you first immigrate to Canada? (Response option: [text field])
• Language(s) spoken: What language(s) do you speak on a regular basis at home? (Response options: English, French, Other language(s) – specify: [text field])
• Financial background:
  1. What is your main source of income? (check only one) (Response options: Part-time employment, Full-time employment, Loans, Parents’ support, Romantic partner’s support, Government assistance, Grants/Scholarships, No income)
  2. Which best describes your total personal annual income, before taxes? (Response options: Less than $20,000, $20,000 to less than $40,000, $40,000 to less than $60,000, $60,000 to less than $80,000, $80,000 to less than $100,000, $100,000 to less than $150,000, $150,000 to less than $200,000, $200,000 or more).
  3. How much does the amount of income you make change from month to month? (Likert scale with response options from 1 = Amount of income is the same each month to 7 = Amount of income changes a lot)
  4. Right now, how satisfied are you with your financial situation? (Likert scale with response options from 1 = Not at all satisfied to 10 = Extremely satisfied)
• Subjective Socio-Economic Status (McLaughlin et al., 2012): Respondents were shown a drawing of a ladder with 10 rungs and told: “Think of this ladder as representing where young people stand in your school, neighborhood, or community. At the top of the ladder are the young people who have the highest standing. At the bottom are those who have the lowest standing. Select the rung that best represents your perception of where you stand financially relative to other young people.” Participants responded by selecting one of the 10 rungs on the ladder.
• Relationship status:
  1. Are you currently in a romantic relationship? (Response options: Yes, No, It’s complicated)
  2. Relationship length (Response option: [text field])
  3. How do you and your partner organize the income that one or both of you receive?Please choose the option that comes closest. (Response options: We keep money completely separate; We pool some and keep some separate; We pool all our money together)
  4. In general, I am satisfied with my relationship (Likert scale with response options from 1 = Strongly disagree to 7 = Strongly agree)
  5. My partner and I talk about money and financial decisions (Likert scale with response options from 1 = Strongly disagree to 7 = Strongly agree)
  6. Usually, my partner and I agree about money and financial decisions (Likert scale with response options from 1 = Strongly disagree to 7 = Strongly agree)

Financial well-being

Financial well-being was assessed with a 5-item scale (CFPB, 2015). Participants were asked, “How well does this statement describe you or your situation?” and provided with the following 5 statements:

• Because of my money situation, I feel like I will never have the things I want in life.
• I am just getting by financially.
• I am concerned that the money I have or will save won’t last.
• I have money left over at the end of the month.
• My finances control my life.

Participants selected a response for each statement from a Likert scale with the following response options: 1 = Completely, 2 = Very well, 3 = Somewhat, 4 = Very little, 5 = Not at all. Cronbach’s alpha was .77.

Financial literacy

Financial literacy was assessed with the “Big Three” (Lusardi & Mitchell, 2008, 2011) literacy questions, as well as 5 additional literacy questions that target more everyday financial literacy. All together, the following 8 questions were included:

1. Suppose you had $100 in a savings account and the interest rate was 2% per year. After 5 years, how much do you think you would have in the account if you left the money to grow? (Response options: More than $102, Exactly $102, Less than $102, Do not know, Refuse to answer)
2. Imagine that the interest rate on your savings account was 1% per year and inflation was 2% per year. After 1 year, how much would you be able to buy with the money in this account? (Response options: More than today; Exactly the same; Less than today; Do not know; Refuse to answer)
3. Please tell me whether this statement is true or false: “Buying a single company’s stock usually provides a safer return than a stock mutual fund.” (Response options: True, False, Do not know, Refuse to answer)
4. How much money would you have to pay in interest if you carry a $500 balance to the next month without paying it off on a 5% interest credit card? (Response options: $5, $10, $25, Do not know, Refuse to answer)
5. How much more money would you have after 1 year if you save $100 in a 2% saving account? (Response options: $1, $2, $10, Do not know, Refuse to answer)
6. Is it better to pay off a loan with 2% interest or save money in a 1% savings account? (Response options: Pay off the loan, Save the money, Do not know, Refuse to answer)
7. When grocery shopping, is it better to buy 2 of the 100 g packages for $5 each or one of the 200 g packages for $12 each? (Response options: 2x 100 g package for $5, 1x 200 g package for $12, Do not know, Refuse to answer)
8. When clothes shopping, is it better to buy the 2 for 1 deal for $15 (that is, you get 2 t-shirts for $15) or use a 25% off coupon on one of the 2 $10 items (that is, you get one $10 t-shirt for full price, and one $10 t-shirt at 25% off)? (Response options: Better to use 2 for 1 deal, Better to use 25% off coupon, Do not know, Refuse to answer)

Questions were coded for correct responses (scores from 0 to 8). As an alternative measure of confidence, responses were also coded for the number of times participants selected “I don’t know” (scores from 0 to 8) with a higher number indicating lower levels of confidence.

