Practitioner tools for navigating financial exchanges with family and friends

Financial educators are particularly aware of the prevalence of these types of financial arrangements – otherwise known as family financial exchanges (FFEs). To support practitioners helping clients through these often sensitive conversations about these arrangements, the Consumer Financial Protection Bureau released the Friends and Family Exchanges Toolkit , a four-part guide for coaching clients in asking for financial help or changing an existing agreement due to their own financial hardship.



Designing a remote financial help service

Amidst the COVID-19 lockdown, community service agencies across Canada have had to rapidly adapt the way they engage and support people in the community. ​ A growing number of Canadians need (or soon will need) support as they deal with the financial strain brought on by an unprecedented global pandemic. ​Community agencies would like to help connect people to support and there is increased interest in how to deliver that support remotely. ​

Over a nine-month period beginning mid 2020, and with funding from Capital One, Prosper Canada worked alongside service design firm Bridgeable and community agencies in Manitoba, British Columbia, and Ontario to study the remote delivery of financial help services in each setting. The research was followed by a period of learning, sharing and data collection reflected in the reports and toolkit published here.



Reports
These slide decks describe the goals and outcomes of this project.
Socialization deck: Supporting the design of a remote financial help service (Bridgeable)

Client Journey maps
These journey maps offer a visual explanation of the process used by the 3 participating community agencies offering one-on-one client support.
Family Services of Greater Vancouver
SEED Winnipeg
Thunder Bay Counselling

Toolkit
This toolkit was developed in collaboration with community partners, and shares tools for coaches and clients in the virtual one-on-one process.
Virtual service delivery tools (Toolkit)

Responding to Client’s “Now, Soon, & Later” Needs

This is a three-part webinar series exploring how practitioners, policymakers, and product developers are supporting the diverse savings needs of LMI households during the ongoing crisis. Solutions that help families save flexibly for short, intermediate, and/or long-term goals that address their current and future needs are discussed.



2019 Financial Coaching Network Bi-Monthly Peer Call Series



OpportuNext (career transition online tool)

OpportuNext from The Conference Board of Canada is a free-to-use career tool created in partnership with the Future Skills Centre. The tool can be used by anyone looking to plan a career path with a similar skillset or for anyone providing employment services.



Investing in Financial Coaching with a Racial Equity Lens

In this moment, it is pivotal for philanthropy to support communities of color in achieving financial well-being. Combined with systems-change efforts that would create fairer economic opportunities and conditions, financial coaching is a vital component of providing needed support. Through background information, case stories, and key investment considerations, this brief focuses on financial coaching with a racial equity lens as an important strategy for helping people of color achieve equitable outcomes.



Real Money, Real Experts Podcasts

Real Money, Real Experts is a personal finance podcast written and produced by AFCPE (Association for Financial Counseling & Planning Education). Their membership community offers a place for financial counsellors and financial fitness coaches to share best practices, solve similar struggles, and access tools and resources.

Recent episodes include the following topics:

  • Economic Self-Sufficiency: How Financial Professionals Support Individuals with Disabilities
  • Empowering Communities after COVID-19
  • Where Race & Gender Intersect: Why the Wealth Gap is Widening and How to Help

 



Achieving financial resilience in the face of financial setbacks

The Asset Funders Network (AFN) developed this primer to inform community-based strategies that can help economically-vulnerable families to better manage financial setbacks, shortfalls, and shocks. The goal of this brief is to provide a common understanding and language for funders and financial capability programs as part of a financial emergency toolkit.



Meeting the Emergency Moment: Key Takeaways from Delivering Remote Municipal Financial Counseling Services

Local governments across the United States are working to help their residents weather the health and financial impacts of the COVID-19 pandemic. In many cities and counties, that means deploying their Financial Empowerment Centers (FECs), which provide professional, one-on-one financial counseling as a public service. Local leaders were able to offer FEC financial counseling as a critical component of their emergency response infrastructure; the fact that this service already existed, and was embedded into the fabric of municipal anti-poverty efforts, meant that it could quickly pivot to meet new COVID-19 needs, including through offering remote financial counseling.

This brief describes how FEC partners identified the right technology; developed skills to deliver counseling remotely; messaged the availability of FEC services as part of their localities’ COVID-19 response; and shared lessons learned with their FEC counterparts around the country.



