Designing Financial Resilience with Canadians Living in Poverty
Inclusive Product Innovation for Financial Well-being
Co-operators engaged J5 to better understand the unmet financial needs of Canadians living in poverty and identify meaningful ways the organization could help address them.
We engaged 32 Canadians with lived experience of poverty, including people who were unemployed, working with low incomes and recent immigrants. Their experiences helped us surface insights and develop new product and service concepts rooted in real needs, connected to business capabilities and aligned with cooperative principles.
INDUSTRY
Financial Services
CLIENT
Cooperators Insurance
WHY IT MATTERS
Financial vulnerability is not limited to people living below the poverty line. A sudden expense, unstable employment or limited access to appropriate financial products can quickly place individuals and families at risk.
By designing with people who had experienced these challenges directly, Co-operators gained a deeper understanding of the realities behind financial vulnerability. This work identified opportunities to help Canadians absorb financial shocks, develop more resilient financial behaviours and strengthen the communities and relationships they rely upon.
PROCESS HIGHLIGHTS
We conducted 32 in-depth interviews with Canadians who had lived experience of unemployment, low-income employment and the financial realities of recent immigration.
We translated these experiences into four jobs to be done, five key findings and a portfolio of product and service concepts developed through design sprints in Calgary and Toronto.
Impact
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User Level
Ensured that the experiences and priorities of Canadians living in poverty directly informed the development of future financial products and services.
Identified four fundamental needs: living with dignity, improving employment, building a better future, and supporting family and community.
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Employee Level
Brought together a cross-functional team from Calgary, Edmonton, Montreal and Toronto to learn directly from people with lived experience and co-create possible responses.
Built a shared understanding of financial vulnerability and helped the team move from assumptions to opportunities grounded in human needs.
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Organizational Level
Identified three strategic opportunity areas: helping people absorb financial shocks, encouraging behaviours that build financial resilience, and supporting more resilient communities.
Developed a portfolio of concepts for further testing, including personalized financial coaching, accessible savings tools, microinsurance and additional support for financially vulnerable clients.