Financial literacy – perceived performance

Participants were asked, “How many of the 8 questions about finances you answered on the previous page do you think you got right?” (Response options: 0 – 8)

Financial habits

Financial habits were assessed with a 12-item scale (Dew & Xiao, 2011), where participants indicated how often they engaged in a variety of positive financial habits in the past month. Participants were asked, “Please indicate how often you have engaged in the following activities in the past month:” and provided with the following 12 activities:

• Comparison shopped when purchasing a product or service
• Paid all your bills on time
• Kept a written or electronic record of your monthly expenses
• Stayed within your budget or spending plan
• Paid off credit card balance in full each month
• Maxed out the limit on one or more credit cards
• Made only minimum payments on a loan
• Began or maintained an emergency savings fund
• Saved money from every paycheck
• Saved for a long-term goal such as a car, education, home, etc.
• Contributed money to a retirement account
• Bought bonds, stocks, or mutual funds

Participants selected a response for each statement from a Likert scale with the following response options: 1 = Never, 2 = Seldom, 3 = Sometimes, 4 = Often, 5 = Always. Cronbach’s alpha was .73 at the intake and .74 at the monthly follow-up.

Participants also responded to the following question regarding banking behaviour:

• In the last week, did you contribute to your savings account(s)? (Intake Questionnaire Response options: Yes, No)
• In the past week, did you pay money into your credit card(s)? (Response options: Yes—paid off fully, Yes—paid off some, Paid the interest only, No payments, Not applicable (no balance on the card).

Financial worry

Financial worry was assessed with a 4-item measure (adapted from de Bruijn & Antonides, 2020). Participants were asked, “Next, please tell us about your day-to-day feelings and thoughts about money management”, and provided with the following 4 statements:

• When I think about my finances, it makes me feel sad.
• I have a hard time getting thoughts about my finances out of my head.
• I feel anxious when I think about my finances.
• I often wonder whether I have enough money to make ends meet.

Participants selected a response for each statement from a Likert scale with the following response options: 1 = Completely disagree, 2 = Somewhat disagree, 3 = Neither agree nor disagree, 4 = Somewhat agree, 5 = Completely agree. Higher numbers indicate more negative thoughts about finances. Cronbach’s alpha was .85 at the intake, .85 in the week follow-up, and .85 in the month follow-up.

Financial confidence

Financial confidence was assessed with a 5-item measure. The following 5 questions were included:

1. How would you rate your level of financial knowledge about financial products and services? (Likert scale with response options from 1 = Not at all knowledgeable to 5 = Extremely knowledgeable)
2. How confident are you about your own decisions about financial products and services? (Likert scale with response options from 1 = Not at all confident to 5 = Extremely confident)
3. How would you rate your knowledge of day-to-day money management (e.g., how to track expenses, how to budget)? (Likert scale with response options from 1 = Not at all knowledgeable to 5 = Extremely knowledgeable)
4. How confident do you feel about managing your own money day-to-day? (Likert scale with response options from 1 = Not at all confident to 5 = Extremely confident)
5. I am good at shopping around to get the best financial product such as loans or insurance rates. (Likert scale with response options from 1 = Strongly disagree to 5 = Strongly agree)

For each question, higher numbers corresponded with greater financial confidence. This scale was created based on a variety of confidence assessments in the literature and in consultation with FCAC. It was also pilot-tested. Cronbach’s alpha was .81 at the intake pre-intervention, .84 at the intake post-intervention, .82 in the week follow-up, and 83 in the month follow-up.

