Financial Well-being Theoretical Model

Funding opportunity

Researchers from relevant fields are invited to submit proposals to develop a theoretical model of financial well-being, identify the factors that affect it, and the extent to which financial well-being influences overall well-being within the Veteran population. The funding opportunity also involves the proposal of definitions for financial well-being, financial security, financial resilience and financial stability in the context of this population.

Anticipated timeline and budget

Background

A Veteran’s Well-being construct and model has been developed by Veterans Affairs Canada (VAC) to support policy and program development and guide future research. The model is a composite of seven domains representing key areas of life: employment or other meaningful activity; finances; health; life skills and preparedness; social integration; housing and physical environment; and cultural and social environment.

The Veteran Well-being ModelThompson et al. (2016). A Well-Being Construct for Veterans’ Policy, Programming and Research. Retrieved from Thompson 2016 Well-Being Tech Report.pdf (cimvhr.ca) creates a framework within which to plan Departmental activities toward Departmental Results. The Departmental Result to which the finances domain contributes is that Veterans and their families are financially secure. At this time VAC is undertaking development of performance measures of its income replacement program and is seeking evidence-based indicators of financial well-being. This work will help support the development of a performance management framework focused on financial well-being.

There has been a recent increase in research relating to financial well-being and numerous models to test relationships between related factors. Numerous elements have been linked to financial well-being, but further study and data are needed to fully comprehend these interactions and effects on an individual’s circumstances.

There are multiple terms used interchangeably in relation to financial well-being in the research. Therefore, definitions of financial well-being, financial security, financial resilience, and financial stability as they relate to the Veteran community are being sought to provide context and clarity.

Research objectives

This funding opportunity is seeking submissions to construct a theoretical framework for assessing financial well-being within the Veteran community in Canada and to identify and test the variables influencing it. A review of the academic literature and public documents regarding financial well-being frameworks, strengths and challenges of those existing frameworks, and tools available to augment financial well-being will be required.

To support their research, applicants may apply for access to a variety of survey data on Canadian Veterans and their families through the Research Data Centre (RDC).

Note: All associated RDC access fees should be clearly itemized and included in the proposed budget submission.

Deliverables

• Literature review of current research and models of Financial Well-being domestically and internationally.
• Comparative analysis of existing models.
• Proposed definitions of financial well-being, financial security, financial resilience and financial stability.
• A proposed theoretical framework of Financial Well-being.
• Statistical analysis of strengths of relationships and regression modelling between factors contributing to financial well-being for Canada’s Veterans.
• Gender-based analysis plus considerations.
• Bibliography of documents used to produce the final report.
• Virtual presentation of findings to project sponsor (may take place after the project end date).

Applicant qualifications and requirements

• Proposals must be led by a senior investigator with a PhD in a relevant field.
• Research ethics board approval from an accredited academic institution in Canada will be required prior to funding being issued.

Application deadline

Please download and submit the Research Funding Application form by 9 January 2026 at 11:59 PM (PST).

Enquiries

Questions about this funding opportunity can be sent to the VAC Research office.