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.”
Resources: Financial Literacy
- John Stapleton, a former Ontario civil servant, uses his skills as a poverty expert to give tailored advice on low-income retirement planning: http://openpolicyontario.com/retiring-on-a-low-income-3/
- Open Policy (John Stapleton's website/blog): http://openpolicyontario.com/
- Financial Consumer Agency: http://www.fcac-acfc.gc.ca/
- Toward a National Strategy for Financial Literacy: http://www.fcac-acfc.gc.ca/
Eng/financialLiteracy/ financialLiteracyCanada/Pages/ home-accueil.aspx Canada is developing a National Strategy for Financial Literacy that will set out goals and priorities in working to strengthen the financial literacy of Canadians. In its final report [ http://www. financialliteracyincanada.com/ canadians-and-their-money.html ] in December 2010, the Task Force on Financial Literacy defined financial literacy as having the knowledge, skills and confidence to make responsible financial decisions.
- Financial literacy background: http://www.fcac-acfc.gc.ca/
Eng/financialLiteracy/ financialLiteracyCanada/Pages/ Background-Historique.aspx
- Task Force on Financial Literacy: http://www.
financialliteracyincanada.com/
- Canadian Social Research: go to the Seniors Links page: http://www.
canadiansocialresearch.net/ seniors.htm
