Prosper Canada launches new financial coaching initiative supported by RBC Foundation

Prosper Canada is excited to announce the partnership with the RBC Foundation in support of the Embedded Financial Coaching project. This initiative builds on evidence in the United States that integrated financial and employment services are more effective at improving both employment and financial outcomes for participants.

The Embedded Financial Coaching project was founded by West Neighbourhood House, and in partnership with Prosper Canada is now piloting with two additional financial empowerment organizations EBO Financial Education Centre and Building Up. 

With the support of the RBC Foundation this project will contribute to creating valuable resource for employment programs across Canada. The toolkit developed through this initiative will enable community programs to learn more about the embedding model and explore ways to replicate this promising intervention.

In addition to the toolkit, RBC’s Foundation support will allow Prosper Canada to continue working with West Neighbourhood House, EBO Financial Education Centre and Building Up on improving the integrated financial and employment service model and developing a client management system to capture financial assessments, goals, activities and progress towards financial outcomes and other well-being measures.  

Our shared goal is to build the infrastructure to scale this intervention and a to develop a body of evidence like what has been shown in U.S. demonstration projects to improve job placement rates, wages and job retention; as well as enhance participants’ overall financial health.

Ultimately, this project will create documented service models, tools, and resources that will be accessible to other employment service providers across Canada, fostering a more financially resilient and employable youth, newcomers, and underserved communities, including people with disabilities, First Nation Peoples and those of low socioeconomic status.

This initiative reflects Prosper Canada’s commitment to addressing the diverse needs of Canadians, particularly those living on low incomes, by providing tailored financial help services that enhance employment outcomes and financial stability. We are grateful to the RBC Foundation for helping to support our mission.