A New Indicator of Measuring where the Poor Live

Pouring over some research papers and information on a research project I’m doing, It suddenlydawned on me that there is in fact more ways to economically rate a certain geographical area then just translating official government published information and private data collection agencies. It appears that with work done by people like Jerry Buckland from the University of Manitoba and other academics, not only can you locate poorly rated economic areas, (where scarce data exists) but you can with some certainty, predict where the boundaries are moving to, and leaving from. Sort of like a tracking device, a connection between Charted Banks and Credit Unions and Fringe Banks, such as Cheque Cashing and Payday Loans businesses could be used as indicators. Here are some CBC(Candain Broadcaster Corp) Radio excerpts you can listen too also on this subject.

What better way to track groups of people, than with their money. In Canada, as it is in most other Capitalistic regions, privately run corporations run most, if not all the financial service for the community. You could also say that just about all of us need a Bank Account to function in this country. Therefore, in order to acquisition cheque currency from a Bank into to Legal Tender, a transaction facility needs to be placed: i.e a Bank. In return, the Bank charges you a fee for their services. When a area that is dominated by a lower economic class, then the Bank no longer wished to serve those people because of the risk of lending money to them. So they leave. In their place Fringe Banking outlets pop up, that specifically cater to this class of people, and will loan out money, in very small quantiles, but at huge interest and services fees. Some have argued, criminal interest rates (over 60 per cent annual).

To check to see how well your area is doing, just count the number of cheque cashing outlets there are in your area and the number of Banks and Credit Unions, then divide the two numbers. A positive number will indicate a poor economic area, a negative number a higher economic area.

Comments are closed.

Post Navigation