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.
