Financial Vulnerability in Canada: The Embedded Experience of Households

This book explores financial vulnerability, particularly affecting low-income and modest-income Canadian families, and offers a framework to understand and address it in broader community, cultural, and economic contexts. It provides holistic policy recommendations to reduce financial vulnerability.

Format: Paperback / softback
Length: 179 pages
Publication date: 04 March 2023
Publisher: Springer Nature Switzerland AG

This comprehensive book delves into the realm of financial vulnerability, a condition where individuals or households face significant challenges in absorbing substantial spending or experiencing negative income shocks without experiencing substantial financial and broader harm, such as job loss, emotional distress, or mental illness. The central focus of the book is on the experiences of low- and modest-income Canadian families, as these families are particularly vulnerable to financial hardship due to their position in the lower income brackets. By examining vulnerability from both a conceptual and empirical perspective, the book provides a valuable framework for understanding the complex and interconnected ways in which financial vulnerability arises and can be addressed.

Drawing from a wide range of community, cultural, and economic contexts, the book seeks to offer holistic policy recommendations to reduce financial vulnerability. Its analysis of individual and household financial management is situated within a broader societal framework, recognizing the interdependencies between different aspects of life. By recognizing the multifaceted nature of financial vulnerability, the book aims to provide insights that extend beyond Canada and have implications for other developed countries as well.

One of the key themes explored in the book is the impact of income inequality on financial vulnerability. The authors argue that income inequality creates a cycle of disadvantage that can lead to persistent financial hardship for certain groups of people. They highlight the need for policies that promote economic growth, reduce income inequality, and provide support to those who are most vulnerable.

Another important aspect of the book is the role of financial education and literacy in reducing financial vulnerability. The authors argue that individuals who have access to quality financial education and resources are better equipped to make informed financial decisions and manage their finances effectively. They suggest that policymakers and financial institutions should prioritize investments in financial education programs to empower individuals and promote financial stability.

The book also explores the impact of social policies and programs on financial vulnerability. The authors argue that government interventions, such as social security programs, unemployment insurance, and housing assistance, can play a crucial role in mitigating financial hardship and promoting financial stability. They suggest that policymakers should prioritize the design and implementation of these programs to ensure that they are effective in reaching those who need them most.

In addition to policy recommendations, the book also provides insights into the personal experiences of individuals and families who have faced financial vulnerability. Through interviews and case studies, the authors shed light on the challenges that individuals face when dealing with financial instability, such as stress, anxiety, and feelings of powerlessness. They also highlight the resilience and resourcefulness of individuals who have overcome financial challenges and achieved financial stability.

Overall, this book is a valuable contribution to the field of financial vulnerability. It offers a comprehensive and interdisciplinary approach to understanding the causes and consequences of financial hardship and provides practical policy recommendations to address this pressing issue. By recognizing the multifaceted nature of financial vulnerability and the interdependencies between different aspects of life, the book aims to promote financial stability and well-being for all individuals and families.

Weight: 268g
Dimension: 210 x 148 (mm)
ISBN-13: 9783030925833
Edition number: 1st ed. 2022