Our purpose

Financial security for Canadians and our communities

We are committed to acting in a way that stays true to our values and fulfills our purpose in pursuit of our vision to be a catalyst for a sustainable, resilient society.

Our vision

We will be a catalyst for a resilient and sustainable society.

Our values

Our co-operative identity comes to life through our values.

  • Responsibility: We balance our care for society and the environment with our business success.
  • Integrity: We treat all our members, clients, employees, advisors, and partners with honesty and respect.
  • Inclusion: We achieve success by embracing the diversity of all Canadians.

Our co‑operative principles

The seven global co-operative principles — as outlined by the International Co‑operative Alliance — guide our decision-making.

Being purpose-driven means asking, how will this decision help our clients become more financially secure? And further, how will this decision impact the financial security of our communities and of future generations?

Toward a financially resilient Canada

Financial security and financial resilience are topics of critical importance to both Jessica Baker, Co-operators executive vice president and chief retail sales officer, and Eloise Duncan, CEO and founder of Financial Resilience Institute, a non-profit organization and leading independent authority on financial well-being in Canada.

Jessica Baker

Jessica Baker
Chief Retail Sales Officer and Executive Vice President of Advisor, Contact Centre and Retail Wealth

Eloise Duncan

Eloise Duncan
Founder and CEO, Financial Resilience Institute

What issues or trends are top of mind for you as we consider the financial security of Canadians?

Eloise Duncan: Financial vulnerability and financial stress are mainstream problems in Canada across a wide range of household income demographics. Our research* shows that 75% of Canadians want to better understand their financial resilience and how they can improve it and 78% experience financial vulnerability on some level. This is important as people navigate unplanned life events, financial stressors and shocks, climate change impacts, job and food insecurity and other challenges.

Jessica Baker: Among other challenges, we know that high interest rates, inflation, and cost of living pressures coupled with the lack of understanding of how to navigate these issues are impacting Canadians as they try to start saving or as they continue to invest in their financial future. The current market conditions are confusing, potentially volatile, and create a lot of uncertainty around how to plan, get advice and learn what to do in changing times.


What does Co-operators purpose “Financial security for Canadians and our communities” mean to you? Why does it matter?

JB: Not only is financial security the core of our business in terms of the insurance and financial services we provide, it’s also our identity as a financial co-operative that brings social value to our community. For me, our purpose is ultimately at the heart of everything we do.

ED: I think Co-operators purpose is critical to the wellbeing of Canadians. Financial resilience is the ability to navigate financial hardship, stressors and shocks. Improving financial resilience supports individual, family, small business and community resilience. By innovating to support clients’ financial resilience and financial wellness, Co-operators brings its purpose to life, differentiates its brand, deepens relationships with clients — and, importantly — people that are under-protected or underserved. Ultimately, this purpose drives positive client, societal and financial outcomes.


How can we build the financial resilience of Canadians in the context of all the transformation we’re seeing in our society?

ED: There is so much change in the world today. Climate change is an important one to call out, because it really does impact everything. As a climate leader, Co-operators has an opportunity to help people who have been negatively impacted financially by extreme weather events to gain advice and support around future risks that may impact their household. At the same time, Co-operators can provide insurance solutions that can better protect families as extreme weather events continue to impact their homes and communities. Co-operators has an opportunity to engage its members, employees, communities and partners to help bring its purpose to life, especially in the context of rapid change. We also see significant opportunities to help those who are under-protected and underserved by traditional financial institutions from a saving, planning and investing perspective.

JB: In a rapidly changing world, financial insecurity can come about suddenly and unexpectedly. We need to have open conversations with our clients about the risks they face, so our clients can weigh the level of protection they want with the cost. The conversations can be challenging. We know our clients are balancing financial priorities, especially in today’s economic landscape. Resources are scarce. We need to courageously lean into this tension and be candid with our clients. We need to give them real advice in terms they can understand, make sure they know what levers they have, and how they can make real changes to act and build their financial resilience over time.


“By innovating to support clients’ financial resilience and financial wellness, Co-operators brings its purpose to life, differentiates its brand, deepens relationships with clients — and, importantly — people that are under-protected or underserved.”

Eloise Duncan
Founder and CEO, Financial Resilience Institute

Understanding financial vulnerability*

78% of Canadians are “Extremely Vulnerable”, “Financially Vulnerable” or “Approaching Resilience” with a financial resilience score of 0 to 70 based on the February 2023 Seymour Financial Resilience Index®

46% of Canadians report they had been set back financially as a result of an unplanned life event over the past 12 months

44% of Canadians report they did not have sufficient insurance to protect against the unexpected

*Source: Seymour Financial Resilience Index® with a sample size of 5010 adult Canadians and 783 Co-operators Clients as of February 2023. Seymour Financial Resilience Index® is a trademark used under license by Co-operators and Financial Resilience Society. © 2023 Financial Resilience Society DBA Financial Resilience Institute. All Rights Reserved. More information is available online at finresilienceinstitute.org/index-releases-and-reports/