Cultural and Social Practices Around Money

Evidence-based strategies about taking into account cultural practices, social norms, and symbolic values of money. These strategies are also about how initiatives can be tailored to meet particular communities’ and groups’ cultural needs.

How to Navigate this Page

Select policy targets and evidence-based strategies that are priorities and achievable within your setting and sector. Align with your mandate, capacity, jurisdictional boundaries, and scope of practice

Strategies marked with ☔ are important for populations-at-risk.

Entry Point for Action:
Reflects the organization’s or government unit’s sector scope and mandate

Policy Target: Relates to the initiative’s focus

Evidence-based Strategies:
Concrete actions to guide initiatives’ design, delivery, and evaluation

ENTRY POINT FOR ACTION

Expand Access to Financial Services & Products

Financial inclusion (i.e., access to the formal financial system and institutions)

Initiatives are multidimensional and are attuned to the particular values and needs of different groups, depending on people’s social background and identities, instead of adopting a one-size-fits-all approach ☔

SAMPLE INDICATORS

Availability of affordable or no-fee banking services and products (e.g., per jurisdiction)
Number/percentage of clients who report that their banking services accommodate their individual values and needs (e.g., relative to socioeconomic status or life circumstances)
Number/percentage of people who report that they can easily find and access banking services and products that meet their needs

Mainstream (formal), semi-formal, and informal financial services and products

Initiatives consider the possible unintended consequences of financial inclusion strategies (i.e., access to formal financial products and services), such as taking on increased debt while building credit or prioritizing saving over emergency or basic needs, which can lead to, for example, the use of quick cash loans or borrowing from family or friends. Initiatives tailor strategies to protect disadvantaged groups who are using formal financial services and products from engaging in risky financial behaviours ☔

SAMPLE INDICATORS

Number/percentage of people who asked for an extension for repayment
Number/percentage of people who failed to repay loan instalments by the deadline
Number/percentage of people who take loans to repay existing loans
Perceived level of difficulty to manage debts

Initiatives aim to help identify the most affordable, reliable options with fewer conditions that meet each person’s financial values, needs, and goals through either mainstream banking services or semi-formal and informal financial products and services ☔

SAMPLE INDICATORS

Financial confidence levels (e.g., among disadvantaged groups)
Number/percentage of people who report ease in finding the financial services and products they need within formal, semiformal, and informal financial systems, that are supportive to their financial security (e.g., stratified by deprivation levels)

Initiatives acknowledge that appropriate and fair semiformal and informal financial markets (e.g., borrowing from moneylenders and friends) may fit local sociocultural norms and the circumstances of a person’s life. It recognizes that semi-formal and informal (non-exploitive) financial products and services may provide flexibility in terms of transactions and contracts and may offer reliable, free or low-cost options, particularly for people who experience complex needs. These may be viable alternatives for certain groups of people (e.g., those experiencing low-income) to achieve financial wellbeing ☔

SAMPLE INDICATORS

Availability and accessibility of accurate and relevant information about semi-formal and informal financial services, products, and practices
Number/percentage of people reporting confidence in assessing the advantages and disadvantages of the non-mainstream banking system (e.g., among disadvantaged groups)
Number/percentage of disadvantaged people reporting that reliable semi-formal or informal financial services and products better meet their needs
Availability and perceived accessibility of mechanisms for people to report abusive and exploitation financial practices and obtain timely redress

Financial literacy (i.e., knowledge and skills) and financial capability (i.e., attitude, knowledge, skills, and self-efficacy for day-to-day money management) programs

Considering people’s financial values, needs and contextual factors, initiatives help with knowledge acquisition about financial systems, institutions, products, services, and household finances as well as support skill development to help people navigate financial services and programs

SAMPLE INDICATORS

Availability of in-person (face-to-face or virtual) financial literacy programs
Availability of online financial literacy programs
Access to financial literacy programs (e.g., to all people in the community)
Availability of free or low-cost financial literacy programs
Knowledge of financial systems, institutions, products, services, and money management
Number/percentage of people who report knowing where to find the accurate, relevant, timely information needed to support their financial decision-making
Number/percentage of people who report shopping around and being able to consider several options before making a financial decision

