Regarding GIC's...
an opinionated view of GICs:
https://www.greaterfool.ca/2022/09/11/terminally-safe/
They're not for everyone however there's enough people who find them safe enough or provide enough return based on the size of their next egg.
As for those with lower incomes... I saw/read something earlier this week that the best thing you can do is to work on yourself.. meaning where/if possible improve your skills, take a more active role in evaluating what you can do about your current financial situation, look to see if you can make several stretch targets then chart a plan on how to get there. It might mean making some tougher decisions (less luxury items, less personal time so you can do training, reducing costs of living... (looking at you new phones/cars/homes/clothing)). Not saying it's easy or possible for everyone all the time.
Anecdotal at best view here... I know a few very low income earners (sub $20k/yr) and sometimes I wonder about their purchasing decisions; much of the time they unfortunately scrape by somehow and have a series of small dramas because they can't afford permanent solutions). What's the best way to support people in these situations?