15 percent of Canadians are ‘underbanked’ — here’s what that means and why it’s a barrier to equitable recovery

Author Neha Chollangi
Unfair banking practices like predatory lending force vulnerable people into a vicious cycle of debt, making it harder to move out of poverty.

Why It Matters

An equitable recovery for Canadians means the financial sector needs to address deep structural issues — and find alternative banking models that support low-moderate income people.

This journalism is made possible by a partnership with the DUCA Impact Lab. See our editorial ethics and standards here.

When Peter Jongeneelen went through a separation and divorce, he stood at the foot of a mountain of finances. There was child support and his own bills to pay – all while trying to start a new life. He was living paycheck to paycheck at the time, sometimes unable to afford his hydro bill in the middle of winter. Jongeneelen filed for bankruptcy. 

Not long after, Jongeneelen was diagnosed with peripheral dispersion glaucoma, a partial sight disability, which worsened his situation. Many of the regular jobs he was used to, including working in restaurants and the fishery industry, were off the table. He had to take what he could get to make ends meet. 

Jongene

 

For limited access, create a FREE account

Limited Time Offer

Unlimited Access

Only $24 for the year 

80% off the standard annual membership ($119.50)

Enjoy unlimited access to insightful social impact journalism, special reports, talks and events that fuel your learning, development and decision-making.

For group membership discounts, contact us. community@futureofgood.co

Already have an account? Log in

These special introductory offer is not available to current subscribers of the same subscription type. Your payment method will automatically be charged in advance the introductory rate indicated in the offer above for 1 year, and after 1 year the indicated standard. Your subscription will continue until you cancel. Cancellation takes effect at the end of your current billing period. HST taxes apply. Offer terms are subject to change