Financial Resilience Institute

Just because you’ve created a financial budget or plan, this doesn’t mean you’re able to save or be financially resilient. As of June 2024, 46% of Canadian households report they have created a financial budget or plan in the past year, up from 35% in June 2021. However, more households have drawn down their savings, rising to 52% in June 2024 from 30% in June 2020, due to high living costs and other factors. Our Institute’s data highlights from the Financial Well-Being studies consumers can exhibit both 'healthy' and 'less healthy' financial and consumer behaviors simultaneously. While more households have reduced or consolidated their debt in the past 12 months, a third of all households have needed to increase their borrowing to pay for everyday expenses over the past 12 months: a key negative indicator of financial well-being. At the national level, Canadians are only just ‘Approaching Resilience’ with a Canada Mean Financial Resilience score of 51.74 in June 2024, based on the Institute’s peer-reviewed Financial Resilience Index model with top-line data available in our June 2024 report, which can be accessed at https://lnkd.in/g5Es6HWq For additional timely robust Index analytics and Financial Well-Being studies data, check out our non-profit Institute’s recently revamped Subscriber Offering at https://lnkd.in/dYwH2xjB, with the June 2024 Subscriber Report launched last week. Data is based on the June 2024 Financial Well-Being study with a sample size of 6218 adult Canadians from a representative sample of the population by household income, age, province and gender, with 5433 adults scored against the Seymour Financial Resilience Index ®

Just because you’ve created a financial budget or plan, this doesn’t mean you’re able to save or be financially resilient. As of June 2024, 46% of Canadian households report they have created a financial budget or plan in the past year, up from 35% in June 2021. However, more households have drawn down their savings, rising to 52% in June 2024 from 30% in June 2020, due to high living costs and other factors. Our Institute’s data highlights from the Financial Well-Being studies consumers can exhibit both 'healthy' and 'less healthy' financial and consumer behaviors simultaneously. While more households have reduced or consolidated their debt in the past 12 months, a third of all households have needed to increase their borrowing to pay for everyday expenses over the past 12 months: a key negative indicator of financial well-being. At the national level, Canadians are only just ‘Approaching Resilience’ with a Canada Mean Financial Resilience score of 51.74 in June 2024, based on the Institute’s peer-reviewed Financial Resilience Index model with top-line data available in our June 2024 report, which can be accessed at https://lnkd.in/g5Es6HWq For additional timely robust Index analytics and Financial Well-Being studies data, check out our non-profit Institute’s recently revamped Subscriber Offering at https://lnkd.in/dYwH2xjB, with the June 2024 Subscriber Report launched last week. Data is based on the June 2024 Financial Well-Being study with a sample size of 6218 adult Canadians from a representative sample of the population by household income, age, province and gender, with 5433 adults scored against the Seymour Financial Resilience Index ®

Sharing with the Canadian non-profit sector the opportunity to apply for a Grow Grant. Applications need to be in by November 6th.

We’re delighted to announce Eloise Duncan, CMC, MA our CEO and Founder will be a speaker at the IFIC Leadership Conference on Oct 24. She will share best practice insights and join industry experts to discuss the financial resilience and financial well-being of Canadians, and how the wealth and asset management industries can better support people going forward. There will be discussions around financial resilience; what non-traditional factors and behaviours support it; barriers Canadians may face in accessing financial advice; how younger Canadians view debt ad assets when developing their plans and how the consumption of financial advice and investment solutions are changing. Eloise may also cite data and insights from the Institute's 'Financial Planning as a Pathway to Financial Resilience' report published in 2023, available here: https://lnkd.in/gMuye2GS If any leaders attending the conference would like to meet Eloise to connect, please comment on this post or message her directly. Ian Bragg Goshka Folda Craig Worden, CAIP Tim Prescott Julie Littlechild Petra Van Daele The Investment Funds Institute of Canada (IFIC)

Check out this op-ed published today by Financial Resilience Institute's CEO and Founder Eloise Duncan, CMC, MA published today. Join us in the growing global financial health movement to help create a better world.

