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Vancity sets Financial Health & Inclusion Target

Friday, September 29, 2023, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. - As part of its commitment to the United Nations Principles for Responsible Banking (UN PRB), Vancity has announced a Financial Health & Inclusion target. Setting this target is an important step in formalizing Vancity's intention and strategic focus to improve the financial health and inclusion of its members and communities, while also intersecting closely with Vancity's commitment to Reconciliation and climate justice. The target is below. Detailed information can be found in our submission to the UN PRB, accessible via the following link: Vancity sets Financial Health & Inclusion Target

Vancity has committed to:

Increase the average member financial confidence score from 7.4 out of ten in 2023, to 8.0 by 2030

Vancity, which was the one of the first Canadian financial institutions to join the UN PRBs in 2019, is one of over 30 financial institutions globally committing to support financial health and inclusion through its products, services, and other measures.

Andrea Harris, VP of Impact Strategy at Vancity, commented: “Financial health and inclusion have been central to Vancity’s work since our founding in 1946. We firmly believe that what gets measured matters, and this target will serve as a compass to guide how we show up for our members and communities.”

In the following months and years, Vancity will continue to create products and programs to support the financial health and wellbeing of its members and communities.

A snapshot of Vancity's history on financial health and inclusion:

  • 1961: Vancity is the first financial institution in Canada to provide mortgages to women without a male co-signer. At the time, even if a woman had an income, banks deemed it too risky to provide any loans, let alone mortgages, to women.
  • 1971: BC Unity Credit Union (BCUCU), the first credit union to serve the Black community in Vancouver, merges with Vancity.
  • 1988: Vancity is the first Canadian financial institution to offer a Registered Education Savings Plan (RESP).
  • 2009: Vancity is the first credit union in Canada to participate in the First Nations Market Housing Fund, which facilitates and broadens the range of housing options for residents of First Nations communities.
  • 2011: Vancity becomes the largest organization in Canada to adopt the Living Wage policy of paying employees and service providers a wage that meets their basic living needs.
  • 2014: Vancity launches the Fair and Fast Loan, a sustainable alternative to a payday lender. The loan offers a manageable rate, more flexible payback schedule, and eligibility based on income—not credit score.
  • 2019: Vancity launches its Refugee Assistance Program, featuring specialized banking services to support newcomers, refugees, and displaced people.
  • 2020: Vancity responds to the COVID pandemic by cutting credit card interest rates to 0%.
  • 2022: Created with guidance from Elders and Indigenous employees, Vancity develops Wealth Mindset - an Indigenous taught and led financial education workshop that builds financial skills and celebrates Indigenous resilience.

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $34 billion in assets plus assets under administration, Vancity is Canada's largest community credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.

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