The Financial Resilience and Financial Well-Being of Canadians with Low Incomes (detailed)

The financial resilience and financial well-being of Canadians with low incomes: Insights and analysis to support the financial empowerment sector detailed report, provides data and insights on the financial impact of the pandemic on Canadians with low incomes and their financial health, resilience and financial well-being in June 2021 compared to June 2018. The report is authored by Seymour Management Consulting Inc., the leading independent authority on financial health in Canada. Data levers the Seymour Financial Resilience Index ™ and five years’ of national longitudinal Financial Well-Being studies data. 

 

The report, commissioned by Prosper Canada and the ABLE Financial Empowerment Network, is relevant for Governments, Financial Institutions, NPOs, organizations and leaders working to help improve the financial well-being of Canadians. It paints a stark picture on the disproportionate impact of the pandemic on low-income Canadians and those who are more financially vulnerable. The Index, with a pre-pandemic baseline of February 2020, is complemented with targeted analysis of June 2021 and June 2018 Financial Well-Being studies. Data also relates to impacts on well-being dimensions and challenges in accessing support from Financial Institutions and NPOs. 

 

Read the summary report, The Financial Resilience and Financial Well-Being of Canadians with Low Incomes (summary)



The Well-Being and Financial Well-Being of Canadians: financially vulnerable households the most challenged

This brief discusses how more financially vulnerable Canadians are most challenged based on the Seymour Financial Resilience Index TM. This E-Brief builds on Statistics Canada Canadians' Well-being in Year One of the COVID-19 Pandemic report and Seymour’s February 2021 Index Release Summary.



2018 White Paper: Financial Wellbeing Remains Challenged in Canada

The study examines consumers’ financial knowledge and confidence levels; financial and money stressors, financial capability aspects and financial management behaviours and practices (across the financial services spectrum). The study also explores external or environmental factors such as income variability and the extent to which Canadians have access to and lever their social capital (i.e. their family and friends who can provide financial advice and/or support in times of hardship).

The study also explores consumer financial product and service usage, debt management and debt stress, access to financial products, services, advice and tools, usage of more predatory financial services (e.g. payday lending) and perceived levels of support by consumers’ primary Financial Institution for their financial wellness. The study also provides benefits of improved support for financial providers improving the financial wellness of their customers – including from a banking share of wallet and brand perspective.