To mark the start of Financial Literacy Month, the Canadian Bankers Association (CBA) said Friday it iwill 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: budgeting; cash management; financial abuse, with emphasis on avoiding risks associated with Powers of Attorney and joint accounts; fraud and scams targeted at seniors; and financial checklists and other sources of financial information.
With an average Canadian life expectancy of 80 years, the number of seniors is growing rapidly.
“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 CBA, in a release. “With Your Money Seniors, information will be provided to seniors’ groups to help seniors work out the answers to many of their questions.”
The program is being developed in partnership with the Financial Consumer Agency of Canada and seminars are expected to begin in mid 2014.