IIROC and Prosper Canada empowering low-income Canadians on their path to financial stability

We are living in challenging times, where economic disparities have been further magnified. The Financial Empowerment Program, led by Prosper Canada in collaboration with generous sponsors like IIROC, now known as CIRO, has emerged as a beacon of hope for low-income individuals and families across the country.

Financial Empowerment Program

At its core, the Financial Empowerment Program focuses on improving the financial security of low-income Canadians. It takes a holistic approach, introducing interventions to enhance income growth, credit scores, savings, debt management, and wealth building. By providing access to education, employment opportunities, entrepreneurship, and improved housing, the program equips individuals with the tools they need to break free from the cycle of poverty.

Financial Empowerment Champions

The program's success is greatly attributed to the network of 15 local, non-profit Financial Empowerment Champion (FEC) organizations. These organizations are pioneers in delivering high-quality, free financial assistance to individuals with low incomes. They serve as leaders in their communities, providing vital support and coordinating local financial help services. FEC organizations also play a pivotal role in training other organizations, pioneering service innovations, and advocating for broader system changes to address the underlying causes of financial insecurity.

Financial Empowerment Project

One significant milestone achieved through the Financial Empowerment Program is the Financial Empowerment Project facilitated by Prosper Canada with the generous support of sponsors like IIROC. This project, spanning 14 months, has been instrumental in building the capacity of non-profit and community organization staff to provide safe and effective financial education and services to financially vulnerable Canadians. The project focused on:

1. Capacity Building and Training: A key outcome of the Financial Empowerment Project is the development of the Financial Empowerment Foundations online course. This course equips practitioners across various sectors with a deep understanding of the financial empowerment approach to poverty reduction and the importance of community-based support. Over 280  practitioners have already benefited from this training, gaining the confidence to share financial empowerment information with others and extend their learning on related topics.


2.  Enhancing Financial Literacy: Financial literacy plays a crucial role in empowering individuals to make informed financial decisions. Prosper Canada updated its Financial Literacy for Facilitators course, incorporating new information on saving, investing, and consumer protection. The translation of these resources into French ensures that Francophone practitioners and French-speaking communities can access the necessary support tailored to their needs. The French version of the course will be available starting July.


3. Access to Resources and Support: The Financial Empowerment Project has focused on enhancing access to resources and support through platforms like Trove and The Learning Hub. Trove, a consumer-facing portal, now offers translated financial information and money management tools in French, broadening its reach to a wider audience. The Learning Hub underwent a user experience audit, ensuring an improved interface for easier resource discovery and access.

The Financial Empowerment Project has made significant strides in training and capacity building. Prosper Canada has trained 853 individuals through online courses and workshops, exceeding their initial target fourfold. Additionally, six webinars hosted during the project drew a collective attendance of 968 participants, showcasing the growing demand for financial empowerment knowledge.

While the Financial Empowerment Program and its associated initiatives have brought tremendous benefits to low-income Canadians, challenges persist. The rise in inflation has placed additional financial pressures on individuals and families, increasing the demand for services provided by non-profit organizations. Unfortunately, these organizations face not only a decrease in purchasing power but also a decrease in funding.

In these times of economic disparity and rising costs, the Financial Empowerment Program offers a glimmer of hope for low-income Canadians. Through the collaborative efforts of Prosper Canada, Financial Empowerment Champions, and generous sponsors like IIROC, individuals and families are being empowered with the knowledge, resources, and support they need to overcome financial challenges. However, sustaining and expanding these initiatives require continued support from stakeholders and increased awareness of the importance of financial empowerment. Together, we can build a more inclusive and financially secure future for all.

About CIRO
CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. Learn more