COLLECTIVE IMPACT REPORT
2013
Financial Futures Calgary, led by the United Way of Calgary and
Area, convenes a network of community organizations, financial
institutions, private sector organizations, government and
engaged citizens committed to building the financial literacy and
assets of all Calgarians, particularly those with lower incomes,
through collaborative action and systems change.
www.financialfuturescalgary.ca
FINANCIAL FUTURES CALGARY COMMUNITY
Financial Futures Calgary (FFC) convenes over 40 member organizations from the social
service sector, government, businesses and financial institutions.
United Way Calgary and Area / Momentum / First Calgary Financial / ATB Financial / BMO
Financial Group / TD Financial Group / Government of Alberta / Money Mentors / Calgary
Public Library / Bow Valley College / SAIT / RBC Royal Bank / Enmax Corporation /
CanLearn Society / Calgary Catholic School Board / Scotiabank / Catholic Family Services /
Frog Skin U / City of Calgary / Junior Achievement Southern Alberta / Aspen Family Services /
The Mustard Seed / Calgary Counselling Centre / University of Calgary / Canadian Immigrant
Women's Association / Women In Need Society / Vecova / Women's Centre / Prospect
Human Services / Calgary John Howard Society / Bromwich and Smith / Canadian Youth
Business Foundation / Mt. Royal University / Literacy Alberta / Centre for Newcomers /
Champions Career Centre / Imagine Calgary / Servus Credit Union / Vibrant Communities
Calgary / Calgary Local Immigration Partnership / Immigrant Sector Council of Calgary / Further
Education Society / Calgary Learns
11 NEW
LOCAL MEMBERS JO INED THE
FFC
IN
2013:
Literacy Alberta / Champions Career Centre / Imagine Calgary / Servus Credit Union / Vibrant
Communities Calgary / Calgary Local Immigration Partnership / Immigrant Sector Council of
Calgary / Bromwich and Smith / Junior Achievement Southern Alberta / Further Education
Society / Calgary Learns
ALBERTA COMMUNITY
Financial Futures Calgary also partners with the Alberta Asset Building Collaborative consisting
of the City of Edmonton, United Way of the Alberta Capital Region, Momentum, The Home
Program and United Way of Central Alberta.
C ANADIAN COMMUNITY
Financial Futures Calgary also partners with a National Community of Practice in Asset Building
called ABLE (Asset Building Learning Exchange). This Community of Practice is led by
Community Economic Development organizations such as The SEED Winnipeg, Momentum
Calgary, the Alberta Asset Building Collaborative and Social Enterprise Development and
Innovation, Toronto.
FFC GOALS
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Low income community members develop savings patterns and increase their savings.
Calgarians are supported in building their capacity to save money and grow their assets.
Calgarians are supported in increasing their financial, social, physical, and human assets
through financial literacy education and asset building programming.
FFC ACTION TEAM PRIORITIES
Financial Futures Calgary consists of five Action Teams, guided by
the following priorities:
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Asset Building Team: Increase access to financial literacy
and asset-building opportunities through incentive-based
interventions.
Capacity Building Team: Build capacity of front-line staff to
effectively deliver financial literacy services.
Awareness Team: Generate awareness and engagement in financial literacy as an
essential skill.
Banking Team: Increase access to mainstream financial services and products.
Continuum Team: Develop a continuum of complementary financial literacy and assetbuilding supports and services.
COLLECTIVE IMPACTS IN 2013
FFC MEMBERS IMPACTING SYSTEMS AND POLICY: LOCALLY
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The Calgary Poverty Reduction Initiative (CPRI) consultations moved into planning
through the development of the Enough for All report. The FFC secretariat co-authored
section 4.2.2 Building Assets Together. www.enoughforall.ca
FFC secretariat developed three project charters to outline three CPRI implementation
goals related to asset building for 2014.
Momentum hosted civic leaders in a meeting with Jonathan Mintz, Commissioner of the
New York City Department of Consumer Affairs, during the ABLE conference to provide
insights and learning for the city in the area of financial empowerment.
