Enhancing Seniors’ Well-Being with Financial Literacy

Jane Rooney, Financial Literacy Leader

Edmonton Seniors Coordinating CouncilApril 23, 2015

Overview

• Relationship between financial literacy and seniors’ well being

• Financial Literacy Leader’s role and mandate • national strategy for financial literacy and

• Seniors’ strategy now available

• How we can collaborate

Financial literacy and seniors’ well-being

• The number of seniors carrying debt is increasing• Canadians may not be saving enough for retirement• Older Canadians are experiencing difficulty staying

informed on financial matters

Canadian Financial Capability Survey

• 60% of Canadians don’t know how much to save for retirement

• 30% of Canadian adults are not preparing financially for retirement

• 30% of Canadian adults don’t know if they can maintain their desired standard of living in retirement

Perception-Reality Gap

• Seniors may be at greater risk of fraud due to perception-reality gap:

• Seniors rate themselves highest on their financial knowledge• Score lower on assessments of their financial knowledge

Financial Literacy Leader

Mandate:

•Collaborate and co-ordinate initiatives that strengthen the financial literacy of Canadians

•Develop and implement the national strategy for financial literacy

National strategy for financial literacy

• To be released in 2015• Steering Committee on Financial Literacy will

champion the strategy and engage with stakeholders • Strategy development involved public consultations

What we heard

• Recognize seniors as a diverse group • Tailor our messages and programs• Use teachable moments• Collaborate for success

Strengthening Seniors’ Financial Literacy

Goals for seniors:1.Preparing financially for the future 2.Plan and manage financial affairs3.Improve understanding of and access to public benefits for seniors4.Create tools to combat financial abuse of seniors

Initiatives Underway

• Research on elder abuse — NICE• “Your Money Seniors” — CBA• Public Commitment on Powers of Attorney and joint

deposit accounts — CBA• “Fraud: Recognize. Review. Respond.” — Credit

Union Central Canada

Canadian Financial Literacy Database

Canadian Financial Literacy Database

• One-stop resource for information, tools, events • Includes 861 resources from 75 organizations• Info resource for financial services advisors, clients • Networking tool for potential partners• Self-assessment quiz

How to get involved

• Take advantage of “teachable moments” • List your resources in the Canadian Financial Literacy

Database• Help raise awareness:• Financial Literacy Month- November• Fraud Prevention Month –March• World Elder Abuse Awareness Day- June 15

Contact usItPaysToKnow.gc.ca

Consumer Services Centre: 1-866-461-FCAC (3222)

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