1. Sandra Leone Laurel Daman
Good Ways to Support Financial Literacy
Sandra Leone Laurel Daman

2. Vision SEED envisions a world where opportunities exist for all people and communities to realize their hopes. Mission To build strong communities and increase opportunities for people through financial empowerment programs and services.

3. Newcomers Financial Realities
Objectives:
Share experiences of newcomers financial realities.
Outcomes:
For you
For us
What financial related issued do you see in your daily work with newcomer
To learn about SEED’s financial literacy tools and how our work is informed
To get more insight of what is needed for 2 workshops we are currently designing

4. Brainstorming
What financial barriers/issues are newcomers facing when they first arrive in Canada ?
10 minutes

5. Newcomers financial barriers at arrival
Transportation Loan
Unnecessary bank fees
No understanding how to build credit or what credit is
No understanding the consequences of not paying back a loan
Low level of English
No understanding how the Canadian banking system works
Not used to record a budget
Recognition Counts
Consumer driven society encourages over usage of debt
Over optimism about credential recognition timeline
High expectation of career advance in minimum wage jobs
Over buying cars/houses while on a precarious employment (low wage, 2-3 jobs, casual, part-time, etc)
Not understanding concept of bankruptcy

6. Why are there people living in poverty in our community?

7. Why are there people living in poverty in our community?
Systemic Issues vs. Personal Failings

8. A Behavioral Economics Lens
A surprising and intriguing examination of how scarcity—and our flawed responses to it—shapes our lives, our society, and our culture
Why do successful people get things done at the last minute?
Why does poverty persist?
Why do organizations get stuck firefighting?
Why do the lonely find it hard to make friends?
These questions seem unconnected, yet Sendhil Mullainathan and Eldar Shafir show that they are all examples of a mind-set produced by scarcity.

9. Implications of Scarcity
Tunneling
Bandwidth
Brainpower that would otherwise go to less pressing concerns, planning ahead and problem- solving
Extreme or detailed focus managing scarcity while forgetting other aspects of life

10. Implications of Scarcity
Temptations & Indulgencies
Borrowing
Always borrowing time or money while on a limited schedule or budget
Constantly resisting temptations – hard to resist small indulgencies
Juggling
Only able to deal with the symptoms of the same reoccurring problems

11. Implications for Program Design
Be Skeptical of Simple Solutions x
Are program impact claims “too good to be true”?

12. Scarcity informed program development
Advice (failed to reach priority groups, credit building component)
Is the wisdom of community members with lived experience shaping program design and development?
Are staff members representative of the community they serve? Do they have lived experience?
Building on Strength (knowledge of resources, communities of support)
Does the program build on the strengths and assets of program participants?
Is the organizational culture non-judgmental and respectful

13. Scarcity informed program development
Program Supports (snacks, bus tickets)
Does the program provide supports to enhance accessibility for individuals with barriers to social and economic inclusion ?
Partnerships
Does the organization “play well” with others?
Is the program being adapted for different demographic groups?

14. Scarcity informed program development
Success: partial picture
Is the program committed to continuous improvement?
Is the organization committed to working with community members who are facing barriers?
Does the organization measure qualitative and quantities outcomes?
Does the organization strive to redirect resources to areas of greatest impact?

15. Continuum of Complimentary Programs
Tax Filing & Access to Benefits
Saving Circle
Recognition Counts
ID Fund
BEST
IDA
RESPs/CLB
HBIDA

16. RESP – Research and Education Project
Developed public legal education materials to support low-income RESP subscribers in understanding and making informed decisions about their RESP investments
Studied the regulation of group plan RESPs and the experiences of low-income subscribers.

17. Manage your Money Workshops
SEED offers money management workshops where participants
share what they know,
gain new knowledge and
take home practical tools to manage their money.

18. Thank you!