Today we’re reminded of the importance of reflection and education about our Canada's history, and the lasting impacts of residential schools on Indigenous communities. This day serves as a reminder of our shared responsibility to acknowledge and address the injustices that have been faced by Indigenous Peoples across Canada. Today and every day, let us commit to listening, learning, and acting in ways that honors the voices of Indigenous Peoples and contribute to meaningful change.

We’re delighted to welcome Victor Beausoleil, the Founder and Executive Director of SETSI, to join Financial Resilience Institute's Advisory Council. Victor is one of Canada’s leading social entrepreneurs, working with passion to advance economic development, social enterprise innovation, and promoting equity, inclusion and resilience. Victor serves on several boards, including as the Board President of the Canadian Economic Development Network (CCEDnet), on the board of Social Value Canada, and a Co-Founder of the Canadian Center for Non-Profit Digital. As a generous connector of purpose-driven leaders, Victor leads with energy and is also an engaging innovator, public speaker, advisor and author. Here’s a message from Victor: "I’m honored to join the Financial Resilience Institute’s Advisory Council and help accelerate its impactful work in fostering a more resilient and inclusive financial future. Strengthening the financial health and resilience of households and businesses — especially for vulnerable and underserved populations — is essential for driving positive outcomes in our communities. SETSI is excited to build our partnership with the Institute and I look forward to supporting systems change with Eloise Duncan, CMC, MA and her organization, knowing that together we can make a meaningful difference.” To learn more about Advisory Council of our non-profit, please visit https://lnkd.in/gaH8gcj7 We’re excited and grateful to have Victor as a member of our Advisory Council and for the action-orientated innovation and insights he will bring, as we work to help improve financial resilience, health and well-being for all. #financialresilience #socialimpact #socialpurpose

We’re delighted to welcome Laura Diaz Zea from United Nations Environment Programme Finance Initiative (UNEP FI) to our Advisory Council. As a global leader in financial health and inclusion working with many Financial Institutions and organizations to drive positive change, Laura will bring her global perspective to our Council as we grow our impact in Canada and other countries. Here’s a message from Laura: "I’m honored to join the Financial Resilience Institute’s esteemed Advisory Council and contribute to sustainable solutions for a more resilient and inclusive financial future. Strengthening the financial resilience of households and businesses is crucial for building healthy, inclusive economies - especially in today’s challenging times. This deeply aligns with the work we’ve championed over the past five years through UNEP FI’s Principles for Responsible Banking (PRB), and I look forward to advancing this important mission together." To learn more about our Advisory Council, please visit https://lnkd.in/gaH8gcj7 We are excited to have Laura as a member of our non-profit’s Advisory Council and excited for the energy, impact and partnership ideas and strategic thinking she will bring as we work to help improve financial resilience, health and well-being for all. #leadership #impact #financialresilience

We’re delighted to welcome Jeremy Coughlin from Coast Capital Savings to our Advisory Council. As a leader with a passion for financial health innovation and senior executive leading research analytics, strategy and innovation to drive positive change, Jeremy brings invaluable insights and expertise that will help our non-profit organization amplify our impact. Here’s a message from Jeremy: "Canadians are facing real affordability challenges, and I’m pleased to be able to work with the Financial Resiliency Institute to help better understand how to help Canadians become more financially resilient in a time of unprecedented change." To learn more about our Advisory Council, please visit https://lnkd.in/gaH8gcj7 We are grateful to have Jeremy as a member of our non-profit’s Advisory Council and excited for the energy, insights and strategic thinking he will bring as we work to help improve financial resilience, health and well-being for all. #leadership #impact #financialresilience

For all financial health and inclusion leaders, tune into this incredible virtual event hosted by United Nations Secretary-General's Special Advocate for Inclusive Finance for Development H.M. Queen Máxima on Wednesday September 25th at 1.15pm EST. This event will celebrate 15 years of impact and look ahead to how financial health can foster sustainable growth and resilience.