Financial Empowerment interventions measurably improve financial outcomes for
Financial Empowerment interventions measurably improve financial outcomes for people living in poverty FINANCIAL EMPOWERMENT INTERVENTIONS OUTCOMES Greater financial capability 1. Financial information, education and coaching 2. Help accessing gov’t benefits and tax credits 3. Safe and affordable financial products/services Enhanced financial inclusion 4. Saving and asset building opportunities More financial security 5. Consumer education and protection Less financial risk More income
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
Financial Empowerment Champions project is funded by ESDC to achieve the following outcomes (2016 -20) Interventions Financial education Financial coaching Tax and benefit assistance Target outcomes Achieved to date • 140, 000 individuals receive financial education • 2, 000 staff trained to deliver financial education 16% 73% • 5, 000 individuals meet one-on-one with a financial 274% • 13, 100 individuals are helped to file their taxes • 3, 500 benefits applications are submitted • 1, 000 volunteers assist with tax filing 292% 151% 101% coach Basic banking support • 400 bank accounts are opened • 5, 000 individuals set up direct deposit 35% 18% Help opening RESPs • 8, 000 RESPs are opened • 500 staff are trained on RESP, CLB and CESG 15% 85% 175, 000 Canadians with low incomes 4
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
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