Advancing equity: the power and promise of credit building

Credit is an essential ingredient for economic security and mobility. Without a high credit score and affordable, available capital, it is nearly impossible to get by financially, let alone get ahead. Our economic system, and the American Dream it is supposed to feed, is based on the belief that anyone has access to credit and can build economic security, wealth, and intergenerational transfer.

This brief will analyze what is not working within our credit system and identify what philanthropy can do to reimagine a system that builds economic security and mobility for everyone, especially people of color and immigrants. An equitable credit system would create pathways to narrow the racial wealth gap instead of continuing to widen it. Solutions include nonprofit organizations and community
development financial institutions (CDFIs) delivering financial products that are designed for the people who have been most excluded from the credit system, seeding their journey toward economic security, as well as systemic changes to make economic security and mobility more fairly attainable.

A webinar is also available and you can view the webinar slides here

 



Hunger, Poverty, and Health Disparities During COVID-19 and the Federal Nutrition Programs’ Role in an Equitable Recovery

The health and economic crises brought on by the coronavirus 2019 (COVID-19) pandemic has made the federal nutrition programs more important than ever. An unacceptably high number of people in America do not have enough to eat, and it is likely that the economic recovery for families who struggle to put food on the table will take years.


Recovery will be particularly challenging for those groups that have suffered disproportionate harm from COVID-19. Inequities, also referred to as disparities, “adversely affect groups of people who have systematically experienced greater obstacles […] based on their racial or ethnic group; religion; socioeconomic status; gender; age; mental health; cognitive, sensory, or physical disability; sexual orientation or gender identity; geographic location; or other characteristics historically linked to discrimination or exclusion.”



15 percent of Canadians are ‘underbanked’ — here’s what that means and why it’s a barrier to equitable recovery

Research shows that 15 percent, or close to five million Canadians, are underbanked, and three percent are completely unbanked, meaning that they have very limited or no access to financial services within the traditional banking sector. 

Ironically, underbanked individuals often come from low-moderate income backgrounds which put them at a higher need for accessible financial services. However, factors like low credit scores, high credit card fees, and non-sufficient fund fees are major barriers that shut Canadians out from banks.

Instances of explicit racism while banking, which include being handcuffed when trying to open a bank account, have further diminished the trust in banks for many Black, Indigenous and people of colour.  



Children’s savings accounts: a core part of the equity agenda

Education after high school, or postsecondary education (PSE), is an important determinant of individuals’ future opportunities, as well as their health and even lifespan. Children’s Savings Accounts (CSAs) are programs that aim to increase access to PSE by building parents’ and children’s educational expectations and a “college-bound identity” starting early in children’s lives. CSAs are a vital part of the equity agenda that remain critically important even as other strategies are put in place to broaden postsecondary access.

CSAs programs provide children with savings accounts and financial deposits for the purpose of education after high school or other asset building. CSA program designs, enrollment procedures, and financial incentives vary widely across the U.S. CSAs have been flourishing at the local, city, and state levels over the past two decades.

CSAs’ unique value comes down to programs’ financial investment in children coupled with their capacity to bring children and families into frequent contact with information about planning for PSE, savings, and high expectations for the future.

 

 



Labour Force Survey, April 2021

April Labour Force Survey (LFS) data reflect labour market conditions during the week of April 11 to 17.



San’yas Indigenous Cultural Safety Training

Cultural safety is about fostering a climate where the unique history of Indigenous peoples is recognized and respected in order to provide appropriate care and services in an equitable and safe way, without discrimination.

This website includes information about the San’yas: Indigenous Cultural Safety Training Program delivered by the Provincial Health Services Authority of British Columbia.



The Cost of Poverty in the Atlantic Provinces

This report costs poverty based on three broad measurable components: opportunity costs, remedial costs and intergenerational costs. The authors state that these costs could potentially be reallocated, and benefits could potentially be realized if all poverty were eliminated. The total cost of poverty in the Atlantic region ranges from $2 billion per year in Nova Scotia to $273 million in Prince Edward Island. It is close to a billion in Newfoundland and Labrador, $959 million, and $1.4 billion in New Brunswick. These costs represent a significant loss of economic growth of 4.76% of Nova Scotia’s GDP to 2.9% in Newfoundland and Labrador. The impact on Prince Edward Island’s GDP is 4.10%, and 3.71% in New Brunswick.
The purpose of this costing exercise is to illustrate the shared economic burden of poverty, and the urgency that exists for Atlantic Canadian governments to act to eradicate it.



Housing insecurity and the COVID-19 pandemic

CFPB released their first analysis of the impacts of the COVID-19 pandemic on housing in the United States. Actions taken by both the public and private sector have, so far, prevented many families from losing their homes during the height of the public health crisis. However, as legal protections expire in the months ahead, over 11 million families — nearly 10 percent of U.S. households — are at risk of eviction and foreclosure.



COVID-19 in Canada: A One-year Update on Social and Economic Impacts

This summary provides highlights on the work the Agency has and is undertaking using existing and new data sources to provide critical insights on the social and economic impacts of COVID-19 on Canadians. It covers the first year of the pandemic from March 2020 to March 2021.



Labour Force Survey, February 2021

February Labour Force Survey (LFS) data reflect labour market conditions during the week of February 14 to 20.

