According to the 2021 Index of Economic Freedom, Canada has the 10th-largest economy, yet income inequality in Canada has been increasing over the past 20 years. But financial equity isn’t just a Canadian problem, according to Visa, over 500 million people globally don’t have access to financial services – while even more individuals face institutionalized barriers to full participation on a daily basis. So, how can the private sector help solve for these inequities?
Introducing the: Porter Novelli Focus: Financial Equity Canada.
In this research, we explore Canadian perceptions and understanding of inequities in our financial system – and which organizations are responsible to solve for these inequities. Our data reveals the majority of Canadians (81%) think inequities are a serious concern – and that financial institutions have created roadblocks that prevent certain populations from entering the financial system (73%). The research also outlines specific actions organizations can take to address inequities.
Key Findings Include:
- 81% of Canadians say that inequities in our financial system are a serious concern while 73% agree events of the past 18 months have made them more aware of inequities in our financial system
- 83% agree that not having equitable access to the financial system can negatively impact low-income individuals’ lives
- 73% believe financial institutions have created barriers that prevent individuals from entering the financial system while 80% say financial institutions have a responsibility to address inequality
- 63% consider a financial institution’s work to address financial inequities when deciding which bank to use while 75% would be more likely to keep their money in a financial institution if they knew it was working to address financial inequities
Eric Tang, Porter Novelli’s Executive Vice President, Managing Director, Canada, explains how this research is relevant across the private sector and regions:
“The pandemic has made Canadians more aware of the inequality in our financial systems and most people think it’s a serious concern. Financial institutions globally should pay attention to our findings and act quickly because the public expect them to own their shared responsibility to address financial inequities.”