Ontario Securities Commission invests $5.4M in Prosper Canada to expand financial empowerment for Ontarians with low incomes
This initiative will expand access to tailored financial empowerment supports that enable people to set and achieve financial goals, build financial stability, and become informed investors. It will also include a strong focus on Indigenous inclusion, co-developing financial wellness programs designed to meet the unique needs of First Nation communities in northern Ontario.
This investment builds on the success of a previous funding agreement that enabled Prosper Canada to train over 900 community organizations, create new investor education resources accessed over 20,000 times, and support more than 3,000 Ontarians to improve their financial well-being – 2,000 of whom achieved specific financial goals. Despite this success, significant service gaps remain for those facing systemic barriers to accessing financial help and protection.
"We've seen first-hand the impact that access to accurate, timely financial empowerment supports can have on people's lives," said Elizabeth Mulholland, CEO of Prosper Canada. "The OSC's continued investment enables us to expand this critical work, particularly for Indigenous and marginalized communities, helping more Ontarians protect themselves from financial fraud, build security, and invest in their futures."
With this new investment, Prosper Canada, together with our Ontario community partners –Sudbury Community Services Centre, Thunder Bay Counselling, EBO Financial Education Centre, West Neighbourhood House, and Building Up – and our national Indigenous partner, AFOA Canada, will:
Scale up tailored consumer and investor education training and resources for low- and modest-income individuals, including targeted support for First Nation community members receiving lump-sum settlement payments;
Strengthen and expand financial counselling and coaching delivered through community organizations;
Collaborate with interested First Nation communities in northern Ontario to co-develop and deliver a suite of culturally appropriate financial wellness supports to First Nation community members.
This investment comes at a crucial time, as affordability challenges persist and large-scale compensation for First Nations individuals presents both unprecedented opportunity and increased risk of financial predation. Prosper Canada's expanded efforts will help ensure Ontarians with low incomes have access to trusted, relevant, and effective financial help.
Prosper Canada is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation. As Canada's leading champion of financial empowerment, Prosper works with governments, businesses, and community organizations to develop and promote financial policies, programs, and resources that transform lives and foster the prosperity of all Canadians.
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