This is one video in a series of videos catered to Volunteer Income Tax Assistance (VITA) program volunteers on how to introduce the savings conversation to tax filers during the tax filing process. This video shows what the savings conversation could look like at different points in the tax...
This is one video in a series of videos catered to Volunteer Income Tax Assistance (VITA) program volunteers on how to introduce the savings conversation to tax filers during the tax filing process. This video shows what the savings conversation could look like at a specific point in the tax...
This is one video in a series of videos catered to Volunteer Income Tax Assistance (VITA) program volunteers on how to introduce the savings conversation to tax filers during the tax filing process. This video discusses why promoting savings at tax time is a critical component of VITA...
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...
This paper assesses the extent to which education level affects how Canadians save and accumulate wealth for retirement. Data from administrative income-tax records and responses from the 1991 and 2006 censuses of Canada show that individuals with more schooling are more likely to contribute to a...
This report builds on previous work on financial resilience in Australia and represents the beginning of an exploration of the financial resilience of Aboriginal and Torres Strait Islander peoples. Overall, we found significant economic disparity between Indigenous and non-Indigenous Australians....
This backgrounder reports preliminary findings from a survey of financial well-being among Canadian adults. Preliminary analysis of the survey data indicates that two behaviours are particularly important in supporting the financial well-being of Canadians. First, our analysis indicates that...
Short-term cushions are key to longer-term financial security and well-being. This report shines a light on the central role that short-term financial stability plays in a person’s ability to reach broader financial security and upward economic mobility, a measurement of whether an...
Firms and representatives in the financial services industry occasionally encounter situations where a client’s vulnerability causes the client to make decisions that are contrary to his or her financial interests, needs or objectives or that leave him or her exposed to potential financial...
A large majority of American households live in a state of financial vulnerability. Across a range of incomes, people struggle to build savings, pay down debt, and manage irregular cash flows. Even modest savings cushions could help households take care of unexpected expenses or disruptions in...
In this report, The Common Cents Lab and MetLife Foundation share findings from the experiments we have run over the past several years with VITA providers to improve tax-related outcomes. We encourage you to consider implementing these ideas and engaging in additional conversations about how to...
Habits are incredibly powerful. Good habits can make people highly successful, and bad habits can ruin people’s lives. Still, it is important to go beyond the anecdotal evidence of the many self-help books on habit, and to take stock of the scientific evidence. This literature review discusses...
A lack of emergency savings renders low-income households vulnerable to material hardships resulting from unexpected expenses or loss of income. Having emergency savings helps these households respond to unexpected events, maintain consumption, and avoid high-cost credit products. Because many...
A better understanding of human behaviour can lead to better policies. If you are looking for a more data-driven and nuanced approach to policy making, then you should consider what actually drives the decisions and behaviours of citizens rather than relying on assumptions of how they should...
The introduction of Tax-Free Savings Accounts (TFSAs) in 2009 transformed how Canadians save. One of the main reasons for creating TFSAs was to provide a taxassisted savings instrument for low-income Canadians to enable them to improve their retirement income. Now, 10 years later, many low-income...
The CFPB conducted research on consumer challenges in tracking spending and keeping to a budget. The research found that consumers aspire to manage their spending but for many reasons, many consumers spend more than intended and sometimes have\ difficulty in staying within their budgets. In...
Because of the key role that financial education can play in people’s lives, the CFPB has conducted research over its first five years into what makes financial education effective for consumers. What do we mean by “effective?” It does not just mean training that helps people perform better...
In this video presentation Derek Burleton of TD Economics shares findings from the report 'Pervasive and Profound,' which examines income volatility trends in Canada. The survey found that nearly 40% of Canadians experience moderate to high income volatility. This presentation was given at the...
The research and policy symposium on income volatility was held on March 9, 2018, in Toronto, Ontario. Speakers from Canada and the United States present on key research findings on the nature of income and expense volatility in the early 21st Century. Speakers also suggest policy solutions to...
A major national survey conducted in 2016 reveals a bold portrait of Canada’s Millennials (those born between 1980 and 1995), that for the first time presents the social values of this generation, and the distinct segments that help make sense of the different and often contradictory stereotypes...
This presentation shows the results of a quantitative study undertaken by the Ontario Securities Commission to assess attitudes, behaviour and knowledge among Canadians pertaining to a variety of investment topics. These topics include retirement planning and conversations about...
The Canada Learning Bond (CLB) is an educational savings incentive that provides children from low income families born in 2004 or later with financial support for post-secondary education. Personal contributions are not required to receive the CLB, however take-up remains low among the eligible...
Developed in response to a call from G20 Leaders in 2013, the core competencies frameworks on financial literacy highlight a range of financial literacy outcomes that may be considered to be universally relevant or important for the financial well-being in everyday life of adults and youth. These...
In this presentation Catherine Van Rompaey of Statistics Canada examines the data we have available to measure financial instability in Canada - household debt, savings, and credit. This presentation was given at the Prosper Canada Policy Research Symposium on March 9, 2018. Read the slide deck...
This is ACORN Canada's debt and high-interest lending resource portal. It contains links and resources on debt, credit, banking, and other...