Building financial capability through financial coaching: A guide for community colleges

This guide was created to be a resource for community college educators, staff, and administrators interested in implementing financial coaching as a way to empower students to build money management skills and make healthy financial decisions. Strategies for integrating financial coaching into a variety of services that can be offered to students in a community college setting are offered. A step-by-step toolkit for implementing financial coaching services, along with recommendations, best practices, and resources is also provided.



Providing one-on-one financial coaching to newcomers: Insights for frontline service providers

One-on-one financial help is a key financial empowerment (FE) intervention that Prosper Canada is working to pilot, scale and integrate into other social services, in collaboration with FE partners across the country. FE is increasingly gaining traction as an effective poverty reduction measure. FE interventions include financial coaching and supports that assist people to build money management skills, access income benefits, tackle debt, learn about safe financial products and services and find ways to save for emergencies.

This report shares insights on providing one-on-one financial coaching to newcomers captured through two financial coaching pilot projects that Prosper Canada conducted in collaboration with several frontline community partners.



Building Sustainable Communities

The Local Initiative Support Corporation (LISC) developed the strategy Building Sustainable Communities to tackle pressing need through an expansive network of Financial Opportunity Centers (FOCs) in dozens of communities nationwide. FOCs help clients find and maintain good jobs, stick to realistic budgets, improve their credit and save for the future. And they are located in the same neighborhoods where LISC is investing in housing and health, reducing crime, strengthening schools and re-energizing commercial corridors.

The research shows a direct relationship between the number and type of services accessed and the FOC clients’ ability to grow their earnings and secure their finances. For instance, those who spent the most time on all three bundled services offered by the FOCs (employment, coaching and public benefits) had the highest job placement rates and the highest job retention rates. 

 



** Managing in tough times: COVID-19 toolkit **

This toolkit contains resources and information which may offer support to organizations, agencies, or frontline staff supporting individuals, during a challenging time. This toolkit was developed in response to the coronavirus COVID-19 pandemic and more resources will be added as they become available. If you have a resource or would like to submit tips to be included in a future addition, please write to: hub@prospercanada.org.

Added on Feb 26, 2021: Answers to your questions about paying back CERB - Canada Revenue Agency
Added on Feb 11, 2021: Tax information for Indigenous peoples - Government of Canada



This section will be updated as more actions are taken in response to COVID-19.

Government of Canada information
(Information on the current situation, health and safety, financial and economical support)
Income tax filing and payment deadlines – Canada Revenue Agency
Free tax clinics go virtual – Canada Revenue Agency
Changes to taxes and benefits – CRA and COVID-19 – Canada Revenue Agency

Canada’s COVID-19 Economic Response Plan – supports available for individuals and businesses – Department of Finance Canada (updated)
Coronavirus disease (COVID-19) – Employment and Social Development Canada (ESDC) –
(Information on EI, Labour Program, Passport Services, Canada Student Loans)
COVID-19: How FCAC is responding – Financial Consumer Agency of Canada (FCAC)
COVID-19: Warning of potential financial fraudsters – Financial Consumer Agency of Canada (FCAC)
COVID-19 student loan adjustments – National Student Loan Centre
Applicants Guide – Social Insurance number (applications now by mail only) – ESDC
Coronavirus disease (COVID-19) – Government of Canada

Service Canada service adjustments
Contact info during COVID-19 – Service Canada
Alternative Service Canada e-services delivery link – Service Canada
Applying for Employment Insurance – Important Notice (English) – Service Canada
Informations importantes pour présenter une demande d’assurance-emploi (Francais) – Service Canada
Service request online form – Service Canada

Non-government Canadian resources
COVID-19: Resources for Workers and Renters – Canadian Centre for Policy Alternatives (CCPA)
COVID-19 – Updates on the Law and Legal Services (Ontario) – Steps to Justice
Canada’s Six Biggest Banks Take Decisive Action to Help Customers Impacted by COVID-19 – Canadian Bankers Association (CBA)
Mental Health and the COVID-19 Pandemic – The Centre for Addiction and Mental Health (CAMH)
Financial help for Canadians affected by COVID-19 – CBC News

