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New financial literacy resource from IG Wealth Management aims to empower Canada’s seniors with financial confidence

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This article was published 29/09/2023 (748 days ago), so information in it may no longer be current.

Over the last year, Canadians from coast-to-coast had to adapt to an evolving and unpredictable market. Economic instability and inflation triggered new and complex financial issues, particularly for seniors who already face unique financial challenges that come with ageing. IG Wealth Management (IG), in partnership with the Canadian Foundation for Economic Education (CFEE), saw an important opportunity to help build financial literacy among this population group. From there, Money and You: Seniors Edition was born.

“With National Seniors Day around the corner and Financial Literacy Month quickly approaching, Money and You: Seniors Edition is a timely resource to help older Canadians navigate their retirement years with confidence and equip them with the knowledge needed to achieve long-term financial security and success,” said Christine Van Cauwenberghe, Head of Financial Planning at IG Wealth Management.

IG and CFEE launched Money and You: Seniors Edition, a free digital resource in English and French, to enhance financial literacy and build confidence among Canada’s seniors. It was developed as part of IG’s “Empower Your Tomorrow” community platform, which gives Canadians the resources and confidence they need to own their financial future. The content is based on IG’s extensive experience working with clients who are approaching or in retirement and CFEE’s direct engagement over the years with seniors at hundreds of workshops and events.

Government pension sources, budgeting, retirement income planning, housing and lifestyle, and protecting one’s assets are some of the key personal finance themes explored throughout the resource. It is a companion to the highly successful program, Money and Youth: A Guide to Financial Literacy, of which more than 750,000 copies have been distributed to homes and schools across Canada over the last 25 years.

Money and You: Seniors Edition is a valuable guide for older Canadians. Legacy building, budgeting, maintaining financial control in the event of cognitive decline and preparing for end of life are all critical considerations that require advance planning. “The guide provider tailormade insights for seniors to help simplify an often-complex stage of life. Each module highlights a different theme, allowing the reader to pick and choose the topics most relevant to them,” noted Ms. Van Cauwenberghe.

It’s never too late to prepare for retirement, but early planning is always best. With resources like Money and You: Seniors Edition, combined with the help of a financial advisor, Canadians can build a comprehensive and holistic financial plan to ensure financial security in their later years. Adopting a budget, which is discussed in Module 3, can help significantly. A budget tailored to long-term personal goals can play a big role in future financial success.

“Canada’s aging population is on the rise so it’s more important than ever to build financial confidence, literacy and resilience among our country’s older generation,” explains Van Cauwenberghe. “We have an important responsibility to empower seniors with the knowledge, tools and resources to ensure that a golden retirement doesn’t exist in name only.”