Insurance Protection as a Pathway to Improved Financial Resilience and Financial Well-Being Report
Our report ‘Insurance Protection as a Pathway to Improved Financial Resilience and Financial Well-Being’ is authored by Eloise Duncan, Patrice Mirindi and Kujtim Koci, published in January 2025.
Our non-profit Institute’s social purpose is ‘Building financial resilience and well-being together.’ This includes for people and communities that are more financially vulnerable or underserved, and that may be under-protected from an insurance perspective. This independent report is made possible thanks to the generous partnership of Co-operators.
For the first time, this report provides world-leading data-driven evidence of a clear correlation between people reporting having sufficient insurance protection and improved household financial resilience outcomes across every single household income demographic, based on analytics against a highly robust, peer-reviewed Financial Resilience Index model. This report also shows a correlation between people reporting having sufficient insurance protection and improved financial well-being outcomes. This report is relevant for insurance companies, financial institutions and purpose-driven organizations in Canada and countries globally, with insurance protection a critical, and often overlooked, pillar of peoples’ financial resilience, financial health and well-being.
Findings are based on Index analytics of the Institute’s peer-reviewed Financial Resilience Index model and national longitudinal Financial Well-Being Studies (2017 to 2024). The first Index of its kind in the world, the Seymour Financial Resilience Index ® measures household financial resilience, i.e. a household’s ability to get through financial hardship, stressors and shocks as a result of unplanned life events at the national, provincial, segment and individual household levels in Canada. Financial resilience is a proxy for, and arguably a more holistic measure of, financial security.
Data analytics are based on a sample size of 2524 Financial Well-Being Study survey respondents in October 2024; 6218 Financial Well-Being Study survey respondents in June 2024; 6223 survey respondents in February 2024 and 5010 Financial Well-Being Study survey respondents in February 2023; from a representative sample of the population by household income, age, province and gender. The Index and Financial Well-Being Studies instrument have applications in developing and other developed countries.
For questions or information about this report, contact us at info@finresilienceinstitute.org.
Find out about our impact goals or learn about the benefits of becoming a funder of our non-profit organization. It is reports like these, made possible thanks to the support of our funders, that provide leading-edge data, evidence and help to catalyze positive change: with financial resilience an important foundation of more thriving, sustainable communities.