Windsor Declared 'Living Challenged' in Financial Health Report
A new report explores how cities perform compared to others for their household financial health.
Windsor is among nine cities designated as "living challenged" in a report sponsored by the Investment Industry Regulatory Organization of Canada.
According to the report, living challenged cities have high poverty levels and lower than average income, household assets and debt.
Elizabeth Mulholland is the CEO of Prosper Canada which released the report along with the Canadian Council on Social Development.
She says the report provides a more comprehensive and accurate picture of household financial health than income statistics alone.
Speaking on the Afternoon News, Mulholland says being part of the living challenged list isn't all bad.
"These cities are having more challenges than others when it comes to income and building up wealth, but the good news is they have lower debt," she says. "That's a really important strength these days because if you have less debt, when one of life's surprises hits you, you have flexibility to scale back a bit."
Mulholland hopes the data will help cities focus resources.
"Those neighbourhoods where people are having more challenges; it gives them the information they need to start to galvanize around that issue and think about how we can build financial health in our community," she says.
Thirty cities were included in the report.