Savings

Framework graphic with the entry point 'Consider Diverse Household Financial Circumstances' highlighted

EVIDENCE-BASED STRATEGY

Initiatives acknowledge that a person’s ability to save is intrinsically related to their social and financial situations. Savings-targeted initiatives consider how people are financially coping on a weekly basis as well as understand the nature of their work, their employment security and working conditions, the absolute level, volatility and source of their income, welfare payments, and their life goals and priorities.

SAMPLE INDICATORS

Number/percentage of people who report increasing their savings balance on a monthly or yearly basis, regardless of the amount
Number/percentage of participants who report that they do not feel judged for their inability to save money
Number/percentage of people who find it difficult to come up with a lump sum of money for an emergency

EVIDENCE-BASED STRATEGY

Initiatives develop a customized achievable and realistic financial strategy for savings that aligns with a person’s life and financial circumstances, including their unique goals, values, and needs.

SAMPLE INDICATORS

People’s perceived ability to save money
Participation rate in automatic savings programs
Self-reported amount (e.g., in Canadian dollars) that could be raised in a week
Number/percentage of people who report savings for more than six consecutive months