2024 FCAC: Better Financial Future Challenge

Challenge | Jan 12, 2024

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FCAC's 2024 Challenge: Building Better Financial Futures Challenge (Deadline April 30, 2024)

The Financial Consumer Agency of Canada (FCAC) has once again opened the doors to its prestigious "Building Better Financial Futures Challenge" for 2024. This challenge, a beacon of innovation and thought leadership in the financial sector, invites post-secondary students to contribute actionable, evidence-based solutions to financial challenges faced by vulnerable communities. The 2024 edition promises to build on the success of its predecessors, fostering a new wave of ideas and strategies to enhance financial literacy and inclusion across Canada.

Overview

The 2024 Building Better Financial Futures Challenge, hosted by the Financial Consumer Agency of Canada (FCAC), invites post-secondary students to engage in research and develop papers focusing on one of three priorities under the theme “Catalyze Action”. These priorities are:

1. Enhance access to trustworthy and affordable financial help
2. Use behavioural design to simplify financial decisions
3. Strengthen consumer protection measures

Objectives - Participants are expected to

• Examine and synthesize existing research related to their chosen priority.
• Identify an actionable solution that addresses the priority and achieves one of its target outcomes.
• Describe how they would build evidence-based support for their proposed solution, including outlining experimental designs or pilot interventions to test the solution.

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Eligibility and Submission Requirements

• Participants must be registered in a Canadian post-secondary institution (undergraduate or graduate program) at the time of submission.
• Submissions should be 8 to 10 pages long, in English or French.
• Students can participate individually or in teams of two.
• Submissions must conform to ethical standards and Government of Canada publishing requirements.
• The competition opens for submissions on September 1, 2023.  The deadline for paper submissions is April 30, 2024.
• Papers should be submitted via the Research Paper Submission Form provided by FCAC. Email: competition@fcac-acfc.gc.ca

Judging Criteria

• Background research (30%)
• Research findings and proposed solution/testing (60%)
• Other factors like originality, primary research, practical significance, and expected contribution to knowledge (10%)

Opportunities for Winners

• Publication of work on Canada.ca.
• Opportunity to meet with FCAC staff and learn about the governmental publication process.
• Chance to serve as guest speakers and network with financial literacy stakeholders.

See:  FCAC Survey Results: Understanding the Canadian Consumer’s Perspective on Open Banking

This challenge presents a unique opportunity for students to contribute to the field of financial literacy and consumer protection, with the potential for their work to be recognized and utilized by a broader audience.

Reflecting on 2023: A Year of Impactful Ideas

The selected papers from last year's challenge showcased a diverse range of ideas, all aimed at improving financial literacy and preparedness among various demographics in Canada.

Graduate Category Winners

• Top Paper: "Improving Financial Literacy Education for Canadian Youth in Remote Regions" by Stephanie Dean from Thompson Rivers University. This paper highlighted the need for professional development programs for high-school teachers in remote regions, focusing on financial concepts, products, and services.
• Runner-up: "Measuring Financial Literacy to Understand Preparedness for Retirement" by Ekaterina Kalantyrski from the University of Guelph. This insightful paper proposed a retirement-related financial literacy measure to help consumers better prepare for their retirement.

Undergraduate Category Winners

• "Pedagogical Solution to Financial Illiteracy in Canada" by Hannah Muriel Robb Burrows & Floor Nusselder from Queen’s University. This paper proposed a module-based financial application program for high school students, focusing on financial aid and scholarships to improve access to higher education.
• "23% and Counting, But Not ‘One Size Fits All’" by Avneet Bhabra from McGill University. This paper addressed the financial literacy needs of Canada's immigrants, proposing multilingual chatbots on banking websites and a goals-based financial literacy curriculum.

Last year's winners set a high bar for creativity and practicality. Their contributions not only addressed immediate financial challenges but also laid down pathways for long-term improvements in financial well-being and consumer protection.

Conclusion

In conclusion, the Building Better Financial Futures Challenge is not just about finding winners; it's about nurturing ideas that can shape a more financially inclusive and literate society. As we look forward to the innovative submissions of 2024, NCFA Canada remains dedicated to supporting and celebrating the efforts of these bright minds.

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Their contributions are crucial in paving the way towards a financially literate and inclusive Canada, where every individual has the knowledge, skills, and confidence to make responsible financial decisions.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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