It’s been a long time coming. Five years ago, during the midst of the financial crisis, the federal government introduced a new Task Force on Financial Literacy which recommended “urgent action on a national strategy to strengthen financial literacy.”
This week, newly appointed financial literacy leader Jane Rooney said she will start with seniors, asking for input from the industry and others on how to “better understand the unique challenges faced by seniors. . . and to ensure that we implement a national strategy that will respond to seniors’ needs.”
Ms. Rooney’s initiative is timely. According to Statistics Canada, three out of 10 Canadians is a Baby Boomer, born between 1946 and 1965. Canadians aged 49 to 68 represent a generation that is close to retirement or already retired. These Canadians are at a point where they are vulnerable to not only their trusted financial advisors, but also to their own flesh and blood.
According to the Ombudsman for Banking Services and Investments (OBSI), just over half of complaints received relate to people over the age of 60. This is especially concerning since any financial loss suffered at this age and stage may be hard to recover from.
This article was published by the Financial Poston June 21st, 2014. To see this article and other related articles on their website, click here.