Omega Foundation

Background of the organization:

Established in 1992 by Martin Connell, the Omega Foundation develops and supports initiatives that promote financial self-sufficiency through microfinance and enhancing the savings capacity and financial literacy of low-income families. In addition, the Foundation supports the development of philanthropic responses to community needs using capital endowments as one way to ensure long-term solutions are found to meet pressing community needs.

The Omega Foundation’s SmartSAVER initiative seeks to strengthen low-income Canadian families' ability to save for their children’s post-secondary education. Through a three-year pilot project under way in Toronto, Omega works with its partners to increase the level of awareness and participation among low-income families in the federal government’s Registered Education Savings Plan (RESP) program and the
supplementary Canada Learning Bond. To date, targeted campaigns have been very successful in increasing enrollment in these education savings programs; the challenge is to engage financial institutions and regulators to assume a more proactive role in promoting the program.

Full Grant description:

Foundation support will enable the Omega Foundation to foster more engagement from financial institutions by creating a business plan for banks to offer a Canadian Learning Bond-eligible RESP that meets the needs of low income families. It will also be used to nudge policy makers to tighten up regulations governing the
scholarship trust industry.