Theme 1: Applied financial literacy

According to a key finding in the Research report on a new Applied Financial Literacy Index (pdf - 2 MB)This link will open in a new windowUpdated on 21 February 2023, consumers’ first experiences in purchasing any financial product are related to key moments facilitating the acquisition of competencies and the development of financial literacy. The report also reveals that the experiences with the greatest learning potential are related to the actions taken to obtain a mortgage or new investment products. In other words, financial literacy does not seem to be developed through reading alone; it is largely acquired through doing.

Applied financial literacy takes on its full meaning in an environment where consumers are increasingly self-directed in the consumption of financial products and services. It provides an opportunity to innovate and further improve the effectiveness of initiatives to educate and protect consumers, particularly given the development of Internet offerings, the evolution of transaction platforms and gamification-based incentives, and the growing influence of certain actors who are using social media to get their messages out.

In light of these findings, the AMF is soliciting proposals for projects that will ultimately support the organization in developing and disseminating tools or programs to enhance the financial literacy of Quebeckers, specifically in their actions to acquire new financial products. These tools and programs must apply to dimensions most tangible and immediately useful for consumers so that experimentation approximates learned concepts.

Theme 2: Digital transformation

The second theme of this call for projects relates to the discussions contained in the issues paper Insights into the risks and benefits of digital financial services for consumers (2022) This link will open in a new window. This document provides a detailed picture of the main issues associated with the digital transformation in financial services. Considering some of these issues, the AMF is proposing a second theme covering four topics of interest to the scientific community and organizations eligible to submit a preliminary proposal under the Program:

• Enhance financial consumers’ financial and digital literacy using innovative tools and programs
• Use technological tools and digital engagement practices to foster sound financial behaviours
• Promote the development of consumer knowledge of cryptoassets and decentralized finance (DeFi)
• Develop and implement a digital transformation data strategy for the financial sector. Data will be collected to support:
  • the development of consumer protection policies and standards and financial and digital education programs
  • behavioural and other related research
  • responsible innovation in digital financial services

The following are eligible to apply: educational institutions (including research chairs), foundations, professional orders, cooperatives, non-profit organizations, business corporations, partnerships and groups consisting of several such entities. Applicants must be duly constituted and have been established in Québec for at least one year.

The following are not eligible to apply: provincial and federal government departments and bodies, municipalities and municipal bodies, and anyone authorized by the AMF to practise in one or more sectors regulated by the AMF or related to anyone authorized by the AMF to practise in one or more sectors regulated by the AMF.

Applicants and individuals related to the projects must not have had a sanction imposed on them for a failure to comply with a law administered by the AMF or have been found guilty or been convicted of a criminal offence.

The AMF will assess the following elements, in particular, when selecting the projects that will receive support under the program:

• The project is aligned with one of the themes referred to in the call for projects and the findings identified in the reference documents
• It is demonstrated that the project tangibly contributes to the AMF’s work related to its mission and stated priorities.
• It is demonstrated that the project does not duplicate or continue an existing project
• The project is innovative and the proposed approach to achieving the set objectives and meaningful and tangible results is thorough
• There is potential for cooperation, coordination or the sharing of expertise that could enhance the project’s benefits
• It is demonstrated that the project coordinators have experience and competence in the field
• The project has tangible benefits for consumers and users of financial products and services
• The amount applied for and budget are realistic and reasonable (only direct expenses deemed essential to the project are eligible; those related to the organization’s usual activities will not be accepted)

The AMF will pay particular attention to proposals that address issues related to the above two themes that are specific to Québec’s Indigenous communities, diverse groups, and people with disabilities.

The maximum duration for any project is 24 months.