Action on Financial Wellbeing is Critical Now
Over several decades, social safety nets have been deteriorating while poverty and under/unemployment has been increasing worldwide. The pandemic accelerated these trends leading to an affordability crisis.
Now, even more people are unable to make ends meet. Health and quality of life are being negatively affected. Populations at risk (such as single-parent families, seniors, and youth) have been impacted the most.
Financial strain and financial wellbeing have political, socioeconomic, and cultural causes and consequences. People's financial circumstances are shaped by their skills and behaviours as well as economic and societal forces outside of their control. Coordinated upstream and downstream actions are needed to prevent and reduce negative consequences of financial strain. This will help promote financial wellbeing for all.
What is financial wellbeing?
Financial strain is subjective. It reflects how a person feels about their current financial situation, e.g., stress about meeting costs of daily living and saving for the future. Financial wellbeing refers to how much disposable income and assets one has along with their perceptions of their financial circumstances in the present and future.
Advancing financial wellbeing and affordability across Canada - next steps:
The Centre for Healthy Communities 2026 Innovation Forum is an opportunity to bring people from across sectors together to share insights and experiences towards collectively advancing financial wellbeing efforts in Canada.