The goal of our committee is to increase the availability of asset building programs for families on low or limited income.
I can best illustrate what an asset building program is by giving some examples.
Asset Building Programs
One of the reasons people on low incomes face difficulties trying to get ahead financially is that they lack assets which can be leveraged to improve their finances. Paying for skills training, having a computer, or improving your home's energy efficiency to reduce your utility bills are all examples of investments that can help low income families get ahead, but that require an up front investment that low income families often cannot affford. Asset Building Programs were developed to address this problem."Get $500 of Free Money for your Child’s Education"
The Canada Learning Bond is probably the best known asset-building program. It makes it easier for low income families to save for their children's education by providing significant matching dollars to money invested in an RESP. You can learn more here.
SEED Winnipeg is offering a workshop to help families learn how to access the Canada Learning Bond.
Asset Building Programs in Winnipeg
SEED Winnipeg's Asset Building Programs assist low-income participants to save for productive assets or household necessities. Learn more about SEED Winnipeg's asset building programs here.
The Winnipeg Poverty Reduction Council is working with Red River Community College to develop a program for future students and is working with the Assiniboine Credit Union to create a program that would be available for their staff. Once these new pilot projects are launched we hope other Winnipeg Businesses will explore setting up similar programs for their employees.
The Winnipeg Poverty Reduction Council is working with Red River Community College to develop a program for future students and is working with the Assiniboine Credit Union to create a program that would be available for their staff. Once these new pilot projects are launched we hope other Winnipeg Businesses will explore setting up similar programs for their employees.
Identifying Barriers and addressing them.
The Committee also spends time looking at the challenges that low income people may face and explores ways to overcome them.
Something as simple as obtaining identification can be a real challenge if you don’t have the money to get your birth certificate or social insurance number. The committee has worked with Government and SEED Winnipeg to streamline and financially support people to make this easier.
There is a lot more to be done.
There are many initiatives being taken to try and address poverty. The biggest challenge is making people aware of what is available and how they can access support. I commend the many organizations that work hard every day lending assistance to those who could use it.
I hope you all make some time to talk about some of the supports and organizations out there to help spread the word.