COVID19 Resources for Indigenous Peoples – Indigenous Climate Action
Indigenous Community Support Fund – Government of Canada

Resources for non-profits during COVID-19 – Prosper Canada resource collection

Financial Relief Navigator tool (Prosper Canada)

Canada recovery benefits
Answers to your questions about paying back CERB – Canada Revenue Agency
News release: CERB repayments for self-employed individuals – Government of Canada
After CERB: Transitioning to new benefits – Government of Canada
Canada Recovery Benefit (CRB) – Canada Revenue Agency
Canada Recovery Sickness Benefit (CRSB) – Canada Revenue Agency
Canada Recovery Caregiving Benefit (CRCB) – Canada Revenue Agency

Canada Emergency Response Benefit (CERB)
Apply for Canada Emergency Response Benefit (CERB) with CRA – Canada Revenue Agency (CRA)
Canadian Emergency Response Plan (CERB info sheet) – Government of Canada
Canadian Emergency Response Plan – French (CERB info sheet in French) – Government of Canada

What is the CERB? – Prosper Canada
FAQ: Canada Emergency Response Benefit – Prosper Canada (updated June 10th)
CERB: What you need to know about cashing your cheque – FCAC
COVID-19 Benefits (summary, includes Ontario) – CLEO/Steps to Justice
COVID-19 and Income Assistance – CLEO/Steps to Justice

GST/HST credit and Canada Child Benefit
COVID-19 – Increase to the GST/HST amount – Government of Canada
Canada Child Benefit Payment Increase – Government of Canada
Benefits payments for eligible Canadians to extend to Fall 2020 – Government of Canada

Support for students
Support for students and recent graduates – Government of Canada
Canada Emergency Student Benefit (CESB) – Government of Canada

General emergency government benefits information
COVID-19 measures to help Canadians (benefits and credits factsheet) – Government of Canada
COVID 19 measures: Money to help you (child family benefits factsheet) – Government of Canada
COVID 19 measures: Money to help you – French (child family benefits factsheet in French) – Government of Canada
COVID-19 Economic Response Plan (supports for individuals factsheet) – Government of Canada
COVID-19 Economic Response Plan – French (supports for individuals factsheet in French) – Government of Canada
Changes to taxes and benefits: CRA and COVID-19 – Government of Canada
Summary of Financial Benefits Under Canada’s COVID response plan (Multi-language) – Refugee Sponsorship Training Program

Support for organizations and businesses
Canada Emergency Rent Subsidy (CERS) Calculator – CRA
Canada Emergency Wage Subsidy – Your questions asked – Imagine Canada
COVID-19 Emergency Support to Community Organizations (Infographic) – Government of Canada
COVID-19 Aide D’Urgence Aux Organismes Communautaires (infographie) – Government of Canada

Alberta
Financial Supports for People Impacted by COVID-19 – Momentum
3 Tax Filing Changes that Everyone Should Know – Momentum
Alberta’s COVID-19 response – Government of Alberta

British Columbia
BC Emergency Benefit for Workers – Government of British Columbia
Financial Supports in Response to COVID-19 – Government of British Columbia
New emergency fund for parents of children with disabilities – Government of British Columbia
New mental health supports and virtual counselling – CAMH British Columbia
BC Temporary Rental Supplement – BC Housing
Virtual Mental Health Supports During COVID-19 – Government of British Columbia
Staying Safe at Work – WorkSafe BC
BC Crisis Supplement – Government of British Columbia

Manitoba
Province of Manitoba COVID-19 Information and Support – Government of Manitoba

New Brunswick
Quick Reference Guide – Support for New Brunswick Workers and Students – NBjobs.ca, Government of New Brunswick

Newfoundland and Labrador
COVID-19 updates, FAQs, supports – Government of Newfoundland & Labrador
Public Advisory: Information for Income Support Clients Regarding the Canada Emergency Response Benefit – Government of Newfoundland & Labrador

Northwest Territories
COVID-19 information – Health and Social Services NWT
Backgrounder: Wave 2 Economic Relief Measure details – Government of NWT

Nova Scotia
Novel coronavirus – Information and support for Nova Scotians – Government of Nova Scotia
Some social assistance recipients qualify for CERB payments – The Nova Scotia Advocate
EnergyAssist – free energy programs in Nova Scotia
Government of Nova Scotia programs, services and information

