Three policy-ready ideas on financial security
In 2019 Maytree began working with Prosper Canada and Common Good to promote three policy-ready ideas on financial security.
The evidence shows that financial insecurity is a widespread issue in Canada.
- Estimates from the Canadian Payroll Association show that 44 per cent of Canadians are living paycheque to paycheque.
- A 2017 survey by Ipsos Reid showed that 23 per cent of Canadian adults delayed buying groceries because they did not think they could afford them.
- Almost 50 per cent of households lack savings to live for three months above the poverty threshold.
Financial insecurity puts individuals and families at greater risk of poverty. It leaves them struggling to respond to unexpected life challenges and inadequately prepared for more predictable life events such as retirement. This why Maytree is working with Prosper Canada and Common Good to promote three policy ready ideas on financial security that governments at all levels should consider.
Read a summary of each of the policy ideas:
- Idea 1: Establish sustainable community financial help services for vulnerable Canadians
- Idea 2: Introduce a Canada Saver’s Credit to boost savings and build assets among modest-income Canadians
- Idea 3: Provide non-profit sector workers with a quality retirement savings plan
Related
The Canada Saver’s Credit: A proposal to build financial security for lower- and modest-income Canadians
This report, released by Maytree and Common Wealth, proposes a targeted policy intervention to help boost savings and build assets among lower- and modest-income Canadians.
Policy Options: How policy-makers can help Canadians build financial security
A look at three practical policy solutions to help Canadians buffer financial risks and build a secure financial foundation for today and the future.
Maytree Opinion: Let’s make retirement planning and saving a reality for non-profit sector workers
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Flexforce workers serve business well, but how do they retire?
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