In early February, public health restrictions put in place in late December were eased in many provinces. This allowed for the re-opening of many non-essential businesses, cultural and recreational facilities, and some in-person dining. However, capacity limits and other public health requirements, which varied across jurisdictions, remained in place.

Restrictions were eased to varying degrees in Quebec, Alberta, New Brunswick, and Nova Scotia on February 8, although a curfew remained in effect in Quebec. In Ontario, previous requirements were lifted for many regions on February 10 and 15, while the Toronto, Peel, York and North Bay Parry Sound health regions remained under stay-at-home orders through the reference week. Various measures were eased in Manitoba on February 12.

In contrast, Newfoundland and Labrador re-introduced a lockdown on February 12, requiring the widespread closure of non-essential businesses and services.



Social Determinants of Health: The Canadian Facts (2nd edition)

Social Determinants of Health: The Canadian Facts, 2nd edition, provides Canadians with an updated introduction to the social determinants of our health. We first explain how living conditions “get under the skin” to either promote health or cause disease. We then explain, for each of the 17 social determinants of health:

  1. Why it is important to health;
  2. How we compare on the social determinant of health to other wealthy developed nations; and
  3. How the quality of the specific social determinant can be improved.

Improving the health of Canadians is possible but requires Canadians to think about health and its determinants in a more sophisticated manner than has been the case to date. The purpose of this second edition of Social Determinants of Health: The Canadian Facts is to stimulate research, advocacy, and public debate about the social determinants of health and means of improving their quality and making their distribution more equitable.



Labour Force Survey, January 2021

After the December Labour Force Survey (LFS) reference week—December 6 to 12—a number of provinces extended public health measures in response to increasing COVID-19 cases. January LFS data reflect the impact of these new restrictions and provide a portrait of labour market conditions as of the week of January 10 to 16.

In Ontario, restrictions already in place for many regions of southern Ontario—including the closure of non-essential retail businesses—were extended to the rest of the province effective December 26. In Quebec, non-essential retail businesses were closed effective December 25 and a curfew implemented on January 14 further affected the operating hours of some businesses.

As of the January reference week, existing public health measures continued in Alberta and Manitoba, including the closure of in-person dining services, recreation facilities and personal care services, as well as restrictions on retail businesses.

Restrictions were eased between the December and January reference weeks in two provinces. In Prince Edward Island, closures of in-person dining and recreational and cultural facilities were lifted on December 18. In Halifax, Nova Scotia, and the surrounding area, restrictions on in-person dining were eased on January 4.



Gender Results Framework: Data table on core housing need

Statistics Canada's Centre for Gender, Diversity and Inclusion Statistics has released an enhanced data table on the topic of core housing need. These statistics will be used by the Gender Results Framework, a whole-of-government tool designed to track gender equality in Canada.

Using data from the 2006 Census of Population, the 2016 Census of Population and the 2011 National Household Survey, the table shows the proportion of the population in core housing need by selected economic family characteristics.

This table includes a breakdown by province and territory, age group as well as other demographic characteristics such as population groups designated as visible minorities and Indigenous identity.



Strengthening the Economic Foundation for Youth and Young Adults During COVID & Beyond

The unemployment rate for young workers ages 16–24 jumped from 8.4% to 24.4% from spring 2019 to spring 2020 in the United States, representing four million youth. While unemployment for their counterparts ages 25 and older rose from 2.8% to 11.3% the Spring 2020 unemployment rates were even higher for young Black, Hispanic, and Asian American/Pacific Islander (AAPI) workers (29.6%, 27.5%, and 29.7%, respectively. 

The following speakers discuss how to build financial security for youth (16-24) in this webinar: Monique Miles, Aspen Institute, Forum for Community Solutions, Margaret Libby, My Path, Amadeos Oyagata, Youth Leader, and Don Baylor, The Annie E. Casey Foundation (moderator).



A profile of Canadians with a mobility disability and groups designated as visible minorities with a disability

Results from the 2017 Canadian Survey of Disability (CSD) have shown that over half of Canadians with a mobility disability need at least one workplace accommodation. Among population groups designated as visible minorities who have a disability, one-quarter considered themselves to be disadvantaged in employment because of their condition.

In recognition of the International Day of Persons with Disabilities, Statistics Canada released three new data products based on findings from the 2017 CSD. One infographic focuses on disabilities related to mobility and another takes a look at visible minorities with disabilities. In addition, two data tables, on industry and occupation of those with and without disabilities, are now available.



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

 



Financial Literacy and Wellness Among U.S. Women: Insights on Underrepresented Minority Women

The 2020 TIAA Institute-GFLEC Personal Finance Index (P-Fin Index) survey was fielded in January 2020 and included an oversample of women. This enables examining the state of financial literacy and financial wellness among U.S. women immediately before the onset of COVID-19. A more refined understanding of financial literacy among women, including areas of strength and weakness and variations among subgroups, can inform initiatives to improve financial wellness, particularly as the United States moves forward from the pandemic and its economic consequences.



Clipped Wings: Closing the Wealth Gap for Millennial Women

AFN’s latest report, in collaboration with the Closing the Women’s Wealth Gap (CWWG) and the Insight Center for Community Economic Development reveals the current economic reality for millennial women and the primary drivers contributing to their wealth inequities. The report, Clipped Wings: Closing the Wealth Gap for Millennial Women is the second in a series of publications that builds off AFN’s 2015 publication, Women & Wealth, exploring how the gender wealth gap impacts women.