Nunavut
COVID-19 – Department of Health Nunavut

Ontario
COVID Help TO (Social Planning TO)
COVID-19: Support for people – Government of Ontario
Increase to Ontario GAINS payments for seniors – Government of Ontario
COVID-19 resources: Information about government programs, income support, housing support, and more – Social Planning Toronto
COVID-19 Resources – Association of Municipalities of Ontario
COVID-19 – Updates on the Law and Legal Services – Steps to Justice
COVID-19 current support for social assistance recipients – Ontario Ministry of Community and Social Services
COVID-19 and Income Assistance – CLEO/Steps to Justice

Prince Edward Island
COVID-19 information, updates, support for business and workers – Government of PEI

Saskatchewan
Support for Businesses and Workers – Government of Saskatchewan

Quebec
COVID-19 – Financial assistance for workers – Government of Quebec
COVID-19 – Tout savoir sur les mesures en place pour les consommateurs – Union des Consommateurs

Yukon
Information about COVID-19 – Yukon.ca
Canada Emergency Response Benefit to be exempted from Yukon Social Assistance – Yukon.ca

All
Overview of Government Responses to COVID-19 – FP Canada
How does COVID-19 relief differ across Canada? – Canada’s National Observer (dated March 30, 2020)
Summary of Property Tax Deferrals in Canada – creditcardGenius
Free virtual investment advice – Kindwealth

Budgeting resources
Five different budgeting methods – Prosper Canada
Cash flow budget template – PDF – Prosper Canada
Cash flow budget template – fillable PDF – Prosper Canada
Simple budget template – PDF – Prosper Canada
Simple budget template – fillable PDF – Prosper Canada
Ten ways to trim expenses – Prosper Canada
Ways to save at the grocery store – Prosper Canada
5 budgeting app ideas – Prosper Canada

COVID vs Personal Budget tool – EBO Ottawa
Managing COVID-19 financial stress – Mental Health Commission
COVID-19 Aid and Recovery Education (CARE) packages – CPA Canada *NEW
COVID-19 Aid and Recovery Education (CARE) packages in French – CPA Canada *NEW

Tracking spending/bills
Expenses tracking sheet – PDF – Prosper Canada
Expenses tracking sheet – fillable PDF – Prosper Canada
Tracking fluctuating expenses – Prosper Canada
Prioritizing Bills tool – Consumer Financial Protection Bureau (CFPB)
Spending tracker tool – CFPB
Cutting expenses tool – CFPB

Online budgeting tools
Budget Planner (free) – Financial Consumer Agency of Canada (FCAC)
Budget Calculator Spreadsheet (downloadable Excel sheet) – MyMoneyCoach.ca
Spending Habits Calculator – GetSmarterAboutMoney.ca

Action planning
Making a debt action plan – Prosper Canada
DWD Worksheet #3: Making a debt action plan – Fillable PDF – Prosper Canada
Know your rights and options (dealing with creditors) – Prosper Canada
Guide for talking to creditors – Prosper Canada
Steps to debt repayment – Prosper Canada
Managing bills and debt during an emergency – Prosper Canada

More resources
Options you can trust to help with your debt – Office of the Superintendent of Bankruptch
Credit Counselling Canada – for 1:1 debt counselling support
Resources to help during COVID-19 – Credit Counselling Society
Debt Help / COVID-19 Resource Centre – Credit Canada
Financial Relief in Canada during the coronavirus pandemic – Credit Counselling Society
COVID-19 Resource Centre; legal and business information – Torkin Manes
Dealing with Debt resources handout – Prosper Canada

Navigating the new normal: Impact on Credit scores (recorded webinar) – Equifax Canada

Coaching during an emergency
Managing during an emergency: Tips for individuals – Prosper Canada
Thrive Even When Life Feels Chaotic and Uncertain – Momentum
Financial coaching at a distance: Tips for practitioners – Prosper Canada
Going virtual with your financial consultations – CFPB

Coaching skills and tools
Coaching skills: Active listening – Prosper Canada
Coaching skills: The art of acknowledgement – Prosper Canada
COACH-ing moments – Prosper Canada
Mind mapping (to support brainstorming) – Prosper Canada
‘Plan, do, review’ action planning template – Prosper Canada

Technology support
Connected Canadians (technology support for seniors)
Youth teaching adults – ABC Literacy

Banking
No-cost and low-cost bank accounts in Canada – FCAC
Account comparison tool – FCAC
What do do if you’re facing financial hardship (Includes bank fees which may be refunded) – FCAC

Frauds and scams
CERB and other COVID-19 scams – Prosper Canada (NEW!)
Escroqueries liées à la PCU et autres fraudes courantes durant la pandémie de COVID-19 – Prospérité Canada (NEW!)

