Financial Empowerment interventions measurably improve financial outcomes for people living in poverty Interventions OUTCOMES Consumer education and protection.

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Presentation transcript:

Financial Empowerment interventions measurably improve financial outcomes for people living in poverty Interventions OUTCOMES Consumer education and protection Financial information, education and coaching Safe and affordable financial products/services Saving and asset building opportunities Help accessing gov’t benefits and tax credits Financial Empowerment Greater financial capability More income Enhanced financial inclusion More financial security Less financial risk

National Financial Empowerment Champions project launched Jan 2016 to expand FE capacity and delivery We are partnering with 5 nonprofit Financial Empowerment Champion (FEC) organizations across Canada to: Expand delivery of 5 proven financial empowerment interventions to reach at least 175,000 individuals living on low incomes Mobilize new partnerships and resources for financial empowerment Train other organizations to deliver financial empowerment supports Work with large service systems to integrate financial empowerment solutions into their existing programs (e.g. provincial and municipal government services, financial institutions, etc.) or services

Tax and benefit assistance Financial Empowerment Champions project is funded by ESDC to achieve the following outcomes (2016-20) Interventions Target outcomes Achieved to date 140,000 individuals receive financial education 2,000 staff trained to deliver financial education Financial education 5,000 individuals meet one-on-one with a financial coach Financial coaching 13,100 individuals are helped to file their taxes 3,500 benefits applications are submitted 1,000 volunteers assist with tax filing Tax and benefit assistance 400 bank accounts are opened 5,000 individuals set up direct deposit Basic banking support 8,000 RESPs are opened 500 staff are trained on RESP, CLB and CESG Help opening RESPs 16% 73% 274% 292% 151% 101% 35% 18% 15% 85% 175,000 Canadians with low incomes

June 28, 2017 Our national Financial Empowerment Champion (FEC) representatives today Sally Massey-Wiebe (Budgeting) Financial Counsellor/Financial Literacy Coordinator Jose Guerrero (Budgeting) Financial Empowerment Counsellor Lucas Stone (Savings) Financial Empowerment Coordinator Carlen Scheyk (Savings) Financial Empowerment Facilitator Isabelle Thibeault (Consumer protection) Budget Counsellor Prosper Canada | Design workshop