Financially Vulnerable Fight to Rebuild Financial Health

Posted on June 1, 2023
By the Tamarack Institute

Photo of overdue billA new report from Prosper Canada shows low-income Canadians are struggling financially but don’t have the help they need to recover.

While we often look at financial help services in relation to the needs and preferences of the average middle- or higher-income consumer and applicable regulatory and oversight mandates, we consider them less often from the perspectives of low-income and vulnerable consumers and their financial contexts and needs. In this project, Prosper Canada has attempted to identify gaps in access to affordable, appropriate and trustworthy financial help for people with low incomes specifically.

Read the Report Here

 

To this end, Prosper Canada has produced a report that:

  • Defined their priority financial help needs 
  • Identified barriers that typically impact their access to services 
  • Identified relevant services that are currently available in the market 
  • Assessed how accessible, affordable, appropriate and trustworthy these services are for people with low incomes
  • Assessed where there are financial help gaps for this population.

Prosper-Canada-report-coverThe report, Missing for those who need it most: Canada’s financial help gap, shows that affordable, appropriate and trustworthy financial help for people with low incomes is a critical but missing piece in Canada’s financial services landscape. People with low incomes are unlikely to find help when they need it to plan financially, develop and adhere to a budget, set and pursue saving goals, file their taxes outside of tax season, and access income benefits.

“Why Change is needed: This financial help gap has taken on new urgency in the context of the COVID-19 pandemic and ensuing inflation and interest rate increases that have made life increasingly unaffordable for many Canadians.” – Prosper Canada

 

Sources

Full Report: Missing for those who need it most: Canada’s financial help gap - Financial Help Project Report (prospercanada.org)

Executive Summary: GetFile.aspx (prospercanada.org)


Topics:
Poverty Reduction, Finances, CRP Blogs, Homepage Blog, Communities Ending Poverty


the Tamarack Institute

By the Tamarack Institute

The Tamarack Institute is a connected force of more than 40,000 engaged practitioners and policymakers who work collaboratively to advance positive community change. Learn more here

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