OTTAWA, ONTARIO--(Marketwired - Nov. 1, 2013) - To mark the start of Financial Literacy Month, the Canadian Bankers Association (CBA) today announced that it will be launching a national financial literacy program for seniors. Modelled on the CBA's highly successful Your Money Students program, this new seminar program will be offered in French and English, free of charge, to seniors' groups across the country.
The program, Your Money Seniors, will be presented by bankers in the community volunteering their time and expertise. Focusing on people who are retired or preparing for retirement, the non-commercial program will cover issues such as:
- Cash management
- Financial abuse - with emphasis on avoiding risks associated with Powers of Attorney and joint accounts
- Fraud and scams targeted at seniors
- Financial checklist and other sources of financial information
Canadians are living longer, healthier lives than ever before. With an average life expectancy of 80 years, the number of seniors is growing rapidly. Unlike previous generations, some of today's seniors are delaying retirement and working longer. Whether they are approaching retirement or have already retired, many Canadians are contemplating important questions such as: How can they ensure that their money will last? How should they manage their financial affairs if their physical or cognitive capacity is diminished?
"Our bankers have a lot of experience working with customers and helping them manage the unique challenges that people of retirement age have to face," said Terry Campbell, President of the Canadian Bankers Association. "With Your Money Seniors, information will be provided to seniors' groups to help seniors work out the answers to many of their questions."
The federal government has clearly identified seniors as a priority for financial literacy efforts and Budget 2013 outlined the need for a strategy for seniors under the leadership of the soon-to-be-appointed financial literacy leader. Your Money Seniors will fit in well with this strategy.
"In today's increasingly complex financial marketplace, financial literacy is key to helping seniors make better financial decisions," said the Honourable Kevin Sorenson, Minister of State (Finance). "And when seniors have access to the tools they need to make those decisions, not only do they improve their own personal finances; the economy as a whole benefits as well. I am delighted that the CBA partnered with the Financial Consumer Agency of Canada to undertake this initiative to help Canadian seniors."
Your Money Seniors is being developed in partnership with the Financial Consumer Agency of Canada (FCAC) and seminars are expected to begin in mid 2014.
"We look forward to working in collaboration with the CBA to ensure that seniors receive the objective information they can use to manage their finances in the way that best meets their current and future needs," said Lucie Tedesco, Commissioner of the Financial Consumer Agency of Canada. "I am confident that this program will be as well-received as Your Money Students has been."
Your Money Seniors will be modelled on the CBA's highly successful financial literacy program, Your Money Students. Since 1999, Your Money Students has been helping senior high school students learn the basics of budgeting, saving, investing and keeping their money safe. To date, local bankers who volunteer their time have conducted 7,400 seminars for over 220,000 students in high school classes across the country.
Banks are an active and essential part of the daily lives of most Canadians. Ninety-six per cent of Canadians have an account with a financial institution, so millions turn to banks every day for information, tools, services and advice to help them manage their financial affairs. Banks are also leaders in supporting financial literacy activities in communities across the country.
About the Canadian Bankers Association
The Canadian Bankers Association works on behalf of 57 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 275,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness. www.cba.ca
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