Financial intentions

Financial intentions were assessed on 7-point Likert scales, where participants were asked about their intentions to check their savings, chequing, and credit accounts regularly in the next week. The following questions were included:

• In the next week, do you intend to look up the money available in your chequing account? (Likert scale with response options from 1 = It’s very unlikely that I will check my chequing account to 7 = It’s very likely that I will check my chequing account.
• In the next week, do you intend to look up the money available in your savings account(s)? (Likert scale with response options from 1 = It’s very unlikely that I will check my savings account(s) to 7 = It’s very likely that I will check my savings account(s))
• In the next week, do you intend to look up your credit card account (i.e., how much money is owed, how much interest would be incurred?) (Likert scale with response options from 1 = It’s very unlikely that I will check my credit card account to 7 = It’s very likely that I will check my credit card account)
• In the next week, do you intend to make a credit card payment? (Likert scale response options from 1 = It’s very unlikely that I will make a payment to 7 = It’s very likely that I will make a payment)
• In the next week, do you intend to make a budget for your monthly expenses? (Likert scale response options from 1 = It’s very unlikely that I will make a budget to 7 = It’s very likely that I will make a budget)

As a measure of a direct decision to improve their financial behaviour, participants were informed about FCAC’s budget planner with the following question:

• There is a free online budgeting tool that can help you create a customized budget in 3 simple steps. Would you be interested in learning more about this tool to get the link? (Response options: Yes, No)

Financial behaviours in the follow-up surveys

Checking the financial status of accounts: The following questions were included as an index of checking the financial status of their accounts:

• In the last week, did you look up the balance of your chequing account?
• In the last week, did you look up the balance of your savings account(s)?
• In the last week, have you checked your credit card statements (online or on paper)?

Participants selected a response for each statement from a Likert scale with the following response options: 1 = Every day, 2 = Often, 3 = Sometimes, 4 = Occasionally, 5 = Rarely, 6 = Once, 7 = Never. These items were summed into a variable designating account-checking.

Savings behaviour: To assess saving behaviour, participants were asked, “In the last week, did you contribute to a savings account? (Likert scale response options: 1 = No, 2 = A little, 3 = A good amount, 4 = A lot).

Participants were then told the following: “Now we would like you to verify your savings contributions in your banking app or account. In a separate tab (you can click here to open a new browser window or just use another device, whatever is easiest), sign in to your bank account and verify last week’s savings contributions. How much did you contribute to your savings in the last week (i.e., last 7 days)? Please enter as many as apply. If you made fewer contributions than there are boxes, just leave them empty.” Participants were provided with multiple text boxes to enter their contributions. These entries were summed into overall savings contributions over the week.

For the monthly survey, these 2 questions referred to savings contributions made in the last month rather than in the last week. Values were positively skewed and outliers who fell more than 3 standard deviations above the mean were excluded (outliers in weekly survey: n = 9, outliers in monthly survey: n = 9).

Credit Behaviour: To assess credit behaviour, participants were asked, “In the last week, did you pay money into your credit card(s)” (Response options: Not applicable (No balance on the card), Yes—paid of fully, Yes—paid off some, Paid the interest only, No payments).

Participants were then told the following: “Now we would like you to verify your credit card payments and/or interest charges in your banking app or account. In a separate tab (you can click here to open a new browser window or just use another device, whatever is easiest), sign in to your bank account and verify last week’s credit transactions (either money you paid off or interest the bank charged you). How much did you pay off or were charged on your credit cards in the last week (i.e., last 7 days)? Please enter as many as apply. If there were fewer transactions than there are boxes, just leave them empty.”Participants were provided with multiple text boxes to enter their payments, and indicated for each line whether the payment was for interest charged or payments made. These entries were summed into overall payments made over the week.

For the monthly survey, these 2 questions referred to credit payments made in the last month rather than in the last week. Values were positively skewed and outliers who fell more than 3 standard deviations above the mean on payments made were excluded (outliers in weekly survey: n = 12, outliers in monthly survey: n = 24).

Budgeting Behaviour: To assess budgeting behaviour, participants were asked: “In the last week, did you stick to your budget? (Likert scale response options: 1 = Every day, 2 = Often, 3 = Sometimes, 4 = Occasionally, 5 = Rarely, 6 = Once, 7 = Never). For the monthly survey, this question referred to budgeting in the last month rather than in the last week.

Analyses

Separate mixed effects linear models were performed to test for mean differences over time (pre-test, post-test, at one-week and one-month follow-ups, where available) by study condition (4-category variable distinguishing assigned group) on financial confidence, financial worries, and financial habits.

Additionally, ANOVAs by study condition were conducted for each of the self-reported financial behaviours and followed up on with mixed effects linear models to examine trends over time. Analyses tested intervention effects with and without key demographic covariates (age, income, socioeconomic status).