Savings are one of the strongest predictors of household financial resilience and well-being, yet Canadian households struggle to save due to an array of economic, behavioural and institutional factors. The Financial Consumer Agency of Canada (FCAC) created the National Financial Literacy Strategy 2021-2026, Make Change that Counts (the National Strategy) to help motivate stakeholders in the financial ecosystem to use and measure the impact of initiatives that can help lead to greater financial resilience for Canadians. The National Strategy’s framework identifies 6 “Ecosystem Priorities” that stakeholders can use to reduce barriers and encourage actions to help consumers achieve positive financial outcomes. The intervention outlined in this study is aligned with 3 of the National Strategy’s priorities and is aimed at improving consumers' saving behaviour by leveraging the timeliness and reach of the tax filing process.

Read more about the pilot study and the key findings.