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Safe Financial Products

Connecting low-income Canadians to safe and affordable financial products and services

These financial empowerment interventions are aimed at improving access to safe and affordable mainstream financial services and products that meet the needs of low-income people and reduce their reliance on fringe and predatory financial services.

Successful interventions include:

  1. Establishing basic financial services in underserved neighbourhoods.
  2. Creating and promoting low-cost transaction and savings products in partnership with, or independently of, financial institutions.
  3. Affordable credit products – e.g., small dollar or auto refinance loans – to reduce reliance on fringe lenders.
  4. Encouraging employers to use direct deposit to nudge people to open bank accounts and reduce their reliance on costly cheque cashers.

Resources

Access resources to help you and your organization implement, deliver and evaluate your financial empowerment activities.