Investing in Fintechs to Improve Financial Inclusion
A report by Olga Morawczynski, published by the Canadian Standards Association, highlights the need for Canada to improve financial inclusion for underserved and financially vulnerable populations.
According to the report, the growth of disposable income has slowed, leading to declining savings rates and increased reliance on credit for lower-income families.
- Lower-income households
- Newcomers
- Indigenous people
- Self-employed workers
find it challenging to access financial services due to the increasing wealth gap.
Financial Well-being Under Pressure: Addressing Canada’s Institutional Barriers
The report suggests that investing in fintechs, as well as support from organizations like the FCAC and Canada Post, can help improve financial inclusion.
Recommendations include tracking financial well-being metrics, supporting financial innovation, and strengthening community access to banking.
Author's summary: Fintech investments can improve financial access.More News
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