April 11, 2023 – Prosper Canada: A new study by national charity Prosper Canada, undertaken with funding support from Co-operators, finds that Canadians with low incomes are increasingly financially vulnerable but lack access to the financial help they need to rebuild their financial health.
The report, Missing for those who need it most: Canada’s financial help gap, shows that affordable, appropriate and trustworthy financial help for people with low incomes is a critical but missing piece in Canada’s financial services landscape.
People with low incomes are unlikely to find help when they need it to plan financially, develop and adhere to a budget, set and pursue saving goals, file their taxes outside of tax season, and access income benefits.
All Canadians are facing increased costs of living, related to inflation. However, for people with low incomes, who spend a much higher proportion of their incomes on basic needs, this has led to a financial crisis, which is undermining an inclusive recovery from the pandemic.
Not only are people with low incomes experiencing increased levels of financial vulnerability and stress, but they are also unable to find the support they need to help them with their finances and financial challenges.
Read the full news release here