What is Financial Empowerment?
Financial Empowerment is an approach to create financial stability and wellbeing for economically vulnerable
people. With a focus on earning, saving and building, it is a framework that promotes opportunities to acquire skills
and improve access to supports that tangibly enhance their financial security. Financial Empowerment includes financial literacy and asset building as core elements, but recognises that a more broad set of strategies and supports are needed for individuals and families who face economic hardship.
What are the key components of Financial Empowerment?
Organizations committed to Financial Empowerment may differ somewhat in the language they use to identify key
components, but there is significant agreement that the activities based in earning, saving and building are
essential for a successful Financial Empowerment strategy. These activities may be sequential or overlapping.
Research suggested that activities that are ‘bundled’ together are most effective.
Why should the Collaborative consider adopting a Financial Empowerment approach?
● The framework better reflects work already engaged in by Collaborative members.
● It lends a strategic direction to the Collaborative that has greater clarity. It provides an organizing lens for
the Collaborative’s work.
● Encourages participation of new members who may more clearly see what role they can play.
● It is an inclusive approach that addresses the various and interconnected needs of those that are
● It aligns with other jurisdictions across North America who are also moving towards Financial
What changes would occur in the near future?
● A potential name change.
● There may be strategies to increase the Collaborative’s work in the area of ‘Earn’.
● A greater emphasis on the work of the three component area and less emphasis on the committee
● A strategic plan that reflects the Financial Empowerment approach.
What stays the same?
● Monthly Collaborative meetings.
● Community is still welcome to come to meetings to share and hear information.
● Collaborative members determine what they will be involved in and to what extent.