Improving Financial Inclusion in Canada
A report by Olga Morawczynski, published by the Canadian Standards Association, highlights the need for Canada to track financial well-being metrics, support financial innovation, and strengthen community access to banking.
According to Morawczynski, disposable income growth has slowed, leading to declining savings rates and increased reliance on credit for lower-income families.
- Lower-income households face difficulties in accessing financial services.
- Newcomers, Indigenous people, and self-employed workers also struggle with financial access.
Canada needs to track financial well-being metrics, support financial innovation and strengthen community access to banking to serve more underserved and financially vulnerable people.
Morawczynski emphasizes the need for a coordinated national strategy to tackle fintech innovation, funding, and access to services.
Investing in fintechs can help improve access to financial services, addressing the growing wealth gap and supporting underserved communities.
Author's Summary
Canada needs a national strategy to improve financial inclusion and support fintech innovation.
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