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Financial Literacy and Personal Finance: An overview




https://learninghub.prospercanada.org/wp-content/uploads/2023/07/finlit-and-personal-finance.png 152 225 Shermeen Beg https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Shermeen Beg2023-07-21 15:53:082023-07-21 16:02:25Financial Literacy and Personal Finance: An overview

The Role of Credit Unions in Providing Alternatives to Payday Lending

High levels of household indebtedness in Canada has been a concern for policymakers at all levels of government over the past decade. As the economic costs of COVID-19 grow, household indebtedness becomes a faster growing and increasingly more serious concern.
 
While responsive government policy, such as the federal government’s Canadian Emergency Response Benefit (CERB), has curbed some short-term impacts on indebtedness, the program was developed to fill a temporary gap. The most vulnerable households are low-income households with limited access to credit, who frequently turn to high cost payday lending for financial relief. While regulations on the payday lending industry have increased substantially, low-income Canadian households remain left with few, if any, practical alternatives.
 
The low-income households in greatest need of alternatives are the financially excluded, specifically the underbanked and the unbanked.
 
At the same time, it is important to recognize that not all payday loan clients are in low-income households. A 2016 report by the Financial Consumer Agency of Canada states that close to 40% of payday loan borrowers have household income of $55,000 or greater and 20% having income of $80,000 or greater.
 
Thus, payday loan borrowers are not a homogeneous group.
 
Some Canadian credit unions have developed payday loan alternatives for the financially excluded, however, these more reasonably priced loans are only accessed by a very small portion of would-be payday loan clients.
 
The objective of this research is to review the alternative payday loan products currently offered by Canadian credit unions, to identify the barriers to offering more payday loan alternatives, and to make recommendations to expand the offerings.



https://learninghub.prospercanada.org/wp-content/uploads/2021/12/CCUA.png 152 225 Shermeen Beg https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Shermeen Beg2021-12-16 14:35:152021-12-16 14:36:05The Role of Credit Unions in Providing Alternatives to Payday Lending

Emerging Technology for All: Conversational AI’s Pivotal Role

This infographic is a preview of Commonwealth's research survey of 1290 lower-and moderate-income people to understand their perceptions, needs, and uses of conversational AI. 

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 Glenna Harris https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Glenna Harris2021-05-20 17:53:472021-05-20 17:53:47Emerging Technology for All: Conversational AI’s Pivotal Role

Credit Characteristics, Credit Engagement Tools, and Financial Well-Being

This report presents results from a joint research study between the Consumer Financial Protection Bureau (CFPB) and Credit Karma. The purpose of the study is to examine how consumers’ subjective financial well-being relates to objective measures of consumers’ financial health, specifically, consumers’ credit report characteristics. The study also seeks to relate consumers’ subjective financial well-being to consumers’ engagement with financial information through educational tools.



https://learninghub.prospercanada.org/wp-content/uploads/2019/04/CFPB.png 150 225 Carrie Wong https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Carrie Wong2020-09-01 18:15:292020-09-01 18:15:29Credit Characteristics, Credit Engagement Tools, and Financial Well-Being

Supporting Financial Health Fintechs in Canada: Trends, Challenges, and Opportunities

https://learninghub.prospercanada.org/wp-content/uploads/2020/06/Screen-Shot-2020-06-04-at-11.43.50-AM.png 152 224 Glenna Harris https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Glenna Harris2020-06-04 11:48:552024-10-28 16:02:50Supporting Financial Health Fintechs in Canada: Trends, Challenges, and Opportunities

Policy and research symposium: Income volatility

Resources

Talking to our neighbours: America’s household balance sheets

Household Financial Stability and Income Volatility, Ray Boshara, Federal Reserve Bank of St. Louis
Income volatility: What banking data can tell us, if we ask, Fiona Greig, JP Morgan Chase Institute
Up Close and Personal: Findings from the U.S. Financial Diaries, Rob Levy, CFSI

The good, the bad, and the ugly: Canada’s household balance sheets

Canada’s household balance sheets, Andrew Heisz, Statistics Canada

Income volatility and its effects in Canada: What do we know?

Pervasive and Profound: The impact of income volatility on Canadians, Derek Burleton, TD Economics
Income and Expense Volatility Survey Results, Patrick Ens, Capital One
Neighbourhood Financial Health Index: Making the Invisible Visible, Katherine Scott, Canadian Council on Social Development

What gets inspected, gets respected: Do we have the data we need to tackle household financial instability?

Do we have the data we need to tackle household financial instability?, Catherine Van Rompaey, Statistics Canada

Emerging solutions

Income volatility: Strategies for helping families reduce or manage it, David S. Mitchell, Aspen Intitute
Building consumer financial health: The role of financial institutions and FinTech, Rob Levy, CFSI
Redesigning Social Policy for the 21st Century, Sunil Johal, Mowat Centre
Strengthening retirement security for low- and moderate-income workers, Johnathan Weisstub, Common Wealth

https://learninghub.prospercanada.org/wp-content/uploads/2019/03/Conferences_Tote_Green_ART.jpg 148 225 Glenna Harris https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Glenna Harris2019-03-11 17:06:232023-08-03 04:49:15Policy and research symposium: Income volatility

Building consumer financial health: The role of financial institutions and FinTech

In this video presentation Rob Levy from the Center for Financial Services Innovation (CFSI) examines the role of financial institutions in building consumer financial health. 

This presentation was given at the Prosper Canada Policy Research Symposium on March 9, 2018.

Read the slide deck that accompanies this presentation.

Pour lire les diapositives de la présentation, cliquez ici.

View the full video playlist of all presentations from this symposium.



https://learninghub.prospercanada.org/wp-content/uploads/2018/07/Levy2.png 148 225 Glenna Harris https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Glenna Harris2018-07-03 14:59:122019-10-17 14:53:38Building consumer financial health: The role of financial institutions and FinTech

Using Design to Deepen Relationships in the Financial Sector


This publication reveals the outcomes of Bridgable's work with a federal credit union, cutting through their overwhelming number of offerings to better engage with their low-income members. It also discusses why agility is a better bet than digitization when it comes to our changing financial ecosystem. Finally, it will break down their approach to one of the most popular design methods today, the design sprint, and how it can produce results while also lowering risk. Note: This link will allow you to download the document from the Bridgeable website. 




https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 Jenni Bolton https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png Jenni Bolton2018-05-17 13:00:392018-05-17 13:00:39Using Design to Deepen Relationships in the Financial Sector

How FinTech for Good Can Create Financial Health

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 John Smith https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png John Smith2017-11-29 09:30:322018-01-22 16:18:38How FinTech for Good Can Create Financial Health

Where have all our nest eggs gone?

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 John Smith https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png John Smith2017-11-29 09:30:212018-01-28 11:40:05Where have all our nest eggs gone?

Competing on Financial Health: How Credit Unions Can Win the Gen Y Market

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 John Smith https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png John Smith2017-11-29 09:28:472018-02-15 17:17:19Competing on Financial Health: How Credit Unions Can Win the Gen Y Market

Designing for Financial Health: Stories and profiles from the Financial Capability Innovation Funds

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 John Smith https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png John Smith2017-11-29 09:28:392018-02-15 17:09:09Designing for Financial Health: Stories and profiles from the Financial Capability Innovation Funds

Aligning for Impact: Innovation in Short-term Lending Products

https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png 0 0 John Smith https://learninghub.prospercanada.org/wp-content/uploads/2018/01/Prosper_Canada_Hub_weblogo.png John Smith2017-11-29 09:28:392018-01-10 14:00:32Aligning for Impact: Innovation in Short-term Lending Products
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