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Published 17.05.2014 | Author : admin | Category : Money Online

A Registered Education Savings Plan (RESP) is a tax-sheltered plan that allows families to set money aside for their children’s post-secondary education.
While the federal government offers programs to assist low-income families with saving, these programs have low uptake among the families they were created to serve. Several major banks and credit unions offer RESP-specific savings accounts, which make it easy to take advantage of the CLB without requiring any additional investment from parents. Through interviews with low-income families and community organizations, we found that before an individual even gets to the bank, there are a number of barriers pertaining to perception that need to be overcome first.
Past negative experiences with government programs or financial institutions may mean that individuals distrust that the program can actually offer the stated benefit. It was important to note, however, that although the CLB money is “free,” promoters should be sensitive to the fact that there are costs incurred as part of the process. The experience of signing up for an RESP for individuals classified as ‘low-income’ generally followed one of two patterns, which was related to how long the family had been in poverty. The map demonstrates that there are very few ‘feel good’ moments to keep individuals motivated as they move through this complex process. The map demonstrates that there are very few tangible rewards or ‘feel good’ moments to keep individuals motivated as they move through this complex process.
The next step was to conduct a co-creation workshop that brought together a variety of stakeholders including front-line workers at community agencies, financial advisers at banks, and other key informants specializing in policy and financial literacy. A co-creation workshop brought together a variety of stakeholders, including front-line workers at community agencies and financial advisers at banks, who don’t typically have the opportunity for discussion. We narrowed the prototypes down to two web-based tools: one directed at informing low-income users about the details of the CLB, and one for banks to facilitate the sign-up process and conversation. The user-based tool is a resource the individuals could access on their own or that could be introduced to them through a community adviser such as a settlement worker. The bank-support tool responds to the challenge that bank employees do not open RESPs very frequently. Both prototypes were validated with a range of stakeholders, some of whom attended the co-creation session and could participate in the evolution of the tools, as well as low-income families who were responding to the tools for the first time. Subscribe for free email updates from Money Saving Mom® and get my Guide to Freezer Cooking for free! Subscribe to the free Money Saving Mom® email newsletter and get the Guide to Freezer Cooking for free! P&G is giving away 10,000 free full-sized products beginning today and running through Friday. I’m not quite clear on this one… is it the first 10,000 people, or is it 10,000 people randomly selected out of everyone who enters? I went ahead and entered since it gave the option, after I entered all of my information, it said the giveaway for today is over.


Looks to me like Allure magazine is the thrid party go-between for this promo and that you need an Allure log in to enter. Hey everybody try again, I just got through and got ‘Thank you for entering ” so I guess it worked! The zellwood sweet corn festival was a florida tradition that provided a day of 2015 editors note: the the zellwood sweet corn festival has been. Sweet corn fiesta: annual festival celebrating fresh sweet corn capital of the us held at save the date. Sweet zellwood corn takes center stage along with live entertainment, festival food, open date: sat, jun 06, 2015. Copyright © 2015 World Economic News, All trademarks are the property of the respective trademark owners. Sioux chief ringer 886 mr installation - Sioux chief stainless-steel flange repair ring is designed to repair a damaged closet flange. Currently, the majority of RESPs are opened by families with middle- or upper-class incomes. As part of the Bridgeable Designership Program, Bridgeable collaborated with Prosper Canada and Peel Children and Youth Initiative to research and design solutions that help low-income families access and take advantage of RESP support programs, specifically the Canada Learning Bond (CLB). In Peel region, which has a higher uptake rate than most of Ontario, only about 40% of children who are eligible for this benefit are actually taking advantage of it. Unfortunately, most families are not aware of this option, and not only do banks not advertise this no-fee savings account, many bank employees are not even aware that it exists and have even turned away prospective clients who inquire specifically about the CLB. For many low-income individuals who have experienced debt, the term “savings account” conjures negative associations, and an assumption that investment is either too risky or unaffordable.
Personal relationships are a primary source of information for many low-income individuals (more so than for the general population), meaning that it’s critical their knowledge about RESPs comes from a trusted and informed contact.
The individual may need to take time off work, arrange for transport, and possibly childcare, plus fees for required identification such as a birth certificate.
Recognizing this difference was important because the source of their motivation affected how they dealt with barriers they encountered during the sign-up process. Individuals similar to Persona 1 tended to have a future-oriented outlook, which drives them to disregard possible deterrents, such as returning for a second appointment, as part of a larger return.
Over the course of a day, participants were immersed in research insights and engaged in activities to test out ideas for addressing two main opportunity areas: becoming aware of the CLB, and the sign-up appointment.
The decision to use a web-based platform was significant, and a step towards ensuring the longevity of the tools beyond the scope of the summer project.
Responding to the anxiety we heard during research, partly what differentiates the user-support tool from information currently available online is its perspective: the tool walks the user through each step in detail and explores the outcome of several ‘what if’ scenarios so that individuals know what to expect and can prepare accordingly. By guiding both the adviser and the applicant through each step in the process, the tool saves time for the bank employee and ensures that the options and benefits available to low-income families are not overlooked. These participants provided insight into how these tools would affect their roles in the RESP sign-up process and worked with us to revise these resources to fit their needs.


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Yet investing in post-secondary education is equally important for low-income families as higher education is strongly correlated to prosperity and should be a viable opportunity for all Canadians.
If making ends meet on a daily basis is a top priority, and when there’s rarely any money to spare, the dominant preconception is that “savings” are a luxury and simply not possible for someone in their financial position.
Another factor is that language can pose a barrier: financial jargon can be confusing and intimidating, and can reinforce the idea that this process is out of their reach.
The key shift in perception is that although the monetary value of the CLB may not outweigh these initial costs, the true benefit of the CLB lies in its significance: the act of saving up for the child’s future education demonstrates that the parent believes in their child’s ability to achieve a better, brighter future. On the experience map below, Persona 1, shown in orange, represents individuals from highly educated families who may only be temporarily low-income due to their status as a recent grad or new immigrant.
Persona 2 individuals tended to prioritise tasks with more immediate payback; encountering one roadblock in the journey can cost more than the CLB’s perceived worth, causing them to abandon the process. In either case it was important to relay information in a manner that empathises with the individuals and is clear and easy to understand, especially since the target demographic has limited time and English literacy. Given the challenge of funding these types of initiatives, we presented a solution that can be maintained and shared at minimal cost.
Attractive visuals and a customizable savings calculator offer encouragement through what can be a daunting experience and helps make clear to families why it’s worth it. But in this post i will explain Sweet zellwood corn takes center stage along with live entertainment, festival food, open date: sat, jun 06, 2015. As some of our informants revealed, previous research has shown that children with a savings account are six times more likely to attend post-secondary education. Persona 2, shown in yellow, represents individuals from families that continually move in and out of poverty or where the parents have not typically completed post-secondary education. Groups also focused on how to celebrate the completion of the sign-up process – an accomplishment currently unacknowledged in spite of the effort required to achieve it.
Both tools aim to ground the abstract concepts of investment options and savings goals into tangible values that would help to shift the focus from an uncertain and overwhelming task to specific outcomes. One of the goals is to use information to empower the individual: if people felt confident in their knowledge and understanding of how the benefit works, they were much adept at navigating and completing the entire process.



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