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.



Money Mentors – Savings & Debt Resources

Collection of money management resources, including how create effective budgets, realistic spending plans, deal with your debts, save more money, build a stronger credit rating, and prepare for retirement.



State of Fair Banking in Canada 2020: Borrower and Lender Perspectives

The DUCA Impact Lab defines fair banking as any financial product or service that lives up to the following set of principles:

  • Pricing is clear, transparent, and well understood
  • Pricing is representative of the cost of funds, cost of administration and risk, rather than what the market will bear
  • It is clear to all parties how any personal data is being used by the lender
  • Personal data is only used for purposes agreed to by both the borrower and lender
  • The terms and conditions, including penalties and the rights of each party are clearly explained and well understood by both lender and borrower
  • Products are only recommended that will bring the borrower closer to their expressed goals
  • The borrower is clear on what the institution will do (and not do), with deposits to earn a return
  • The assessment of risk is objective, transparent and not prejudicial
  • Financial institution recommendations are not biased towards in-house product recommendations
  • Products empower consumers when they need access to financial services, not just when they do not

Their Fair Banking 2020 report presents data on the following areas:

  • Debt load and its impact on Canadians
  • Financial confidence
  • Divide between borrowers and lenders
  • How financial products are priced
  • Poor credit and ability to access to financial product and services
  • Demographic snapshot: People of colour and Indigenous Canadians

 



Financial Life Stages of Older Canadians

This study, commissioned by the Ontario Securities Commission (OSC) and conducted by the Brondesbury Group, provides some insights on the knowledge that older Canadians have about the financial realities of retirement and how they would apply that knowledge earlier in life if they are able to do so. The top financial concerns and main financial risks of older Canadians are identified for each life stage and how they are being managed are discussed.



Encouraging Retirement Planning through Behavioural Insights

This research report identifies behaviourally informed ways that government, regulators, employers, and financial institutions can encourage retirement planning.

Thirty different initiatives and tactics that could be implemented by a variety of stakeholders to encourage retirement planning are proposed, and interventions are organized around four primary challenges people face in moving from having the intention to create a retirement plan to the action of making a plan: (1) it’s hard to start, (2) it’s easy to put off, (3) it’s easy to get overwhelmed and drop out, and (4) it’s hard to get the right advice.

 

The report also includes the results of a randomized experiment that evaluated several of the approaches proposed in the report. This report was published as part of the Ontario Securities Commission’s strategy and action plan to respond to the needs and priorities of Ontario seniors.



G20/OECD INFE Core Competencies Framework on financial literacy for Adults (aged 18+)

This document describes the types of knowledge that adults aged 18 or over could benefit from, what they should be capable of doing and the behaviours that may help them to achieve financial well-being, as well as the attitudes and confidence that will support this process. It can be used to inform the development of a national strategy on financial education, improve programme design, identify gaps in provision, and create assessment, measurement and evaluation tools.



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.



Majoring in Debt: Why Student Loan Debt is Growing the Racial Wealth Gap and How Philanthropy Can Help

More than 44 million people in America have taken on student debt to pursue a post-secondary education. These borrowers collectively owe around $1.6 trillion in student loan debt. Borrowers exist in every community, but some are particularly vulnerable to its impact.  Women hold two-thirds of all outstanding student debt and Black and Latinx borrowers disproportionately struggle with repayment.

This webinar discussed the disparate impact of student loan debt on black and Latinx students and the following topics:

  • the state of student debt across the country,
  • the disparate impact debt has on low-income borrowers and borrowers of color, and
  • tangible, targeted philanthropic solutions aimed at alleviating the balances of borrowers with $10,000 in outstanding loans or less