Financial empowerment for the family

Learning about money is important for students to learn, not only so they can be better prepared as adults, but also to reduce stress while in school. At Momentum, we believe Financial Empowerment can also be a strategy for families looking to reduce financial stress, particularly now after COVID-19 has drastically altered our way of life.

Momentum is a non-profit organization that has been working with people living on lower incomes in Calgary for 30 years. Since 1999, we’ve provided Financial Empowerment programming.

We work within the Sustainable Livelihoods model, which means we believe everyone has assets they can meaningfully build on to do more than get by; they can get ahead. These assets may be personal attributes such as confidence and motivation, something more tangible like a home or transportation or financial, such as person’s credit ratings and savings. Increasing these asset areas can make a big impact on someone’s ability to get ahead.

“We find that sometimes people think a sustainable livelihood is having a $100K income,” says Rupi Bergamin, manager of Momentum’s Financial Empowerment team. “But we know we can make a difference for people of all income levels, particularly those on a fixed income – if they have the skills to manage their money. Having a sustainable livelihood is not about saving large amounts of money, it’s about building habits that include saving money when you can.”

Financial empowerment goes beyond simply saving, and other opportunities to increase financial assets are uncovered in through participation in our programs. These include understanding why filing taxes is essential even if someone is living on a low income, or how to get free money from the government for a child’s RESP.

“This knowledge can make all the difference for someone on the journey toward a sustainable livelihood,” says Bergamin.