Financial Coaching

Financial coaching is a proven intervention that helps individuals achieve their financial goals through trained coaches who meet with participants in one-on-one sessions to talk about their finances.

We are currently working on the following:

Financial Coaching for People on Low Incomes (2015-2017)

Prosper Canada has received a generous grant from Capital One to launch an innovative, financial coaching pilot project. The funding will allow us to develop and test different approaches to integrating financial coaching into existing social services, using trained community organization staff.
 
Over the next two years, Prosper Canada will partner with three community-based organizations to provide one-on-one coaching to a total of 380 clients living on low incomes. Clients will receive the support they need to make informed decisions that will help them reach their personal finance goals and adopt financial behaviours that promote long-term financial security. 

This project will also support the development of financial coaching training, tools and resources that can be shared with other community organizations interested in providing financial coaching services to Canadians living in poverty.  

 

Financial Empowerment and Problem Solving (FEPS) Program (2015-2017)

Thanks to funding from the Ontario Ministry of Community and Social Services, an innovative Financial Empowerment and Problem Solving (FEPS) Program that currently provides financial education, advocacy, and problem-solving services to people with low-incomes in three Toronto neighbourhoods will be renewed for two more years and expanded to two additional Ontario communities.

Created by West Neighbourhood House, a Toronto neighbourhood services organization, the FEPS Program provides free, confidential, one-on-one support to Toronto residents with low incomes to help them build their financial health. Participants receive referrals to income support programs and financial service providers, and hands-on help with a variety of other financial needs such as accessing bank services, tax filing and managing debt. 

In 2014, the FEPS program helped 6,300 Ontarians access over $13 million in entitlements, with 84 per cent of participants accessing new entitlements they might otherwise not have received.

Working in partnership with West Neighbourhood House, Prosper Canada is helping to strengthen current FEPS services delivered by West Neighbourhood House, Jane/Finch Centre, Agincourt Community Services Association, and The Working Centre. The Ministry of Community and Social Services will also be conducting an in-depth, third party evaluation of the program to assess its impact.

Read the FEPS Project Year 1 Report.
 

The MPower Money Coaching Program (2015-2016)

The MPower Money Coaching Program is a one year pilot project developed by Prosper Canada and delivered through three City of Toronto employment centres. Launched in May 2015, the program will help participating individuals who are on social assistance and/or seeking employment to identify, plan for, and achieve personal financial goals supported by volunteer professional financial planners trained to provide financial coaching to people with low-incomes.

Over the next year, the program will:

  • Provide 50 financial advisors with the opportunity to use their skills to give back to their community
  • Enable 100 low-income participants to:
  • Set a financial goal or goals
  • Develop a financial action plan
  • Access help to file their taxes if they need it
  • Build a personal/household budget
  • Increase their savings
  • Reduce their debt
  • Improve their credit score.
The pilot program is funded by a consortium of companies including: AGF, Bridgehouse Asset Managers, Dynamic Funds, Franklin Templeton Investments, IA Clarington Investments Inc., The Investment Funds Institute of Canada, PwC Management Services LP, Primerica, Sun Life Global Investments, and Zavitz Insurance. Volunteers from the financial planning community are being recruited with the assistance of three professional associations – Advocis, the Financial Planning Standards Council, and Independent Financial Brokers of Canada. 

Read the media release
 

Contact us at info@prospercanada.org to learn more.