How Financial Empowerment Builds Strong Communities

Powerful communities are cultivated from the ground up, and when community members don’t have equal access to education, a divide can begin to form. We’ve all heard the timeless idiom, “knowledge is power”, but it’s imperative to realize just how sharply those words ring true.

Being financially savvy is an invaluable skill that not only affects individuals on the personal level, but additionally impacts their community. For this reason, the lack of financial empowerment experienced by low-income individuals is a public issue.

What is Financial Empowerment?

According to ABLE, a cross-sector community of practice that works to reduce poverty through financial empowerment:

“Financial empowerment is an approach to poverty that focuses on improving the financial security of people living on low incomes. It is a set of interventions that together help low-income Canadians grow their incomes, improve their credit scores, savings and debt levels, and build wealth through education, employment, entrepreneurship, and improved housing.”

How Financial Empowerment Builds Strong Communities

The main focus of the financial empowerment approach is to encourage low-income individuals to participate and feel confident in making responsible and knowledgeable financial decisions that encourage their prosperity.

Through the following five interventions included in the approach’s framework, people who are financially empowered receive increased opportunities and knowledge:

  1. Financial information education and counselling
  2. Help accessing income boosting benefits and tax credits
  3. Safe and affordable financial products and services
  4. Access to savings and asset building opportunities
  5. Consumer awareness and protection

In receiving this valuable information, often from a financial counsellor or class, individuals feel inspired and equipped with the information necessary to feel assured about their financial futures.

How ABLE is Helping

Similar to our compassionate team at Family Services of Greater Vancouver, ABLE understands that in order to be resilient, a community must first be empowered.

The ABLE Financial Empowerment Conference is a national biennial conference for those who possess a vested interest in encouraging low-income individuals to feel financially empowered.

Taking place on May 8th and 9th of 2018, over 300 participants from all across Canada will be engaging in interactive workshops, learning sessions, panels discussions, and networking opportunities – all led by experts in the field of financial empowerment.

If you’re a finance professional looking to embolden your clients to feel in control of their capital, you simply can’t miss this inspiring event – register now!