Older Canadians share financial lessons

Almost six out of 10 older Canadians experienced a major life event that challenged their prior financial plans, finds an OSC survey.

The three most common events were loss of investments or income, covering healthcare expenses and supporting a family member.

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Further, an average of six of every 100 people surveyed were affected by fraud. The OSC’s The Financial Life Stages of Older Canadians, looked at seniors’ financial needs and challenges.

The study also found that of people who plan to retire in the next 10 years, 32% haven’t planned for their retirement at all. The good news? Nine out of 10 people surveyed said some advice about planning for their retirement would be useful.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.