Benefits of financial resilience and financial well-being measurement, strategy and innovation
Federal and Provincial Governments:
The Seymour Financial Resilience Index TM and Canadian Financial Well-Being studies allow for robust measurement and tracking on the financial resilience and financial well-being of households at the national, provincial, segment and individual household level, while identifying gaps and disparities that exist for different households and more vulnerable populations. The Index can be used to help inform and guide policy; highlight the connection between financial well-being and overall personal well-being, and help inform pathways for building a resilient, equitable and inclusive Canada.
Seymour Consulting is collaborating with Statistics Canada to shine a light on the financial well-being and resilience (and vulnerability) of Canadians, and how different households have been impacted by the pandemic. The Index provides a new lens and frame for ‘poverty’ and measurement on the extent to which Covid-19 Government supports and other programs are helping to improve the financial resilience of Canadians and key segments, while improving financial security, financial health and financial well-being. We are also analyzing more financially vulnerable populations that may need more targeted support: such as racialized Canadians, First Nations and Indigenous populations, low income families, women, small business owners and people not working owing to a disability.
Financial Institutions and other Organizations:
Many traditional and non-traditional financial institutions and financial services companies are focused on helping to improve the financial health, resilience and well-being of their current and prospective customers. Data and analytics can augment and complement customer and transactional data and support behavioural finance interventions and targeted financial health innovation. Utility, telecom and other businesses can lever the Index to understand the financial resilience (and vulnerability) of their customers, employees, small businesses and key markets, with multiple applications.
Employers can understand and track the financial resilience and financial wellness of their employees, in order to inform and support employee financial wellness strategies and programs, including to boost productivity and engagement.
The Index and complementary data also shines a light on how credit counselling agencies, financial help organization and other social enterprises can have increased impact with the customer or populations they serve, including underserved and more financially vulnerable populations facing systemic barriers.
We also lead customized research, strategy and innovation projects to help committed innovators organizations to improve the financial resilience and well-being of their customers and stakeholders at scale. Please contact us to schedule a consultation to explore how we can help you accelerate your financial health and well-being innovation, we’d love to help.