Credit Canada GOLD: Building Communities Around Money

It takes a village. But if you haven’t got a village to talk about money, how about a community?

This is how Credit Canada GOLD earned the runner-up spot in the “Adult Financial Education” category at this year’s MAIAs.

According to Becky Western-Macfadyen, spokesperson for Credit Canada GOLD, “we form a community where we discuss money and offer support to one another. Talking about money becomes normalized and accessible, serving participants long after the program ends.”

Participants get accountability buddies, are given weekly homework, and engage in open discussions during classes. This comprehensive approach aims to destigmatize debt and provide the personalized support necessary to meet financial goals.

“This community-building is what sets Credit Canada GOLD, apart” said MAIA co-founder, Michael Gilmore.

Western-Macfadyen highlights the program’s personalized approach: “GOLD moves beyond traditional financial literacy to financial well-being, addressing the purpose of money, creating SMART goals, and building new habits.”

Addressing the Unique Needs of Women

Credit Canada GOLD recognizes that women face distinct challenges in managing their finances. This can include sexism, the gender pay gap, and the burden of unpaid work.

To bridge this gap, GOLD offers a 6-week virtual program designed for women. This provides participants with invaluable insights into both the mathematics and mindset of money. It is delivered through online group sessions and private 1:1 sessions with a financial coach,

“We wanted to design a program that would have a lifelong impact on women and their families,” explains Western-Macfadyen.

Originally designed for a diverse audience, GOLD was re-engineered to speak directly to women’s unique financial needs. It focuses on consumer debt, offering participants a different level of action and urgency.

This recognises the significance of addressing women’s distinct financial challenges, such as lower financial literacy confidence and cultural barriers. “GOLD’s commitment is to transforming how women use credit, not just improving it,” Western-Macfadyen said.

Accessibility and Engagement

GOLD’s innovative blend of resources for financial literacy and behavioural change set it apart.

Weekly live 2-hour classes over Zoom allow for deep personal sharing, with participants dialling in from anywhere, even with young children. These classes include engaging discussions, breakout rooms, and interactive presentations to facilitate key learning.

Credit Canada GOLD also places a strong emphasis on responsibility and effectiveness. The program leaders and coaches are experienced facilitators and Accredited Financial Credit Counsellors. Weekly case management meetings ensure participants receive the necessary support.

To gauge progress, Credit Canada GOLD tracks debt levels and credit scores during and after the program. The results are impressive, with an average debt reduction of 45% at 9 months and an average credit score increase of 12%. Attendance levels and completion rates are also unprecedented, with a 90% attendance rate and a 94% completion rate.

Expanding Reach and Impact

The program is available to all women and those who identify as women across Canada, thanks to its virtual format. Participants have joined from every corner of the country, making it highly accessible.

As Credit Canada GOLD forges ahead, its future looks promising. The program aims to expand its reach by partnering with organizations that share their vision. Additionally, plans are underway to create a network for program alumni to deepen their sense of community.

While challenges such as awareness and sponsorship lie ahead, Credit Canada GOLD’s extraordinary results demonstrate its capacity for success.

With its commitment to helping women break free from debt and regain control of their lives, Credit Canada GOLD is poised to make a lasting impact on the financial well-being of women across Canada.

To learn more about Credit Canada GOLD, as well as all the other winners at MAIA 2023, visit: https://maiawards.org/winners-2023