As Canadians struggle to make ends meet, Coast Capital introduces first-of-its-kind account that aims to help people earn more
New Coast Capital Elevate Chequing Account offers a free subscription to Coursera’s online learning platform to help improve access to education and elevate earning potential
VANCOUVER, British Columbia, April 03, 2024 (GLOBE NEWSWIRE) — Canada’s largest federal financial cooperative and Certified B Corporation™, Coast Capital, has launched its new Elevate Chequing Account*, designed to help unlock financial opportunities for people in Canada.
The launch comes as Canadians continue to struggle financially. Nearly half (47%) of Canadians indicate they are living pay cheque-to-pay cheque1 and nearly a third (33%) report not making enough money each month to cover their bills and debt repayments2.
An Omnibus commissioned by Coast Capital further demonstrates the seemingly impossible financial situation many are facing. The study found:
- 72 per cent of Canadians do not believe that better budgeting or increased savings alone would improve their situation.
- 48 per cent believe that obtaining additional education or skills training would help them increase their current income.
Recognizing these realities, Coast Capital has reimagined everyday banking with an account that gives its members the power to elevate their earning potential through access to education and skills training. The Elevate Chequing Account has banking features like free Interac® e-Transfers and identity theft monitoring, plus it comes with free access to Coursera‘s global online learning platform.
With Coursera, Coast Capital members can access more than 11,000 world-class courses and job-ready professional certificates across sectors and industries from the world’s top universities and companies, including The University of Alberta, McMaster University, Yale, Princeton, Google, Microsoft and Intuit. A proven platform, 77 per cent of Coursera learners report career benefits, such as getting a new job, earning a promotion, gaining applicable career skills and more, while 30 per cent of unemployed learners were employed after completing their most recent course or program on Coursera3.
“We’ve been told that if we just budget more effectively or skip our morning coffee run, we can get ahead financially,” explains Catherine Wood, Chief Strategy, Product & Marketing Officer, Coast Capital. “Budgeting and saving are important but in many cases these strategies are no longer enough. With more and more people unable to keep up with the rising cost of living, it’s clear that Canadians need to earn more to improve their financial reality. At Coast Capital, we believe that starts with access to education and training that empowers people to begin, advance, or even change their careers.”
The Coast Capital study also revealed that while 38 per cent of Canadians have been considering pursuing additional education or training with the aim of increasing their current income, 86 per cent of those considering pursuing additional training feel that there are significant barriers. The most common roadblocks among Canadians is the cost of education (52 per cent), available time (46 per cent) and lack of motivation or confidence (24 per cent).
“With the Elevate Chequing Account, individuals and entrepreneurs can learn in-demand skills and earn industry micro-credentials on Coursera to boost their earning potential for no added cost,” said Leah Belsky, Chief Revenue Officer at Coursera. “We’re excited to partner with Coast Capital to provide more value to their members, offer scholarships to underserved populations, and create more pathways to economic opportunity for Canadians across the country.”
Extending the impact of the partnership with Coursera and within the wider community, Coast Capital is providing more than 7,000 free Coursera subscriptions to community partners, equity-deserving groups, and underserved communities across Canada, including organizations such as the Construction Foundation, Indspire, and DIVERSEcity.
Maureen Young, Vice President, Social Purpose, Coast Capital, added, “There is a tremendous alignment in values between Coast Capital and Coursera, with our respective missions and purpose going hand-in-hand. Through this multifaceted partnership, we can offer our members, employees, and communities access to Coursera’s extensive online catalogue, driving our social purpose of building better futures together.”
The Elevate Chequing Account is part of Coast Capital’s new full suite of chequing accounts. Visit coastcapitalsavings.com to find out more about the accounts and the limited-time offer where new Coast Capital members can also get up to $600* when they join and open select new accounts.
*Conditions apply. Learn more at coastcapitalsavings.com/elevate.
ABOUT THIS SURVEY
These are the findings of a survey conducted by Coast Capital from March 14th to March 18th, 2024, among a representative sample of 1,501 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/-2.5 percentage points, 19 times out of 20.
ABOUT COAST CAPITAL
At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with an 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help nearly 600,000 members, our employees, and communities. Ranked in the platinum category of the 2022 Corporate Knights’ Social Purpose Ranking and a proud Certified B Corporation™, we’re part of a global movement building a more inclusive, equitable and regenerative economic system. Each year, we invest 10% of our budgeted bottom line into our communities, which totals more than $100M since 2000. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies and one of Canada’s Most Admired Corporate Cultures. To learn more, visit us online at coastcapitalsavings.com.
ABOUT COURSERA
Coursera was launched in 2012 by two Stanford Computer Science professors, Andrew Ng and Daphne Koller, with a mission to provide universal access to world-class learning. It is now one of the largest online learning platforms in the world, with 142 million registered learners as of December 31, 2023. Coursera partners with over 325 leading university and industry partners to offer a broad catalog of content and credentials, including courses, Specializations, Professional Certificates, Guided Projects, and bachelor’s and master’s degrees. Institutions around the world use Coursera to upskill and reskill their employees, citizens, and students in fields such as data science, technology, and business. Coursera became a Delaware public benefit corporation and a B Corp in February 2021.
Media Contact
Olivia Lazazzera
Citizen Relations (on behalf of Coast Capital)
Connect with Coast Capital
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1 Leger, 2023
2 TransUnion, 2024
3 Coursera Learner Outcomes Report, 2023
*Limitations apply. Learn more at coastcapitalsavings.com/elevate
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d4bd7c8-07be-40e1-8df8-12db8572dc3a
