Project will seek to change behaviours, improve outcomes for Canadians living on low incomes

Toronto, ON (November 24, 2015) - Capital One Canada and Prosper Canada announced they are launching an innovative financial coaching pilot project to develop and test different approaches to financially empower Canadians living on low incomes. The pilot will examine the efficacy of integrating financial coaching into existing social services, using trained community organization staff that will help clients with low incomes set and attain personal financial goals and adopt financial behaviours that promote long-term financial security.

'Congratulations to Capital One and Prosper Canada for coming together to help address the financial literacy needs of low-income Canadians,' said Jane Rooney, Canada's Financial Literacy Leader. 'We know that, to be effective, financial literacy efforts need to meet people where they are, which is what this initiative does when they are accessing social services.'

Financial coaching is a proven intervention that helps individuals to achieve their financial goals through trained coaches who meet with participants in one-on-one sessions to talk about their finances. Over the next two years, Prosper Canada will develop, pilot and evaluate financial coaching program methods, tools and resources in collaboration with three community-based organizations that will provide one-on-one coaching to 380 clients living on low incomes.

'We believe all Canadians should have access to high-quality, unbiased financial information, education, and counselling when they need it,' said Elizabeth Mulholland, Chief Executive Officer, Prosper Canada. 'This project will support the development of financial coaching training, tools and resources tailored for Canadians with low incomes that can be shared with all community organizations interested in providing financial coaching services to their clients.'

'During Credit Education Week this year we learned a great deal about the challenges Canadians face saving and managing their money, and we know that these challenges and financial hurdles are even greater in low-income communities across Canada,' said Nathalie Clark, Vice-President, Capital One Canada. 'Through our collaboration with Prosper Canada, we hope to develop innovative and impactful ways to reach underserved communities, providing them with clear and informative educational information so they are empowered when making financial decisions.'

ABOUT CAPITAL ONE:

With offices in Toronto and Montreal, Capital One Canada has been offering Canadian consumers a range of competitive MasterCard credit cards since 1996. We challenge ourselves to see the world through the eyes of our customers, so we can deliver the market leading credit products and exceptional service they're looking for. Capital One Canada is a division of Capital One Bank, a subsidiary of Capital One Financial Corporation of McLean, Virginia (NYSE: COF). Capital One invests in causes and organizations that empower people to build a more successful financial future through program investment and the skills and dedication of our talented associates.

ABOUT PROSPER CANADA

Prosper Canada, is a national charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation. Prosper Canada works with government, business and community partners to develop and promote financial policies, programs and resources that remove barriers and help more Canadians to prosper. The Prosper Canada Centre for Financial Literacy is co-founded and supported by TD Bank Group. To learn more about Prosper Canada and the Prosper Canada Centre for Financial Literacy, please visit www.prospercanada.org .

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