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
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
There is a solution for non-profit sector workers and their employers who want to ensure that their staff can plan for retirement: the Common Good retirement plan.
TVO – The Agenda: The Reality of Retiring on Low Income
Elizabeth Mulholland, CEO of Prosper Canada and Common Good Steering Committee member, was on the Agenda to discuss the reality of retirement for Ontario’s low-income earners.
Charity Village: An uncommonly good idea? A national retirement income plan for the nonprofit sector comes closer to fruition
Saving for retirement is one of the most important actions those in the workforce can take. The security of knowing a stable, monthly income awaits once one is into this new phase of life is worth every penny for one’s peace of mind.
Flexforce workers serve business well, but how do they retire?
Globe and Mail article about how more Canadians work on contract and frequently change jobs and a significant portion of these “flexforce workers” face insecure retirement prospects. Common Wealth’s Alex Mazer and Prosper Canada’s Elizabeth Mulholland are quoted.