Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve (Québec, Canada)
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Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve (Québec, Canada) Julia M. Smith-Brake Community Economic Development Program Southern New Hampshire University April 2011 Submitted in partial fulfillment of requirements for the M.S. in Community Economic Development Approved by Dr. Jolan Rivera Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve 2 Acknowledgements Many thanks to… Puneetha, Catherine, and Jolan, not just for teaching, but for mentoring me and pushing me in my thinking Glenn and Sandy, for challenging me and believing in me personally, academically, and professionally Charlie, for being my biggest fan, for listening, debating, and proofing-reading throughout the entire process; this is as much yours as it is mine. This is dedicated to Alexandra, Annie, Fanny, Thierry, Mouctar, and Houde, and other kids like them who, if given the chance, will surprise and inspire you, and maybe just change the world. Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve 3 Table of Contents Acknowledgements ............................................................................................................. 2 Figures and Tables .............................................................................................................. 5 Abbreviations and Definitions ............................................................................................ 6 Abstract ............................................................................................................................... 8 1. Community Context ...................................................................................................... 10 1.1 Community Profile .................................................................................................. 10 1.2 Community Needs Assessment ............................................................................... 15 1.3 Target Population .................................................................................................... 20 2. Problem Analysis .......................................................................................................... 23 2.1 Problem Statement .................................................................................................. 23 2.2 Problem Tree and Analysis ..................................................................................... 25 2.3 Stakeholder Analysis ............................................................................................... 32 3. Literature Review .......................................................................................................... 36 3.1 The Capability Approach ........................................................................................ 37 3.2 Financial Literacy, Education and Capability: Some Definitions ........................... 40 3.3 Financial Exclusion ................................................................................................. 48 3.4 Intergenerational Transmission of Poverty ............................................................. 50 3.5 Enabling Youth Financial Capability ...................................................................... 55 4. Project Design ............................................................................................................... 61 4.1 Theory of Change .................................................................................................... 61 4.2 Logic Model and Analysis ...................................................................................... 62 4.4 Project Rationale ..................................................................................................... 66 4.5 Operationalisation of Terms .................................................................................... 69 5. Methodology and Implementation Plan ........................................................................ 70 5.1 Project Participants .................................................................................................. 70 5.2 Community Role ..................................................................................................... 70 5.3 Host Organisation .................................................................................................... 71 5.4 Project Roles and Staffing ....................................................................................... 72 5.5 Implementation Plan ............................................................................................... 74 5.6 Project Budget ......................................................................................................... 76 Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve 4 6. Monitoring Plan ............................................................................................................ 79 6.1 Project Outputs ........................................................................................................ 80 6.2 Monitoring Tools ..................................................................................................... 80 6.3 Indicators and Data Collection ................................................................................ 80 7. Evaluation Plan ............................................................................................................. 82 7.1 Expected Outcomes ................................................................................................. 82 7.2 Data Gathering Methods and Tools ........................................................................ 84 8. Project Sustainability .................................................................................................... 85 8.1 Sustainability Elements ........................................................................................... 85 8.2 Sustainability Plan ................................................................................................... 88 9. Project Results .............................................................................................................. 94 9.1 Descriptive Statistics ............................................................................................... 94 9.2 Outcome Attainment ............................................................................................... 97 9.3 Lessons Learned .................................................................................................... 103 10. Conclusions and Recommendations ......................................................................... 106 10.1 Intermediate and Long-Term Outcome Attainment ............................................ 106 10.2 Personal Reflections ............................................................................................ 107 10.3 Recommendations ............................................................................................... 108 11. Appendices ................................................................................................................ 110 A. Theory of Community Economic Development .................................................... 111 B. Monitoring Reports ................................................................................................. 112 C. Stakeholder Interview Notes .................................................................................. 120 D. Focus Group Discussion Notes .............................................................................. 129 E. Youth Interview Results ......................................................................................... 132 F. Community Validation Results ............................................................................... 136 G. Financial Contract Template .................................................................................. 138 H. Key Indicators of a Transformed City .................................................................... 139 12. Bibliography ............................................................................................................. 140 Enhancing Financial Capability Among Youth in Hochelaga-Maisonneuve 5 Figures and Tables Figure 1. Map of Montréal ................................................................................................ 10 Figure 2. Census map of Hochelaga-Maisonneuve .......................................................... 12 Figure 3. Concentration of Children Aged 0-14 years ...................................................... 13 Figure 4. Households living under the Low Income Cut-Off ........................................... 14 Figure 5. Concentration of persons aged 15 to 24 years not attending school ................. 14 Figure 6. Concentration of lone-parent families ............................................................... 15 Figure 7. Map of districts 14.01 and 15 ............................................................................ 21 Figure 8. Problem Tree ..................................................................................................... 25 Figure 9. Sherraden's Model of Financial Capability ....................................................... 46 Figure 10. Haveman & Wolfe‘s Home Investments in Children Process ........................ 51 Figure 11. Basic Model for Youth Financial Capability Interventions ............................ 55 Figure 12. Financial Capability Project Logic Model......................................................