Canadian Foundation for Economic Education and Scotiabank seek to strengthen seniors’ financial literacy with new Let’s Talk Money initiative
One in five Canadian seniors admits never talking to their adult children on their own financial plans, driving the need for more financial literacy resources and tools
TORONTO, February 23, 2022 /CNW/ – The Canadian Foundation for Economic Education (CFEE) and Scotiabank today launched Money Talk: Seniorsa new resource for seniors and their adult children to help bridge the financial planning communication gap. Money Talk: Seniors follows a recent CFEE survey which found that 72% of seniors with adult children agree that it is important to discuss their financial situation with their children, but one in five (19%) admit never have these conversations.
Available now, Money Talk: Seniors provides seniors and their adult children with the tools and guidance they need to have meaningful and informative conversations when planning their financial future, covering a wide range of difficult but important topics that come up often when examining intergenerational financial issues, including retirement, living arrangements, wealth management, life insurance, wills and estates, power of attorney, etc.
“Supporting the financial health, well-being and security of seniors is vitally important, especially in these uncertain times,” said Minister of Seniors, Hon. Kamal Khera. “Focusing on seniors and future seniors is a top priority for the Government of Canada. We know that educating and supporting seniors and their families in financial planning will ensure better results, now and in the future.
“CFEE has worked closely with seniors for many years, helping them manage their money and financial affairs,” said Gary Rabbi, president of the CFEE. “The topic of how to have meaningful money discussions with adult children comes up frequently and we know that many seniors struggle to have these conversations. We are very grateful to Scotiabank for supporting the Money Talk: Seniors program that we know will be welcomed by seniors and their adult children. »
Money Talk: Seniors is available for free online and provides tools and resources in English and French, including a series of webinars and podcasts from seniors who discuss their experiences in financial conversations with their children. Live and recorded sessions offer families the opportunity to listen together and strive to empower them to have their own conversations about finances. Money Talk: Seniors also includes links to a range of resources and support tools available through the Scotiabank Seniors Resource Centre.
“At Scotiabank, we have a long history of serving, supporting and advocating for the diverse needs of our senior population from coast to coast,” said Ahmed Dajani, vice-president and senior champion at Scotiabank. “In times of economic uncertainty, intergenerational financial planning is becoming increasingly important and we are proud to work with CFEE to launch this new program which aims to strengthen the financial well-being and peace of mind of seniors and their families.
To celebrate the launch of the new program, CFEE hosted a virtual event today, which included a preview of the program and website as well as presentations and discussions with a panel of guests, including Canada’s Minister of Seniors , the honorable Kamal Khera; chairman of the board, RTOERO, wealthy prophet; Executive Director, Community Alliance for Support and Empowerment (CASE), Peace Okpara; the elderly; CFEE; and Scotiabank.
To access the wealth of tools and resources offered by Money Talk: Seniors and to view a replay of the launch event, please visit http://letstalkmoneyseniors.com/.
Published by Maru Public Opinion, these are the results of a survey conducted between January 12-14, 2022by Maru Blue of 1,295 randomly selected Canadian adults aged 60+ with adult children Maru Voice Canada online panelists. The results were weighted according to education, age, gender and region (and in Quebeclanguage) to match the population to census data, which ensures that the sample is representative of the entire adult population of Canada.
CFEE is a federally chartered, non-profit, non-partisan organization, founded in 1974, which works to improve economic and financial literacy and entrepreneurial capacity. CFEE works collaboratively with ministries and departments of education as well as school boards, schools, educators and teacher associations. CFEE also engages in activities to support and assist newcomers and former immigrants to Canada, as well as the general public, including print resources, videos, workshops and online resources. Overall, CFEE aspires to help Canadians of all ages be better prepared to assume their economic roles, responsibilities and decisions with confidence and competence.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future”, we help our clients, their families and their communities succeed through a wide range of advice, products and services, including personal and commercial banking, management Wealth and Private Banking, Corporate and Investment Banking, and Capital Markets. With a team of more than 90,000 employees and assets of approximately $1.2 trillion (as of October 31, 2021), Scotiabank is listed on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: SNB). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
For further information: Joseph F. Clark, Director of Communications, Canadian Foundation for Economic Education, [email protected]Phone. : 905-726-3438, Cell. : 416-893-8772