FSGV  |  March 2021

FSGV: FINANCIAL�EMPOWERMENT

Welcome and Intro

• Your name
• The organization you are with
• Role within your organization
• How you would like to use Financial Empowerment within your organization

FINANCIAL EMPOWERMENT

FINANCIAL EMPOWERMENT

WHO WE ARE: ORIGINS AND PHILOSOPHY

• Why Financial Empowerment?�
• Our mandate�
• Our programs�
• How we have evolved

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FINANCIAL EMPOWERMENT

OUR CENTRAL OBJECTIVE

• Our core value is education �
• Our main objective: Provide individuals and families with unbiased, non-judgemental, accurate information empowering them to make better, more informed financial decisions

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• To create an accessible and inclusive environment where clients feel confident participating in our financial system�
• We accomplish these objectives through workshops, webinars, one-to-one coaching and ongoing support�
• We provide advocacy on behalf of clients in addition to advocacy at the political level for policy change

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• We build capacity through training front-line workers numerous agencies and organizations

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Household Finances in Canada: Some Context

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FINANCIAL EMPOWERMENT

HOUSEHOLD DEBT TO DISPOSABLE INCOME

FINANCIAL EMPOWERMENT

Our Relationship with Money: �Where do we learn it from?

• Family
• Friends, neighbours
• Religion
• Culture
• Co-workers
• Media
• Advertising
• Our personality (genetic makeup)

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FINANCIAL EMPOWERMENT

FINANCIAL EMPOWERMENT

HOW ARE PEOPLE FEELING ABOUT THEIR FINANCES?

• 42% of Canadians rank money as their greatest source of stress 1
• 44% are living paycheck to paycheck 2
• 40% are feeling overwhelmed by debt 2
• 48 per cent of Canadians report that they are $200 or less away from financial insolvency at month-end 3

• Financial Planning Standards Council 2018 survey
• Canadian Payroll Association “National Payroll Week Employee Research Survey” 2018
• Ipsos survey on behalf of MNP Ltd. 2019
• Canadian Payroll Association “CPA NPW 2018 Employee Research Survey, Profile” prepared by Framework Partners Inc. (2018) p.26

On all but one indicator, proportionally more respondents with incomes <$40,000 than Canadians

earning $40,000+ reported that their situation had worsened:

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• 46% said employment earnings had worsened (versus 27% of those with incomes $40,000+)

• 43% said their savings had worsened (versus 30%)

• 30% said their personal debt situation had worsened (versus 20%)

• 22% said their reliance on credit had worsened (versus 13%)

• 21% said their ability to pay bills on time had worsened (versus 10%).

• 72% of adult Canadians aged 18-70 years (18M individuals) were not financially resilient in

October despite governments’ and financial institutions’ COVID-19 financial relief measures

( based on a national ongitudinal survey of households aimed at measuring their financial resilience using the Seymour Financial Resilience Index TM)

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THE COVID-19 MONEY NAVIGATOR

THE FINANCIAL IMPACT OF COVID-19: Who is Feeling It the Most

THE COVID-19 MONEY NAVIGATOR

WHAT IS THE C-19 MONEY NAVIGATOR

• It is much more than an information source
• It provides personal support to navigate the many benefits available to individuals and families
• Further resources, tools and coaching to manage anxiety around job loss and income interruption
• Help to develop strategies to deal with immediate financial issues, but a plan for the longer term

THREE KEY COMPONENTS

Your quick reference to available supports, money tips and �answers to questions

Online Resources & Chat

Book an appointment to create budgets, help prioritize payments, get referrals to other providers and plan for the future.

Money coaches

Get custom support to explain your benefits and the application process, answer questions and address concerns.

