Opinion: In B.C.'s affordability crisis, financial empowerment can help people maximize their income

In the weeks since Prime Minister Mark Carney unveiled his first budget — billed as an austerity budget, spending budget, or investment budget, depending on who you ask — the societal impact looks different.

Amid it all is an affordability crisis that many Canadians are feeling every day — an inflationary environment amplified by economic uncertainty and high unemployment. Solutions, like opinions on the federal budget, are different depending on who you ask.

Financial empowerment is a solution that considers individual participants’ circumstances, and not just financial ones. It provides people with an opportunity to build trust with people and institutions, particularly in places that they have felt historically excluded from, like banks and the tax system.

Through individualized coaching, people get the chance to improve their quality of life by increasing their understanding of financial products and systems, as well as what benefits and programs are available in their region. Often, this means more money in their pockets.

B.C. has among the highest concentration of gig workers in Canada — largely in its urban centres, construction, and tech industry. Of the more than 250,000 gig workers in the province, younger people and racialized people are more likely to rely on precarious employment to make ends meet.

B.C. also has one of the highest youth unemployment rates in the country. According to Statistics Canada, youth unemployment in the province hit 16.6 per cent in May, the highest it’s been since 2003 excluding pandemic years.

Despite falling rental rates, housing costs continue to be high in B.C. The latest point-in-time homelessness counts across the province show rising levels of homelessness among seniors, many of whom live on low fixed incomes. Indigenous populations continue to be overrepresented in homelessness counts and, alarmingly, the percentage of respondents who first experienced homelessness as a youth ranges from 30 per cent (in Vernon) to 61 per cent (in Powell River). The summarized 2025 provincial report on homelessness is not yet available.

This is just some of the data for specific populations in B.C. in relation to affordability and poverty. Like in other provinces, some industries also face increased risk of fallout from the trade war: film, mining, and forestry, to name a few.

It’s here that targeted relief — from federal and provincial governments, as well as private sector financing and investment — is supporting thousands of workers. The challenge is to identify who is left behind. Youth, seniors, Indigenous people, and gig workers are just a few of the folks struggling the most in the province.

When people are stressed about how they will pay rent, feed their families, and access health care, filing taxes is not at the top of the list. In fact, navigating a confusing matrix of benefits and support can contribute to a growing feeling of overwhelm and stress.

Many benefits and other financial support services rely on tax filing and accurate income information. The newly expanded automatic federal tax filing program is a start, but it doesn’t take into account secondary income sources, family dynamics, or cultural practices. Financial institutions offering financial help services often have no business case to support low-income people. Predatory lenders, though curtailed by recent legislative changes that limit interest rates, are often considered the only option for people trying to avoid eviction.

Financial empowerment is a response to these challenges. The model supports people regardless of their age, financial circumstances, or citizenship status. There are no requirements for participation in the free program, and it is designed to respond to specific community needs, whether an individual lives in Vancouver, Kelowna, or in an Indigenous community.

Family Services of Greater Vancouver, which has provided financial help services to individuals since 2008, is now poised to support people across the province through the resilient futures initiative. As the new B.C. hub for financial empowerment, Family Services will expand its free, essential services across the province, including support with tax filing, assistance with accessing benefits, and financial coaching and counselling.

Resilient futures is a federal four-year, $60-million initiative designed to enhance financial stability and well-being countrywide. It aims to reach one million Canadians, providing access to over $2 billion in vital benefits and financial resources.

At Family Services, there is evidence that this model is already working. In 2024 alone, the organization helped more than 3,300 people access a combined $2.4 million in government benefits.

While financial empowerment alone cannot solve the affordability crisis, it can help people maximize their income. And, importantly, it leaves no one behind.

Maria Howard is CEO of Family Services of Greater Vancouver.