In Economic Action Plan 2013, the Government identified seniors as a priority group and committed to implementing a financial literacy strategy that specifically responds to seniors’needs. This document, which has been refined through consultation with Canadians and stakeholder organizations involved in financial literacy, responds to that commitment and is the first component of the national strategy for financial literacy for all Canadians.
Canada’s seniors are a diverse group, with wide-ranging backgrounds, interests, preferences and financial situations. Thus, initiatives to strengthen financial literacy must be based on a solid understanding of the needs of different groups of older Canadians and tailored to address those needs. Canadians are working longer, living longer and leading more active lives than ever before.
Current seniors and Canadians approaching their senior years often face unique financial challenges as they enter and move through this phase in their lives. Whether they are still working, preparing to fully or partially retire, or have already retired, seniors face important decisions related to their money. As the first phase of the National Strategy for Financial Literacy, Strengthening Seniors’ Financial Literacy focuses on helping ensure that current and future seniors can make sound decisions that will contribute to their financial well-being.
Source: Financial Consumer Agency of Canada