FFC MEMBERS IMPACTING SYSTEMS AND POLICY: PROVINCIALLY
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FFC secretariat and members participated in Government of Alberta Social Policy
Framework consultations.
FFC secretariat and members participated in Government of Alberta Poverty Reduction
Plan consultations including submitting documents to the Government of Alberta’s policy
domain wiki pages.
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Momentum hosted provincial leaders from Human Services in a meeting with Jonathan
Mintz during the ABLE conference to provide insights and learning for the province in the
area of financial empowerment.
FFC MEMBERS IMPACTING SYSTEMS AND POLICY: NATIONALLY
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FFC is part of a National Community of Practice referred to as ABLE. Financial Futures
Calgary and Momentum hosted ABLE’s third national conference in Calgary on
November 5 and 6. ABLE 2013 brought together approximately 250 practitioners,
researchers, and policy makers in the fields of financial literacy, financial empowerment
and asset building as well as financial institutions to share best practices, review new
research and policy developments and strengthen the National Community of Practice.
ABLE 2013 brought together many of the leading experts on financial literacy, asset
building and financial empowerment from Canada and the United States. Six plenary
sessions, along with 15 break-out sessions and two experiential learning sessions
provided attendees with exposure to the newest research, policy developments, best
practices and challenges in helping people move strategically out of poverty.
FFC MEMBERS INFLUENCING BEST PRACTICE
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FFC secretariat and members participated in poverty reduction conversations both
locally and provincial heavily influencing the scope and focus of work in poverty
reduction.
The FFC secretariat developed project charters for the CPRI
The Capacity Building Team populated the FFC Financial Literacy Tools and Resources
webpages
The Awareness Team produced a thorough and dynamic ABLE post-conference
resource package http://www.financialfuturescalgary.ca/able-conference/speakers-andresearch.html
The Capacity Building Action team surveyed the FFC community to determine needs in
areas of financial literacy and asset building. Based on survey results, the team worked
to provide learning opportunities for the community.
The ABLE conference developed our community’s knowledge base on asset building
and financial inclusion.
The Capacity Building Action team worked to accredit the ABLE conference for social
workers and social work students.
The Capacity Building Action team worked to embed financial literacy training into the
University of Calgary’s social work curriculum
The Continuum Team and the United Way PIR team worked to ensure 2013 Calgary
Public Library tax clinics for low income people were supported with the Benefits
Navigator.
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The Banking Team met with 9 front-line social service agencies to determine barriers to
traditional banking
The Banking Team developed a web tool to help aid front-line social service staff in
answering questions and tackling challenges around opening a bank account at a
traditional institution
Momentum produced RESP/RDSP sign-up events
ADDITIONAL SUCCESSES IN 2013
FRINGE FINANCIAL INSTITUTIONS POLICY ANALYSIS
Effective facilitation of learning at the ABLE conference, including mindfully including people
with lived experiences and producing artistic experiences for attendees, shifted the thinking of
policy makers in the area of pay day lending and/or fringe financial institutions. Policy as a
solution must always be followed by rigorous questioning, and in this case, questioning has led
the team away from seeking regulatory solutions to place-based solutions, thanks to hearing
from people living in poverty.
CHALLENGES IN 2013
FFC and its Action Teams seek resources for projects, often in the form of one-time small
funding requests. These funding requests sometimes cause internal UW challenges during the
United Way campaign period, which are easily mitigated via communication procedures.
THE BIG WINS IN 2013
FFC worked to embed asset building and financial literacy/empowerment into municipal and
provincial poverty reduction plans. ABLE enhanced and deepened our community’s knowledge
base.
UNITED WAY OF
CALGARY AND AREA FFC INVESTMENT
FFC secretariat: current commitments: 2 years (Sept 2012 - Sept 2014)
Proposed UW commitment: 3 years (Sept 2012 to Dec 31st 2015)
GOVERNANCE
Financial Futures Calgary uses a constellation model of governance and organization. In 2013,
the FFC stewardship grew to include representatives from Vibrant Communities Calgary, the
Aga Khan Social Welfare Board for the Prairies Region, Poverty Talks and Derek Cook from the
Calgary Poverty Reduction Initiative.