COVID-19 fraud – Canadian Anti-Fraud Centre
COVID-19 specific frauds and scams – CanAge

Virtual asset safety/future planning
Tips to create a plan for your digital assets – CFPB

Resources for supporting seniors
COVID-19 specific frauds and scams – CanAge
COVID-19: Support for Seniors – CARP
COVID-19 Updates – Money Matters: Benefits, Taxes, Banking, Financial Relief, and Scams – The Council of Aging in Ottawa
Increase to Ontario GAINS payments for seniors – Government of Ontario
Changes to GIS and public pensions under COVID-19 – Government of Canada
New Horizons program for seniors – Government of Canada
New supports for seniors announced (May 12) – Prime Minister’s Office

Resources for supporting newcomers
Coronavirus: Financial assistance for newcomers, temporary residents, and refugees – Government of Canada
Summary of Financial Benefits Under Canada’s COVID response plan (Multi-language) – Refugee Sponsorship Training Program
Information for Newcomers – Settlement.org
Ontario Council of Agencies Serving Immigrants (OCASI)

Resources for Indigenous people
Tax information for Indigenous peoples – Government of Canada

Indigenous income tax issues – Government of Canada
Coronavirus (COVID-19) and Indigenous communities – Government of Canada

Resources for people with disabilities
COVID-19 Measures for Persons with Disabilities (DTC info sheet)- Canada Revenue Agency (CRA)
COVID-19 Measures for Persons with Disabilities – French (DTC info sheet in French) – Canada Revenue Agency (CRA)
Disability Tax Credit Tool – Disability Alliance BC
Disability Inclusion Analysis of Government of Canada’s Response to COVID-19 (report and fact sheets) – Live Work Well Research Centre

Homeless Supports – Social Planning TO (Toronto)

Resources: Coronavirus COVID-19 – Canadian Network for the Health and Housing of People Experiencing Homelessness (CHH3)

A Pandemic Response and Recovery Toolkit for Homeless System Leaders in Canada (Canadian Alliance to End Homelessness)
Disaster Recovery Toolkit – Department of Housing and Urban Development, USA (HUD)



Client Engagement and Retention—The Secret Ingredient in Successful Financial Capability Programs

Grantmakers and practitioners recognize the importance of financial security for individuals and families, and many organizations therefore offer financial capability programs aimed at strengthening the financial well-being of the people they serve. But good financial capability programs are often high-touch and costly to provide for program administrators, and time consuming for clients to participate in. To benefit fully from such programs’ offerings, clients must actively participate in the program’s coaching, counseling, or other sessions, and engage in related activities to boost their financial health.

Thus, understanding what drives client engagement is critical to helping programs improve program retention and outcomes, and concurrently, helps funders maximize the value of philanthropic dollars and customers’ time. Grantmakers concerned about best practices for funding effective financial capability efforts must therefore understand the vital role of client retention and the strategies for supporting the nonprofit sector to address this challenge.

The brief explains the importance of client retention and engagement for financial capability program success, describes three key barriers to effective program participation, offers strategies to overcome those barriers, and closes with recommendations for philanthropy.



Creating a Strong Foundation for Change

This guide is designed to be a resource for programs working with low income families to use when anticipating or implementing a new approach, such as coaching, to doing business. It helps you to systematically – and honestly – look at your foundational readiness for change, so that the improvements you want to make will take root and grow in fertile ground. Making time and space to look deeply into your organization can offer the opportunity to reconsider what quality service delivery looks like, help you discover how coaching (or other techniques) could be a tool, and plan efficiently on where it fits best into your existing context.