Building upon financial literacy strategies, initiatives support adoption of positive attitudes and behaviours towards saving, borrowing, spending, and planning to better inform and facilitate people’s financial decision-making

SAMPLE INDICATORS

Availability of free or low-cost financial in person (or online) capability programs
People’s perceptions of the level of difficulty required for accessing financial capability programs (e.g., stratified by socioeconomic status)
Number/percentage of people with positive attitudes towards saving before and after participation in financial education programs
Number/percentage of financial educators and practitioners who report participants developed negative attitudes toward risky borrowing
Confidence in knowledge and skills regarding day-to-day money management
Number/percentage of people whose basic needs are met reporting staying within their budget (e.g., stratified by age and socioeconomic status)
Perceived ability to meet financial obligation and daily needs
Number/percentage of people who report considering spending money carefully and making informed financial decisions (e.g., stratified by sex, gender and age)

Financial literacy (i.e., knowledge and skills) and financial capability (i.e., attitude, knowledge, skills, and self-efficacy for day-to-day money Initiatives consider the context that constrains or enables people to exercise their money management decisions (e.g., insufficient income to cover basic expenses) and act in accordance with people’s best interests

Initiatives consider the context that constrains or enables people to exercise their money management decisions (e.g., insufficient income to cover basic expenses) and act in accordance with people’s best interests ☔

SAMPLE INDICATORS

People’s perception of financial practitioners hearing and respecting their financial concerns and needs
Number/percentage of people who felt that financial practitioners developed customized strategies that met their needs and values
Number/percentage of financial educators and practitioners who report delivering personalized financial guidance and information according to people’s life circumstances and trajectories
Level of agreement with the statement that personalized steps outlined for improved financial literacy and capability are realistic and achievable

Initiatives help people to make informed decisions about what financial services and products reflect their values, meet their needs, and support their short- and long-term goals

SAMPLE INDICATORS

Number/percentage of people who report knowing where to find appropriate, relevant, and accurate financial information and advice for making financial decisions
People’s perceptions of difficulty in finding financial services and products that meet their needs and values

Initiatives help people identify alternatives to using popular, but exploitative financial practices (e.g., payday lenders or cheque-cashing services)

SAMPLE INDICATORS

Number/percentage of people feeling confident about their financial knowledge and skills in identifying and avoiding exploitative financial services and products
Number/percentage of people who report understanding the warning signs of financial exploitation

ENTRY POINT FOR ACTION

Include Cultural Values of Financial Practices & Ways of Living

Instrumental and symbolic value of money and assets

Framework graphics with the entry point 'Foster Connection & Belonging' highlighted

Initiatives acknowledge that the significance of economic resources is both instrumental (from a utilitarian approach/ as a commodity) and symbolic (from a relational, value-based approach)

SAMPLE INDICATORS

Number/percentage of people reporting not feeling judged for their cultural values shaping their financial decisions
Number/percentage of people who report finding supportive environments to share their stories and lived experiences when discussing financial issues

Initiatives recognize the plurality of rationalities (e.g., solidarity and family relationships) operating in financial decision-making, which may go beyond and above weighing economic costs and benefits

SAMPLE INDICATORS

Perception about strategies being respectful to the people’s sociocultural values and meanings attributed to their economic resources
Number/percentage of people who report not feeling bullied or intimidated by staff over financial matters
Number/percentage of records of abusive interactions with staff during financial decision-making

Culturally appropriate and sensitive strategies

Initiatives consider the diverse and complex social, cultural, and historical conditions of people’s lives, communities, or population groups ☔

SAMPLE INDICATORS

Number/percentage of initiatives with flexible implementation to accommodate targeted populations’ values and needs

Community-led initiatives that are designed and implemented using a partnership model can facilitate a good fit with cultural values, community needs, and sustainability

SAMPLE INDICATORS

Number/percentage of initiatives with mechanisms for (meaningfully) engaging community partners in all phases of the initiatives
Number/percentage of initiatives with strategies in place encouraging disadvantaged groups to share their lived experience with financial struggles and successes
Number/percentage of initiatives that prioritize improving community engagement in order to better serve the community

