Financial Literacy for Seniors


Toronto Star: Financial literacy leader focuses on seniors

By April 2016, the federal government will stop mailing cheques and switch to a direct deposit system. Old age pensions, tax refunds and children’s benefits will be transferred electronically to your bank account. With the transition deadline less than two years away, Ottawa is pushing everyone to sign up for direct deposit.

Direct deposit could pose a problem for low-income seniors who rely on government payments to live on, says advocate John Stapleton.
“Banks still have black lists and won’t allow some people to have accounts, especially if they have defaulted and not paid on a bank product,” he says.
“Some of our very poorest and disenfranchised seniors are going to be further victimized. So cruel.”
Jane Rooney is Canada’s first financial literacy leader, appointed April 2013.
Read more here.

Resources: Financial Literacy