Let’s start with the bad news: a lot of Canadians don’t feel that they have control of their money. Statistics show that:
- 74% of Canadians are concerned about paying bills(1)
- 53% of Canadians are living paycheque to paycheque(2)
- 33% of Canadians have financially excluded credit scores(3)
The COVID-19 pandemic forced people to reevaluate many aspects of their lives, and for many, finances became an issue. Without savings, or access to traditional credit and lending services, many people found themselves further from their financial goals than they would like.
The pathway back to financial wellness can feel mountainous, and unscalable alone. In order to see real progress, personalized advice from a financial professional is necessary, however, those who typically need the most help are also the ones who can’t afford to pay for an advisor.
Generically speaking, there are two main areas that contribute to everyone’s overall financial health and wellbeing: 1) budgeting, and 2) building a better credit score.
1 in 6 Canadians spend more than they make each month(4). Budgeting can feel daunting, but it is ultimately unavoidable. Carefully tracking spending and making sure that you are not living beyond your means is fundamental for finding ways to save money, and eventually get out of debt, which is an important part of point two: building better credit scores.
There are 30 Million active credit accounts in Canada, and approximately 33% of Canadians have a financially excluded credit score. Your credit score has a direct effect on eligibility for access to many traditional financial services, including credit cards, car loans, or mortgages, and those they are able to access may come with prohibitively high-interest rates, which makes repaying those large-scale loans even harder.
Here’s the good news: personal financial technologies have never been more prevalent or user-friendly, and are poised to become the future of personal financial management and education. Marble Financial Inc. is on a mission to improve the financial fitness of Canadians using proprietary AI technology. Marble has developed a platform that helps consumers better manage their budget and rebuild their credit, helping them make better financial decisions to reach their financial goals. The MyMarble platform provides customers with:
- Advice and direction in managing their personal budget and finances,
- Information on how to repair or build their credit score, and,
- A unique financial fitness dashboard, allowing them to set personal goals and track their progress in a gamified environment that encourages continued use and sharing of success.
MyMarble is an AI-driven, SaaS-based subscription model with Freemium, Basic, Pro, and Premium monthly plans available to suit different budgets. Marble Financial’s goal is to educate and inform Canadians’ personal finance decisions and strategies, in order to help them reclaim control of their finances and build the future that they want for themselves.
Sources:
1 – https://www.canada.ca/en/financial-consumer-agency/programs/research/canadian-financial-capability-survey-2019.html
2 – https://www.investmentexecutive.com/news/research-and-markets/majority-of-canadians-living-paycheque-to-paycheque-survey-2/#:~:text=The%20index%2C%20which%20examines%20how,enough%20for%20their%20daily%20needs
3 -https://www.theglobeandmail.com/investing/markets/stocks/MRBLF/pressreleases/1683887/#:~:text=According%20to%20the%202020%20TransUnion,overall%20poor%20customer%20service%20experience
4 – https://www.canada.ca/en/financial-consumer-agency/programs/research/canadian-financial-capability-survey-2019.html
