The Canadian Bankers Association (CBA) is promoting better financial literacy for seniors to help strengthen their knowledge of the world of finance, aid them in their retirements and help them protect themselves against financial abuse.
June is Seniors’ Month in several provinces and territories across Canada. The CBA notes that as the proportion of seniors in Canada continues to grow, it is more important than ever to engage them in preparing financially for their future years.
“Seniors have always been a significant and growing customer base for banks in Canada,” says Neil Parmenter, president and CEO of the CBA. “The banking industry is committed to serving all segments of the Canadian population and responding to customers’ changing circumstances as they go through different stages of life.
“Financial literacy is a life-long learning experience and a critical life skill no matter your age,” adds Parmenter. “Advancing financial literary is an important part of the CBA's overall mandate.”
Banks help seniors with financial needs
In addition to helping seniors with their everyday banking needs, the CBA says its members make available general information to their clients on issues such as powers of attorney and joint deposit accounts, provide training to their staff on the disclosure of that information and have internal resources available to staff should more complex issues arise.
While banks provide tools to help seniors and near-seniors plan and manage their income for their retirements, they also provide advice and resources to help those seniors who might be heading into retirement with debt, says the CBA.
Seniors are also taking advantage of banking technologies that have made it easier for customers to conduct many of their transactions.
A recent poll commissioned by the CBA indicates more than three-quarters of Canadians (76 per cent) use digital channels to conduct most of their banking transactions. Boomers clocked in at 73 per cent, while 65 per cent of Silent generation members (those born 1925-1945) use digital channels.