We’ve all heard the expression “knowledge is power.” That’s certainly true when it comes to vulnerable Canadians, who often face challenges related to their personal finances. From single parents managing mounting expenses and seniors on fixed incomes to individuals with disabilities who may struggle to understand how to access tax benefits, many populations are disproportionately affected by economic instability. Access to education and advice related to key areas of financial planning — such as financial management, retirement planning, insurance and taxes — can be transformative, enabling those who need it most to navigate financial challenges and build a more secure future.
Providing this access has never been more important. As Canada strives toward financial wellness for all, ensuring equitable access to professional financial planning is essential to empower individuals, reduce systemic inequities, and foster a more inclusive and financially secure society.
The truth is, many Canadians face significant financial challenges, including limited access to professional financial advice and a lack of foundational financial knowledge. Vulnerable populations, such as low-income families, seniors, newcomers and Indigenous Peoples, are particularly at risk of financial insecurity, which can have lasting impacts on their well-being. Pro bono financial planning and targeted financial literacy initiatives can play a transformative role in addressing these challenges. Offering free, high-quality financial advice and empowering individuals with the knowledge they need to make informed decisions can help build financial resilience, reduce stress and improve overall quality of life.
Organizations like the recently launched Canadian Foundation for Financial Planning are leading the way. This registered charity, founded by FP Canada and the Institute of Financial Planning alongside founding partner RBC Foundation, will carry out programs that offer pro bono advice and culturally relevant financial education for financially vulnerable Canadians.
At the heart of this programming is an understanding that financial planners are uniquely positioned to view Canadians’ financial situations holistically — and help them turn insight into action. Helping a person improve their financial literacy is one thing; inspiring them with knowledge and providing expert guidance as they apply that knowledge is another.
The foundation’s areas of focus can serve as a model for members of the profession who are considering what they can do to make a difference. Donating to and volunteering for charities that are engaged in this work can go a long way — as can advocating for philanthropic action within your own organization.
Finding ways to give back — by, for example, providing pro bono or low-cost services — can reduce the monetary barriers that many underserved individuals face when seeking advice. Likewise, learning about the systemic challenges that potential clients from different cultures and backgrounds face can lead to more inclusive financial planning practices. This, in turn, can make advice feel more accessible to all Canadians.
Rethinking our approach to financial literacy education could also have a significant positive impact on those facing financial insecurity. For our educational efforts to be truly effective, we must ensure they’re as personalized as possible — and that they focus on empowering Canadians as well as teaching them.
For example, by collaborating with community groups, we can leverage their trust-based relationships and deep understanding of local needs, which will enable us to significantly enhance access to financial planning. The foundation is embracing this approach by focusing on partnerships that make it possible to identify the barriers that specific communities face when accessing financial education and advice. These barriers can include language, cultural nuances and systemic inequities, to name a few.
By co-developing tailored financial literacy workshops, pro bono planning initiatives and resources, the foundation can address the unique challenges that members of groups at higher risk of financial insecurity often face. This ensures that programs are not only accessible but relevant and impactful, empowering people by providing them with the tools and knowledge they need to build financial resilience and achieve lasting financial well-being.
Individual financial professionals have a vital role to play in advancing the mission of the Canadian Foundation for Financial Planning and similar charitable initiatives. By supporting these initiatives — either financially or by lending their expertise — financial professionals can have a meaningful impact, fostering greater financial resilience and contributing to a more equitable and financially secure future for all Canadians.
Tashia Batstone is president and CEO of FP Canada.