Analysis: Understanding who is financially and socially vulnerable during COVID19
Published Thursday, May 21, 2020 9:15AM EDTThis is part one of a three-part series by Environics Analytics Senior Vice President and Practice Leader Rupen Seoni, who takes a deeper look into how the COVID-19 crisis is impacting the Canadian population financially and socially though a segmented system called PRIZM. Today, PRIZM’s five-year rebuild launches, capturing new insights about Canadians from coast to coast.
We looked at two types of vulnerability and expressed them as indexes, which are weighted composite scores of several pertinent variables :– assesses who is likely to have difficulty keeping up with financial obligations following a sudden drop in income– identifies those likely to suffer more from social isolation due to mental health challenges and limited social networks and support systems
For example, proactive payment plans, payment due dates, loans, subsidies or grants can be adjusted to help those most in need. Retailers can also rethink product offerings based on their local communities’ financial position. Eighteen of the 67 PRIZM segments had a FVI of 120 or above . We grouped together similar segments to create a high-level picture of financially vulnerable groups. The table below illustrates the main drivers of high financial vulnerability for each group, the PRIZM segments within each group, and examples of communities where these groups are found in large numbers.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reopening could hurt Canada's poorestWorking from home may become the new culture for office worker, but for the lowest-paid, minimum-wage earning working class, this won't be possible. — via healthing_ca
Read more »
The latest coronavirus news: Details of loans for large corporations come todayPlus: Regions should loosen COVID-19 restrictions on their own timelines: poll
Read more »
Canada Opens The Door To Virtual Citizenship Oath CeremoniesThe swearing-in ceremonies have been postponed due to the COVID-19 crisis.
Read more »
Sask. records 7th COVID-19-related death; 21 new casesSaskatchewan announced a seventh death related to COVID-19 on Wednesday, along with 21 new cases.
Read more »
Evening Update: Tam upgrades advice on wearing masksAlso: Women in Canada disproportionately affected by COVID-19
Read more »