Financial Pathways Collaborative

11 November 2016

An unprecedented eight financial institutions and three community based partners have launched a new collaborative in Edmonton and the surrounding area that is focused on helping community members living in low income build money management skills and effective budgeting practices, as well as help them gain access to available government benefits and subsidies.

Financial sector partners within the Financial Pathways Collaborative include: ATB Financial, BMO, Canadian Western Bank, CIBC, RBC, Scotiabank, Servus Credit Union and TD Bank. Community partners include: United Way of the Alberta Capital Region, City of Edmonton and E4C.

Two key programs are supported by the Collaborative:

Each One, Teach One

Each One, Teach One is a program that develops staff from financial institutions into financial literacy trainers to help people living in low income increase their understanding and ability to manage their finances. The first year goal is to deliver 100 workshops reaching approximately 1,000 people living in low income or who are otherwise financially vulnerable. Workshops and materials were created by Vancity Credit Union and shared with the Financial Pathways Collaborative through a three day training, workshop materials and ongoing support.

Each One, Teach One financial literacy program progress to date:

Trained 26 volunteers from participating financial institutions to become workshop presenters for year one
Facilitated 30 sessions in the community on a variety of topics (Basic Banking, Basic Budgeting, RESP’s, RRSP’s and TFSA’s, Credit Cards and Prepaid Cards, Loans, etc.)
Increased the financial literacy of over 350 individuals

Make Tax Time Pay

The Financial Pathways Collaborative supports the Make Tax Time Pay program by providing volunteers from their financial institutions.

Make Tax Time Pay, led by E4C, is a program that operates at multiple tax sites throughout the region, providing free income tax review services to ensure people living in low income are accessing available government benefits and subsidies. In 2016, the program completed over 4100 tax returns with community members.

For more information on the Financial Pathways Collaborative, visit our website at: http://www.myunitedway.ca/financialpathways.