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Government of Canada / Gouvernement du Canada

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Opens in new tabFinancial Consumer Agency of Canada (FCAC)

National Financial Literacy StrategyInitiative details

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Savings Circles

Savings Circles is an Individual Development Account (IDA) program that works with people in Calgary and surrounding area and Indigenous people within Treaty 7 Territory who are living on lower incomes and striving for more stability. For six months, participants commit to saving between $5 and $50 each month, engage in a minimum of two individual meetings with the facilitator, and attend seven money management workshops. Monthly during the program, a participant’s savings are matched 3:1. This allows them to save up to $1,200 to purchase a productive and meaningful asset that will make a difference in the quality of their life.

Demographics collected

  • Age
  • Financially responsible for dependent
  • Gender
  • Household income
  • Immigration status
  • Personal income
  • Physical or mental disability
  • Status or non-status indigenous person

Initiative occurrences

  • January 01, 2021 to December 31, 2022
    Sample size: 80

Target population

  • Persons with low income

Adopter

Link

Related priorities 

This initiative relates to the following National Financial Literacy Strategy priorities and target outcomes: 

Priority 2

Build and provide for diverse needs

  • Target outcome 2.1
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Disclaimer

The Financial Consumer Agency of Canada does not endorse, directly or indirectly, any adopters of the Measurement Plan, nor does it make any representations or warranties, express or implied, concerning the adopters' products or services or their fitness for a particular purpose.

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