Control, Sufficiency, and Social Support Lessons from Low-income Canadians about Financial Wellbeing

19 Pages Posted: 22 Mar 2021

See all articles by Jerry Buckland

Jerry Buckland

Menno Simons College; Canadian Mennonite University

Leah Wilson

affiliation not provided to SSRN

Date Written: March 12, 2021

Abstract

This report, Control, Sufficiency, and Social Support: Lessons from Low-income Canadians about Financial Wellbeing, examines how diary participants achieve the financial wellbeing that they have. The evidence we found is that low-income people work very hard to manage their finances. They endeavor to control their finances so that, as one participant said, their finances don’t control them. They must prioritize needs and wants because there is not enough for both. One participant talked about her goal of having a ‘little bit more’ than her needs so that there was a little extra for savings or small purchases or trips. Finally, we saw that family and friends are terribly important for achieving financial wellbeing because social supports can provide loans, gifts, and emotional support. Having a low-income means that banks offer few financial supports. Of course, family and friends also make demands.

Keywords: poverty, personal finances

JEL Classification: I32, G23

Suggested Citation

Buckland, Jerry and Wilson, Leah, Control, Sufficiency, and Social Support Lessons from Low-income Canadians about Financial Wellbeing (March 12, 2021). Available at SSRN: https://ssrn.com/abstract=3803638 or http://dx.doi.org/10.2139/ssrn.3803638

Jerry Buckland (Contact Author)

Menno Simons College ( email )

520 Portage Ave.
Winnipeg, Manitoba R3C 0G2
Canada
204-953-3859 (Phone)

HOME PAGE: http://https://www.mscollege.ca/about/faculty/515

Canadian Mennonite University ( email )

520 Portage Ave.
Winnipeg, Manitoba R3C 0G2
Canada
204-953-3859 (Phone)

HOME PAGE: http://https://www.mscollege.ca/about/faculty/515

Leah Wilson

affiliation not provided to SSRN

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