LEVERAGING UNITED WAY OF CALGARY AND AREA INVESTMENTS
United Way of Calgary and Area's (UWCA) investments in the FFC and in projects such as the
ABLE conference, FFC website development, Banking for All website development and in joint
research and policy initiatives were instrumental in leveraging funds from other organizations to
fully fund these projects. Co-funders on projects listed below.
ABLE: Assiniboine Credit Union, Momentum, VanCity, ATB, First Calgary,
Government of Alberta. Calgary Foundation, Family & Community Support Services,
Credit Union Central of Canada, Alberta Capital Market Foundation, Max Bell
Foundation, Canadian Women's Foundation, United Way Alberta Capital Region
See the ABLE Post Conference Package for resources, presentations and videos from the
conference http://www.financialfuturescalgary.ca/uploads/ABLE_post.pdf
FFC Website www.financialfuturescalgary.ca : UWCA and Momentum
Banking for All website www.bankingforcall.ca : UWCA, Servus Credit Union, RBC
Foundation, BMO, ATB and First Calgary
FROM POVERTY TO POSSIBILITY
Poverty costs us all. The 2012 Poverty Costs report estimated the annual cost of poverty to
Alberta at between $7.1 and $9.5 billion. Poverty and financial stress also robs the city of the
talents and strengths of those who cannot contribute fully to society. Working long hours to
make ends meet and struggling to pay debts, many lack the time and energy for the things that
really matter, like family and community. Ending poverty and the stresses that lead to it will
benefit us all.
Most of those living below the poverty line are living in households where at least one person is
working. Many more are living above the poverty line, but experience financial vulnerability due
to low levels of saving and high levels of debt. Effectively addressing poverty will require
providing people with the opportunity to earn a sufficient income and build financial assets.
Research and experience demonstrate that income alone is not enough to substantially change
an individual’s or families’ economic well-being. Rather, a range of opportunities and supports
are needed to support households to increase income and build a cushion of savings that
contributes to long term resiliency. In addition to an adequate income, people require knowledge
and access to affordable financial products and services along with the enforcement of
consumer financial protections. Also required are knowledge and access to income-boosting tax
credits and government benefits as well as supports and incentives to encourage savings.
COMMONLY USED STATS :
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Between 1982 and 2010, the top 1% of Calgarians saw an increase in real income of
$570,000, while the bottom 90% saw an increase in real pay of only $2,000.
In 2013, Trans Union reported Albertans on average are carrying $36,223 in non-mortgage
consumer debt
In 2009, 51% of Alberta’s income went to the top 20% of income earners.
In 2009, via Signposts, 44% of Calgarians reported carrying too much debt, and 55%
reported not having enough savings.
In 2006, two thirds of Calgary’s low-income population were working
COMMONLY USED REPORTS:
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United Way Calgary and Area (2012 ) From Getting By to Getting Ahead: Six Levers of
Wellbeing of Families with Lower Incomes
Cabaj, M. (2011). Cities Reducing Poverty. Waterloo, Ontario: Tamarack.
Briggs, A. and Lee, C. (2012) Poverty Costs. Calgary, Alberta: Vibrant Communities
Calgary and Action to End Poverty in Alberta
Corporation for Enterprise Development (2011). Building Economic Security in America’s
Cities: New Municipal Strategies for Asset Building and Financial Empowerment.
Washington, D.C.: Corporation for Enterprise Development
Mullainathan, Sendhil; Shafir, Eldar. (2009) Savings Policy and Decision making in LowIncome Households Russell Sage Foundation Press.
Gjertson, L. M (2012)Which Assets Matter Center for Enterprise Development
Robson, Jennifer (2012) The Case for Financial Literacy SEDI
City of Calgary (2010) Calgary and Region Social Outlook report
Family and Community Support Services Calgary (2009) FCSS Brief : Individual and
Family Economic Self-sufficiency
Calgary Poverty Reduction Initiative (2013) Enough for All