CLOSING THE FINANCIAL HELP GAP FOR UNDERSERVED INDIVIDUALS REQUIRES COLLABORATIVE ACTION: CO-OPERATORS

Latest report reveals over 3 million people in Canada with low income need equitable access to financial support

TORONTO, April 14, 2026 /CNW/ - There is a critical financial help gap across the country, with over 3 million people in Canada grappling with financial hardship. This insight was identified in Prosper Canada's latest report, Closing the Divide: Solutions for Canada's Financial Help Gap, with research funding from Co-operators, which unveiled a comprehensive solution framework calling for cross-sector collaboration to help people with low-income achieve financial security through practical advice, tools, and resources.

There is a clear need for the removal of systemic barriers that prevent underserved Canadians from accessing financial resources, guidance, and support. Solutions such as expanding free or low-cost financial planning services help to ensure financial advice is accessible to all who need it. Additional opportunities highlighted in the report include implementing automatic tax filing, investing in community help services, and conducting accessibility audits. Together, these actions underscore the importance of collaboration in closing Canada's financial help gap.

The report also puts a spotlight on persistent financial exclusion and vulnerability challenges faced by people with low-income. They are, on average, $34,539 in debt, and many are unlikely to fully leverage the support and resources available. For instance, an estimated 20% miss vital tax benefits – opting to self-file due to a lack of trust in mainstream service providers and solutions that are not tailored to their unique circumstances. These systemic issues are compounding the existing affordability challenges faced by underserved communities.

"The report highlights a deeply concerning gap that affects the financial security of people in Canada and the strength of our communities," said Jessica Fisher, Associate Vice-President, Citizenship at Co-operators. "Millions of people with low-income lack access to trusted financial help and advice tailored to their needs, threatening financial security at a community level. There is an urgent need to expand access to community-based financial support services and improve the availability of government benefits. By acting now and working together, we can build a future where every Canadian has the support and resources they need to thrive."

Further discussed in the report is the need for a united front, acknowledging that no single sector can close Canada's financial help gap alone. Collaboration with governments, financial services, and community organizations toward specific actions is essential meeting the needs of underserved people in Canada.  

"Our research in Closing the Divide highlights a significant societal issue that disproportionately affects underserved communities," said Elizabeth Mulholland, CEO, Prosper Canada. "This comprehensive solution framework, developed with Co-operators, provides a clear approach for governments, financial institutions, and community organizations to work together. By addressing these barriers and fostering collaboration, we can help ensure every person in Canada has equitable access to the financial tools and support crucial for their well-being and a more financially resilient future."

About Co-operators

Proudly Canadian since 1945, Co-operators is a leading financial services co-operative, offering multi-line insurance and investment products, services, and personalized advice to help Canadians build their financial strength and security. With more than $79 billion in assets under administration, Co-operators is well known for its community involvement and its commitment to sustainability. Currently a carbon neutral organization, Co-operators is committed to net-zero emissions in its operations and investments by 2040, and 2050, respectively. Co-operators is recognized as one of Canada's Top 100 Employers and ranked as one of Corporate Knights' Best 50 Corporate Citizens in Canada.

For more information, please visit: www.cooperators.ca. 

About Prosper Canada
Prosper Canada is a national charity driving bold change that enables more people to prosper. With government, business and community partners across Canada, we are expanding life-changing financial empowerment services, innovating for greater inclusion and impact, and removing barriers to financial well-being for people with low and modest incomes. Our goal is a Canada where everyone has the opportunity and support to achieve financial well-being and live with dignity, stability, and possibility. Learn more at www.prospercanada.org.

About the report

In 2023, Prosper Canada worked with financial sector, government, and community experts to identify the priority financial help needs of people with low-incomes and assess the current state of financial help services. Their findings, published in Missing for Those Who Need It Most: Canada's Financial Help Gap, confirm that existing services are often unaffordable, inaccessible, or not appropriate to the needs of people with low-incomes.

Media Contact: [email protected]

SOURCE Co-operators Group Limited