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Initiative Details QUBER App

QUBER is a personal finance app that encourages saving and learning through gamification. They use savings challenges, lotteries, and matched savings programs to nudge people to save more. Working with employers and Financial Institutions, they are able to capture key demographic and vulnerability-related information (e.g., people without emergency funds or those living paycheque-to-paycheque), as well as Strategy-Aligned Measures on the success, and number, of users completing challenges. They track saving amounts, frequencies, retention, fees paid, and confidence levels.

Initiative type

  • App

Demographics collected

  • Age
  • Province/territory of residence

Target population

  • Other

Adopter

Link

Related priorities

This initiative relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 2

Build and provide for diverse needs

  • Target outcome 2.1

Priority 5

Use behavioural design to simplify financial decisions

  • Target outcome 5.2
Related headlines
Headline

Digital nudges can help consumers build savings.

Digital nudges can encourage Canadians to improve their financial habits. Nudges can include sending helpful reminders, providing information at just the right time, or presenting material in a way that is easy to understand.

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: QUBER App
Headline

Fintech apps help some people save.

Many Canadians find building up savings to be challenging. For example, only half of Canadian households have an emergency savings fund that would cover 3 months of expenses. Through sharing data with financial technology or “fintech” providers, Canadians can access digital tools that can help encourage positive financial behaviours.

Source: FCAC Monthly Financial Well-being Monitor

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: QUBER App
Headline

Investing, retirement, and budgeting are top-of-mind for financial advice.

Fewer than half of Canadians consider themselves to be financially knowledgeable. Canadians may be more interested in learning about financial topics related to managing their monthly expenses or planning for the future compared to topics related to specific financial products like insurance.

Source: FCAC Monthly Financial Well-being Monitor

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: QUBER App
Headline

Saving habits can help reduce money stress in the workplace.

Stress about finances can affect workplace productivity. Developing good saving habits can alleviate financial worries, leading to a more focused and productive work environment.

The analysis is based on research and the findings supplied by the adopters of the National Financial Literacy Strategy Measurement Plan. The related findings can be found at the bottom of this page.

Source: QUBER App
Related findings
Finding

65% of QUBER users accepted and successfully completed a saving challenge, and of those, 80% continued with other saving goals.

Initiative: QUBER App

Adopter: QUBER
Finding

80% of QUBER users accepted a saving challenge, and of those, more than 80% successfully completed the challenge.

Initiative: QUBER App

Adopter: QUBER
Finding

Among 230 users of QUBER, a personal finance app with behavioural insights, most of them feel confident that they could reach their short-term saving goals.

Initiative: QUBER App

Adopter: QUBER
Finding

If provided with an opportunity to speak to a financial advisor about one topic, Canadians ranked investing first, followed by retirement and budgeting.

Initiative: QUBER App

Adopter: QUBER
Finding

More than 60% of QUBER users took action to save money based on a behavioural nudge in the app.

Initiative: QUBER App

Adopter: QUBER
Finding

The longer users have been saving with QUBER, the lower the chance they report reduced productivity at work due to money stress.

Initiative: QUBER App

Adopter: QUBER
Finding

Users of QUBER, a personal finance app with behavioural insights, build an emergency fund of $1,000 or more in 2 years, on average.

Initiative: QUBER App

Adopter: QUBER
Finding

Users of QUBER, a personal finance app with behavioural insights, save between $100 to $200 per month, on average.

Initiative: QUBER App

Adopter: QUBER
Related measures
Use the Opens in new tabMeasures Library to search for Strategy-Aligned Measures (SAMs) that help stakeholders in the financial ecosystem track progress toward achieving the National Strategy’s target outcomes.

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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