Financial empowerment is an approach to poverty reduction that focuses on improving the financial security of low-income people. It does this by introducing a set of interventions that together help low-income Canadians to grow their incomes, improve their credit scores, savings and debt levels, and build wealth through education, employment, entrepreneurship and improved housing.
Financial empowerment isn’t like most other poverty reduction approaches. It focuses on helping low-income people participate and feel included in our financial system. It increases their opportunities and knowledge, and fosters behaviours that are critical to their economic security and their ability to invest in their future.
These five interventions are proven to measurably improve financial outcomes:
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