Canadians have been living with the impacts of the pandemic for the past two and a half years, and marginalized adults have been among those most negatively impacted. Many low-income adults have struggled with poverty and social isolation. Financial empowerment services can help them cope with these challenges and more fully participate in their communities.
The Minister of Families, Children and Social Development, Karina Gould, announced that 11 projects are receiving up to $11.6 million to address the financial empowerment of low-income adults.
Minister Gould made the announcement at the YMCA Employment and Community Program Centre in North York, Ontario. The YMCA of Greater Toronto is receiving $2.7 million for a new financial empowerment and well-being program to increase financial literacy and confidence. Thanks to this funding, the charity will be able to work in partnership with organizations such as the Canada Revenue Agency to provide low-income families across the Greater Toronto Area with access to financial literacy workshops, information sessions and counselling.
The funding is being provided through the Children and Families Component of the Social Development Partnerships Program. This program plays a unique role in furthering broad social goals by making strategic investments to support government priorities related to children and families, persons with disabilities, the voluntary sector, official language minority communities and other vulnerable populations. It provides an opportunity to work in partnership with social not-for-profit organizations to help improve the life outcomes of these target groups.
The Government of Canada launched two calls for proposals on May 25, 2021, representing an investment of up to $39 million over five years, for projects to support financial empowerment of low-income adults and the social inclusion of vulnerable children and youth. Organizations had until July 6, 2021, to submit their proposals.
“All Canadians deserve an equitable chance to succeed. The projects we’ve announced today will help give marginalized adults the tools and resources they need to build their financial literacy and take important steps toward joining the middle class.” – Minister of Families, Children and Social Development, Karina Gould
“Charitable organizations play a vital role in supporting marginalized and low-income Canadians. The Government of Canada is proud to contribute to this work toward a more equitable Canada.” – Ya’ara Saks, Parliamentary Secretary to the Minister of Families, Children and Social Development and Member of Parliament for York Centre
“We know that many people in our communities have been disproportionately impacted by the pandemic, dimming their potential. This funding will help us support equity-deserving people—particularly those in short-term credit crisis—with education including financial planning skills to increase their overall financial well-being.” – Medhat Mahdy, President and Chief Executive Officer, YMCA of Greater Toronto
Quick Facts
- The Government of Canada is building back a healthier, more inclusive and more equitable Canada by investing in projects that will help marginalized populations adapt and succeed.
- COVID-19 has had a disproportionate impact on marginalized Canadians, and many have struggled with poverty and social isolation as a result. Financial empowerment services can help low-income adults cope with these challenges and more fully participate in their communities.