Knowing your financial options is always important, and that doesn’t stop once you retire.
That’s why the Canadian Bankers Association has launched the “Your Money Seniors” program, a series of workshops aimed at increasing financial literacy among Canada’s senior citizens.
The program is being offered in association with the Financial Consumer Agency of Canada, a government body aiming to increasing Canadian financial literacy.
The program was launched Oct. 28 at Centretown’s own Good Companions Seniors’ Centre on Albert Street, with representatives from the CBA — an industry association representing over 60 banks in Canada— the FCAC, and federal Minister of State for Finance Kevin Sorenson in attendance.
The program for seniors has three modules focusing on financial fraud, financial abuse, and cash management. All are aimed at helping seniors protect themselves and make the most of their money.
“Many seniors are contemplating important questions: How can they ensure that their money will last through retirement? . . . What scams should they be aware of?” said CBA president Terry Campbell in a press release about the launch event.
Seniors groups can request the program in either English of French on yourmoney.ca, with programs running in major Canadian cities such as Vancouver, Calgary, Ottawa and Toronto. Volunteer bankers in the community teach the program to groups that have requested it.
Kate Payne, media relations officer for the CBA, said bankers don’t deliver information specific to individuals, keeping the program free of sales pitches.
“It’s a volunteer banker, and it’s completely non-commercial as well. They don’t sell any bank products and they can’t answer any specific questions about stuff specific to that individual’s needs. It’s just a general overview,” Payne said.
The program is modelled on the CBA’s successful program Your Money Students, which helps students manage their money more effectively.
“Well, we recognize the need for financial literacy in other demographics,” Payne said. “We have had the student program running since 1999. So the CBA, in partnership with the FCAC, developed the seniors program.”
Ann McSweeney, president of the Good Companions Seniors’ Centre, said the new program filled a void in seniors’ education.
“This education is paramount to assist our seniors to make informed decisions on how to protect themselves against financial crime and promote fraud awareness. This is exactly the support seniors are requesting to reduce their vulnerability against financial crime,” McSweeney said in a press release.
The Good Companions Seniors’ Centre piloted the project, with seniors at the centre taking part in the program modules.
Payne said that the program will help prevent fraud schemes like the “grandparent scam,” where thieves pose as grandchildren of vulnerable seniors.
“They’ll claim to be in trouble and need money right away . . . and the money will be sent through a wire transfer service and obviously it’s not going to the grandchild, it’s going to the thief,” Payne said.
Financial literacy is more important now than ever before with Canadians living longer, Payne said, and they need to know how to manage their money through this life stage.
“The federal government has clearly identified seniors as a priority for financial literacy efforts, and in the 2013 budget they outlined the need for a strategy for seniors,” Payne says.
“Canadians are living longer, healthier lives than ever before, so we recognize the need to have that.”