Policy Target
Financial inclusion (i.e., access to the formal financial system and institutions)
EVIDENCE-BASED STRATEGY
Initiatives help people who are unbanked or underbanked to participate in mainstream banking services through which people can cash or deposit cheques and safely save and access their money.
SAMPLE INDICATORS
- Number/percentage of unbanked or underbanked people
- Trends in banking account ownership
- Access to basic services (e.g., heating and water) increase among people who were previously unbanked or underbanked
- Chances to secure employment improve among those people who recently obtained access to mainstream banking services
- Number/percentage of people receiving electronic social welfare benefits payments
EVIDENCE-BASED STRATEGY
Initiatives focus on helping people to build credit score, access specialized loans (e.g., for home ownership), improve ability to save by providing low-fee or no-fee banking services and products, matched savings, and/or financial counseling, and support wealth accumulation.
SAMPLE INDICATORS
- Number/percentage of participants who established a credit score for the first time at the end of program
- Number/percentage of people reporting an increase in their credit score
- Number/ percentage of low-income people who apply for and are successful in obtaining specialized loans
- Annual personal savings rate
- Average saving per person increases, particularly among low-income earners, while also being able to meet other financial obligations
- High number/proportion of people receiving high-quality financial advice online or in-person
EVIDENCE-BASED STRATEGY
Initiatives promote fair access to the financial sector and provide new, tailored services and products for unbanked or underbanked people who are often considered to be too risky and less profitable as clients.
SAMPLE INDICATORS
- Number/percentage of innovative and affordable or no-fee banking services and products
- Access to innovative and affordable or no-fee banking services and products
- Number/percentage of underbanked, low-income people who agree with the statement that banking services and products meet their unique needs and short- and long-term goals
- Number/percentage of low-income people with access to no-fee banking services and products
EVIDENCE-BASED STRATEGY
Initiatives are multidimensional and are attuned to the particular values and needs of different groups, depending on people’s social background and identities, instead of adopting a one-size-fits-all approach.
SAMPLE INDICATORS
- Availability of affordable or no-fee banking services and products (e.g., per jurisdiction)
- Number/percentage of clients who report that their banking services accommodate their individual values and needs (e.g., relative to socioeconomic status or life circumstances)
- Number/percentage of people who report that they can easily find and access banking services and products that meet their needs
EVIDENCE-BASED STRATEGY
Initiatives expand their offerings of financial services in the communities of target disadvantaged population(s), where banking outlets are often limited and quick-cash outlets are common.
SAMPLE INDICATORS
- Distance to the nearest banking outlets for target population(s)
- Number/locations of banking outlets in a given area relative to the distribution of the population’s need for services
EVIDENCE-BASED STRATEGY
Initiatives provide accurate information on banking products and services that is widely and freely available, accessible, and easy for people with low English and French (other official languages) literacy and/or little previous exposure to banks and financial services to read and understand.
SAMPLE INDICATORS
- Number/percentage of initiatives using infographics (or other visual means) in their information materials to support easy and clear communication of a topic
- Availability of materials through different media channels (e.g., magazines, websites, billboards, brochures, social media)
- Number/percentage of initiatives adopting inclusive communication through language and format (e.g., adequate font size for people with impaired vision and plain language use)