Personal Navigators

THE COVID-19 MONEY NAVIGATOR

TYPES OF CLIENTS

• Vulnerable clients with stress, low financial literacy or other barriers ​
• Fixed income seniors struggling with bad debt or needing supports for paying rent​
• Newcomer families new to Canada that have not accessed the Canada Child tax benefit and GST tax benefit, causing financial stress in making ends meet
• Students and youth who age out of foster care that never filed taxes before and want to learn how, but are missing SIN, T4 and access to a computer

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• Single mothers that left an abusive home and are looking for support to sort out her finances ( i.e. debt, education savings benefits and personal budget)​
• Low income persons with a disability looking for information about Registered Disability Savings Plans (RDSP​s)
• Low wage workers that have lost their employment 

THE COVID-19 MONEY NAVIGATOR

THE BENEFITS

• Greater and faster access to available resources, �with support through the process
• Client centered and client led support which has the ability to evolve as the situation changes
• Addresses associated coping and mental health issues 
• Improved resiliency and financial planning so that individuals and families are better prepared as economy reopens
• Reduced amount of potential new debt taken on, stabilized housing, and reduced stress and anxiety
• Reduced need for further mental health supports

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THE COVID-19 MONEY NAVIGATOR

The stories behind who we serve

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• Client One: Senior with Payday Loans

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• Client Two: Senior financial struggles and family abuse

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• Client Three: Senior impacted by tax bill and ineligibility for benefits

FSGV  |  March 2021

11.

THE COVID-19 MONEY NAVIGATOR

Seniors and the Impact of the Pandemic

• Increased target of Frauds and Scams
• Increasingly isolated and cut off from family
• Access to services including financial
• Forced to transition to on-line regardless of access or comfort level with on-line services
• Difficulty accessing affordable internet
• Experienced employment disruption due to closing or inability to work due to safety concerns
• The disruption of employment and financial stress increased financial pressures on seniors to help family members out.
• Difficulty navigating their investment savings

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THE COVID-19 MONEY NAVIGATOR

Support of Seniors with Finances

• Assistance in helping seniors access benefits
• Support in helping understand finances and how to strategize to use savings and investments most effectively
• Help in budgeting on a fixed income
• Support in helping seniors protect themselves against frauds, scams and identity theft
• Advocating for policy change that helps seniors and protects against unscrupulous of predatory business practices (i.e. affordable internet, payday loans)
• Support in recognizing senior’s financial abuse

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Factors to consider

• Time horizon

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• Risk tolerance/comfort level

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• Expectations

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• Values

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FINANCIAL EMPOWERMENT

Tax shelters

• Tax Free Savings Accounts (TFSAs)

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• Registered Retirement Savings Plan (RRSPs)

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• Registered Education Savings Plans (RESPs)

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• Registered Disability Savings Plans (RDSPs)

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FINANCIAL EMPOWERMENT

Taxes: Reasons to file

• GST / HST Rebate
• Canada Child Tax benefit
• National Child Benefit Supplement
• Child Disability Benefit
• Working Income Tax Benefit
• Universal Child Care Benefit
• BC Family Bonus
• RRSP Contribution room calculation

• BC Earned Income Benefit
• Rental Assistance Program for Working Families
• SAFER for Seniors
• MSP Subsidy
• Pharmacare Program
• Canada Learning Bond
• Enhanced Education Savings Grant

FINANCIAL EMPOWERMENT

OUR LONG TERM VISION

• Our short term vision is providing the support that many people are looking for now: accessing benefits and managing their money on reduced income

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• We see an evolution from seeking benefits and relief measures, to managing debt as payment deferrals and some benefits come to an end.

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• We see the service however stretching beyond the crises phase to later assisting individuals and families in building financial resources – ultimately facilitating more financially resilient individuals and families.

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• We see this reaching beyond the Greater Vancouver area to service the entire province

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THE COVID-19 MONEY NAVIGATOR

HOW TO ACCESS SERVICES

• 1-800 line and direct phone line, chat and email
• C19MONEYNAVIGATOR.CA updated daily
• Paid and organic social media posts
• Staff have multiple language abilities and a �translation service
• Outreach and materials to community centres, �neighbourhood houses, libraries, BC211, �immigrant serving organizations, City of �Vancouver, financial institutions, etc.

FSGV  |  May 2020

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How to contact us:

MONEYNAVIGATOR@FSGV.CA ��OR ��CALL 1-800-609-3202

FINANCIAL EMPOWERMENT

FSGV  |  March 2021

FSGV: FINANCIAL�EMPOWERMENT