Financial coaching for newcomers: Promising practices

For many newcomers, living in Canada involves learning about finances and money management in new ways. This can include navigating new financial systems, and learning about tax filing and benefits, as well as day-to-day money management and saving. One-on-one financial coaching programs offer assistance for newcomers seeking to better manage their finances and achieve their goals. 

In this one-hour webinar we’ll hear from two agencies who recently piloted financial coaching programs for newcomers as part of Prosper Canada’s Financial Empowerment for Newcomers project. The speakers are:

Click 'Get it' below to access the video link, and scroll down to access handouts, slides, and video timestamps for this webinar.



Read the presentation slides for this webinar

Access the handouts for this webinar:
Poster presentation: Financial Empowerment for Newcomers project
Infographics: Newcomer settlement stages, money matters, and client personas

Time-stamps for the video recording:
3:11 – Agenda and introductions
5:21 – Audience poll
8:25 – Introduction to Financial Empowerment for Newcomers project (Speaker: Glenna Harris)
11:25 – AXIS financial coaching program (Speaker: Sheri Abbot)
30:05 – North York Community House financial coaching program (Speaker: Noemi Garcia)
45:40 – Q&A

Money Circle toolkit

Financial decisions are influenced by our own personal feelings and attitudes around money, and by the feelings, attitudes, and actions by our family and friends. This CFPB toolkit offers financial education practitioners three tools (Money Choices, Money Styles, and Money Network), each with a brief, interactive exercise, to initiate conversations about the feelings and personal relationships that shape financial choices.



My money in Canada

This online tool will help you learn about the financial system in Canada and how to manage your money. Explore five money modules on banking, income and expenses, money goals and savings, credit, and taxes. 

Clients can do the modules in the order they appear, or just the ones they want to use. The tool is intended to be used with clients and settlement workers together, but can also be used by the client on their own if they are comfortable. 



An Evaluation of Financial Empowerment Centers: Building People’s Financial Stability as a Public Service

This report is a three-year evaluation of the Financial Empowerment Center initiative’s replication in 5 cities (Denver, CO; Lansing, MI; Nashville, TN; Philadelphia, PA and San Antonio, TX). Financial Empowerment Centers (FECs) offer professional, one-on-one financial counseling as a free public service. The evaluation draws on data from 22,000 clients who participated in 57,000 counseling sessions across these first 5 city replication partners, and provides additional evidence of the program’s success. 



Overview: Financial Empowerment Center Counselor Training Standards

This overview summarizes the Financial Empowerment Center (FEC) model’s Counselor Training Standards. The Standards delineate the breadth and depth of the financial content areas, counseling and coaching skills, practice and experiential learning, and socio-economic and cultural context setting necessary to serve the diverse needs and backgrounds of FEC clients. The Standards also include a Code of Ethics that promotes responsible, professional and ethical financial counseling, furthering the profession of one on-one financial counseling.



Financial Coaching Program Design Guide: A Participant-Centred Approach

This comprehensive resource from Prosperity Now supports organizations in developing a participant-centered financial coaching program. Grounded in a field survey, over 100 interviews, expert advice and beta-testing with six new financial coaching programs, the Coaching Guide highlights the strengths and limitations of financial coaching, offers designs tools, showcases promising models and practices, and includes resources from program leaders and financial coaches. 



Financial coaching tools


This toolkit contains tools and worksheets you can use with your financial coaching clients. Each document should be used as a part of the coach-client relationship. 

This include financial coaching tools such as the financial wheel of life and tips for the first meeting, as well as tools and worksheets for goal-setting, budgeting, addressing debt, banking, and tax filing.

 

Prosper Canada curriculum and tools are for intended for community practitioners supporting clients living on low income. These tools are for non-profit use only, and are not to be delivered or distributed for a fee.

Worksheet resources in this toolkit are available as fillable PDFs. Please open with Adobe Acrobat Reader for full functionality.

Latest update
April 1, 2021: Resources to support virtual delivery of financial service programs

July 24, 2020: New resources added to French language section - Urgent c. important, Guide pour parler aux créanciers
July 16, 2020: New resources added to "Program support tools" section - Virtual tools for participant engagement
June 18, 2020: New resource added to 'Debt tools' section - Guide for talking to creditors