The Financial Consumer Agency of Canada (FCAC) published a final research report on two brief, behavioural science-informed online interventions aimed at improving the financial confidence, knowledge and financial behaviours of young women aged 16–25. In a randomized study, both a storytelling-based “Recall & Share” activity and a “Find & Explain” plain-language definition exercise increased participants’ reported financial confidence versus a control group immediately after completion and one week later, with the combined intervention showing a smaller continuing effect at one month. The study recruited 1,119 women across Canada (June–December 2023) and found participants were underconfident in their financial literacy, underestimating how many questions they answered correctly by 23.5% (average actual score 7.22 out of 8 versus perceived 5.33). Post-intervention financial confidence was about 6% higher on average than the control group (Recall & Share +6.2%, Find & Explain +5.5%, both interventions +7.5%), and remained higher one week later (advantages of +3.6%, +3.0% and +5.1% respectively); at one month, only the combined intervention remained significantly higher than the control group and the report cautioned the effect was modest. Across all groups, confidence increased over time (8.4% higher at one month versus baseline), financial worries fell by 4% (with a stronger reduction among those of lower socioeconomic status), and positive financial habits rose by 1.5%, suggesting that participation and prompted reflection may itself drive improvements. FCAC also set out recommendations for advancing young women’s financial confidence, including normalizing conversations about money, starting early and reinforcing education over time (including potential “booster” exposures), and tailoring interventions to diverse sub-populations; it noted the volunteer sample was not representative of the broader population.
Financial Consumer Agency of Canada 2025-03-21
Financial Consumer Agency of Canada final report finds five-minute online interventions increased young women’s financial confidence by around 6%
The Financial Consumer Agency of Canada published a report on two online interventions to boost financial confidence and knowledge among young women aged 16–25. Both interventions increased financial confidence immediately and one week after completion, with a smaller effect persisting at one month for the combined intervention. Recommendations include normalizing financial discussions, starting education early, and tailoring interventions to diverse groups.