Environics Analytics: Understanding who is financially and socially vulnerable during COVID-19

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.

Well this wouldn’t work in Vancouver, zero income or poverty level is declared by Million dollar home owners, a student in Pt Grey owned 57million dollars worth of property. Zero income. bcpoli Canada cdnpoli

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