Fin Lit for Seniors

FinLit for Canadians-Phase 1 – Seniors’

A long-awaited National Strategy for Financial Literacy is now underway for development now that the also long-awaited Financial Literacy Leader has been appointed. (Jane Rooney) It’s a very BIG project with the goal of enhancing the financial well-being of All Canadians

Work on the National Strategy is taking place in phases and the 1st phase will focus on seniors and “soon be seniors”.   Other phases will focus on younger demographics as well as newcomers, low-income Canadians and Aboriginal peoples.

Life changing events for seniors

 

Seniors face a number of life changing events which we imagine is why Phase 1 will focus on this demographic

 

 

 

 

 

The Seniors’ Financial Literacy Strategy specifically seeks to strengthen the financial literacy of current and soon to be seniors by increasing knowledge, skills and confidence in making responsible financial decisions.

So how will this happen? What’s the Plan? 

That’s the purpose of the proposed blueprint released this month & the call for help from the Canadian Government to Canadians to both identify some of the current challenges faced by seniors & suggest how these challenges can be overcome

Specifically:

  1. How can we best encourage Canadians to prepare financially for their seniors years ?
  2. How can we empower seniors to plan & manage their financial affairs ?
  3. How can we improve awareness and understanding of public benefits for seniors?
  4. How can we better identify, prevent and combat the financial abuse of seniors ?

Canadians can contribute their input by responding to the questions posed in the consultation document by July 15 2014. Following a review of input received, the target date for a finalized literacy strategy is the Fall of 2014.

Refer to the Financial Consumer Agency website for more info  or grab your copy of the consultation paper here:  seniors_financial_literacy_consultation