Sociocultural norms and moral values around financial transactions

Initiatives contextualize the sociocultural appropriateness of financial practices and programs. Service providers have a clear, shared understanding of why some population groups – even when struggling financially – feel responsible and obliged to provide financial support and ensure financial wellbeing of their peers, friends, and relatives ☔

SAMPLE INDICATORS

Number/percentage of people who report difficulties in refusing to lend money to family and friends
Number/percentage of people feeling confident they can turn to relatives and friends for financial emergencies
Periodic staff training programs and learning opportunities about recognition and respect of diverse sociocultural norms and expectations around financial practices

Self-worth and values of people’s different ways of being and doing

Initiatives that focus on equity and inclusion increase the symbolic and economic value of people’s many roles, including targeting ways of being and doing that are typically unpaid and/or undervalued ☔

SAMPLE INDICATORS

Number/percentage of caregivers feeling that society acknowledges their work by providing paid leave with no contingencies or conditions
Levels of self-reported satisfaction with government assistance and paid caregiving services (e.g., stratified by socioeconomic status)
Financial stress among caregivers (e.g., stratified by age, sex, and gender)
Number/percentage of initiatives that acknowledge, respect, protect, and incorporate ancestral knowledge and traditions from Indigenous communities
Number/percentage of Indigenous communities that feel the initiative symbolically values the cultural and environmental work they perform in the community (e.g., in remote communities)
Distribution of benefits per type of caregivers

ENTRY POINT FOR ACTION

Develop around People’s Everyday Realities

Evaluation and eligibility assessment

Community-led initiatives understand recipients are managing competing priorities associated with their experiences of complex disadvantage ☔

SAMPLE INDICATORS

Number/percentage of programs and services offering flexible, unconventional hours for on-site support
Number/percentage of programs and services with no penalties for rescheduling of in-person assessments
Drop-out rates related to inability to attend in-person assessment

ENTRY POINT FOR ACTION

Consider Diverse Household Financial Circumstances

Savings

Initiatives acknowledge that a person’s ability to save is intrinsically related to their social and financial situations. Savings-targeted initiatives consider how people are financially coping on a weekly basis as well as understand the nature of their work, their employment security and working conditions, the absolute level, volatility and source of their income, welfare payments, and their life goals and priorities ☔

SAMPLE INDICATORS

Number/percentage of people who report increasing their savings balance on a monthly or yearly basis, regardless of the amount
Number/percentage of participants who report that they do not feel judged for their inability to save money
Number/percentage of people who find it difficult to come up with a lump sum of money for an emergency

Initiatives develop a customized achievable and realistic financial strategy for savings that aligns with a person’s life and financial circumstances, including their unique goals, values, and needs

SAMPLE INDICATORS

People’s perceived ability to save money
Participation rate in automatic savings programs
Self-reported amount (e.g., in Canadian dollars) that could be raised in a week
Number/percentage of people who report savings for more than six consecutive months

Financial rehabilitation (i.e., starting over financially without debt)

Initiatives help people make informed decisions about their actions towards their debts and find the best alternatives for different socioeconomic groups, considering people’s life circumstances

SAMPLE INDICATORS

Confidence levels about plans to pay off debt
Individual’s perceptions of progress towards paying down their debt
Number/percentage of participants who report knowing how and where to go for information and advice before making financial decisions

Financial self-efficacy

Initiatives (including financial self-efficacy strategies) boost people’s financial confidence while acknowledging the enabling or constraining financial environment and one’s life circumstances

SAMPLE INDICATORS

Confidence levels in financial skills
Confidence levels in financial decision-making
Perceived ability to pursue financial goals

Initiatives enhance knowledge of day-to-day money management and how to choose and use financial services and products while building upon people’s lived experiences of financial decision-making

SAMPLE INDICATORS

Number/percentage of people who report keeping watch of their financial affairs
Number/percentage of people who feel well-informed about finances
Number/percentage of people who report weighing risks and benefits before choosing financial services and products