Policy Target
Financial resilience
EVIDENCE-BASED STRATEGY
For population groups whose basic needs are already met, initiatives provide supports for people to improve their capacity to cope in times of financial adversity (i.e., financial resilience) so they are better equipped to weather and recover from a future financial shock, such as an unexpected major expense or income drop. For population groups struggling to meet their basic needs, initiatives first focus on addressing the barriers limiting people’s abilities to afford essential necessities, such as food and shelter.
SAMPLE INDICATORS
- Self-reported savings balance
- Individual debt management skills
- Self-reported capacity to meet living expenses (e.g., change in capacity over time)
- Confidence levels in ability to raise emergency funds (e.g., stratified by income levels)
- Average number of owned financial products (e.g., bank account, credit, insurance)
- Confidence levels in financial decision-making among participants of financial capability programs (i.e., knowledge acquisition, skill development, and concrete opportunities for behaviour change)
- Number/percentage of people who report leveraging financial support from social networks to meet their financial needs
- Number/percentage of people who feel their community connections help them navigate available services (i.e., proxy of social capital)