Enhancing Seniors’ Well-Being with
Financial Literacy
Jane Rooney,
Financial Literacy Leader
Edmonton Seniors Coordinating Council
April 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
•
•
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•
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.
2.
3.
4.
Preparing financially for the future
Plan and manage financial affairs
Improve understanding of and access to public
benefits for seniors
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
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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:
•
•
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Financial Literacy Month- November
Fraud Prevention Month –March
World Elder Abuse Awareness Day- June 15
Contact us
ItPaysToKnow.gc.ca
Consumer Services Centre: 1-866-461-FCAC
(3222)
Follow @FCACan on Twitter
Subscribe to FCACan on YouTube
Like Financial Consumer Agency of Canada (FCAC) on
Facebook
Like Financial Literacy Month in Canada on Facebook
Follow Financial Consumer Agency of Canada on LinkedIn
Join the Financial Literacy in Canada group on LinkedIn