Poverty reduction

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Older adults often live on fixed incomes, which can be a significant challenge, particularly when faced with increases in the cost of living, or with other unexpected costs like auto repairs. These financial pressures may be alleviated through various government programs. Read more in our resources below about how we can strengthen financial supports for current and future older adults to reduce the risk of living in poverty.

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20 Show All 5Blog Posts 4Evidence Summaries 11Web Resource Ratings 0Patient Decision Aids

Evidence Summary

Financial education may have a positive impact on savings behaviours and record keeping
Policy Research Working Paper (2014)
Web Resource Rating

Canada's financial literacy blog
Financial Consumer Agency of Canada

Financial literacy involves knowledge and skills on how to manage money. Access this resource for information from experts on various financial topics.
Web Resource Rating

Canadian Financial Literacy Database
Financial Consumer Agency of Canada

This resource is a database with information about financial literacy. Access this resource to learn about banking, fraud, insurance, taxes, and more.
Web Resource Rating

Financial Life Stages
Canadian Deposit Insurance Corporation (CDIC)

Older Canadians rely the most on their savings. They should know how the Canada Deposit Insurance Corporation (CDIC) protects their savings. Use these infographics to learn about the financial situation, and thoughts on savings protection, of older Canadians at the pre-retired, retired, and 75+ stages.
Evidence Summary

Several measures should be used to have a clear picture of poverty in old age, including income, consumption, assets, wealth, and self-perceived poverty
Cogent Social Sciences (2018)
Evidence Summary

‘Urban renaissance’ policies may negatively affect low-income residents, including older adults, living in urban areas
European Journal of Housing Policy (2004)
Web Resource Rating

Financial literacy self-assessment quiz
Financial Consumer Agency of Canada

After you have learned about financial literacy, take this fun quiz to test your knowledge!
Web Resource Rating

Managing multiple financial priorities
Financial Consumer Agency of Canada

It may be difficult to manage your budget with multiple priorities. Access this resource for information on your current expenses and potential future expenses.
Web Resource Rating

What every older Canadian should know about financial planning
Employment and Social Development Canada

Financial planning is important as you get older and face changes such as retirement. Use this resource to learn about making a financial plan based on your current income and expenses, and where you want to be in the future.
Web Resource Rating

Disability lens evaluation of four provincial poverty reduction strategies: Manitoba, New Brunswick, Newfoundland and Labrador, and Nova Scotia
Council of Canadians with Disabilities (CCD)

Persons with disabilities are more likely to be unemployed and in poverty than their healthier counterparts. Read this resource for information on poverty reduction strategies for Manitoba, New Brunswick, Newfoundland and Labrador, and Nova Scotia.
Web Resource Rating

Mortgage Fraud
Canada Mortgage and Housing Corporation

In Canada, seniors are most often the victims of fraud and financial abuse. Use this resource to learn about how to recognize, protect yourself against, and report these crimes.
Web Resource Rating

Income programs for older adults
211 Ontario

Many older adults require income assistance. Access this resource for information on available income programs for you.
Web Resource Rating

Boomers need to consider savings protection
Canadian Deposit Insurance Corporation (CDIC)

Make sure your savings are safe by depositing it to a bank that is a member of the Canada Deposit Insurance Corporation (CDIC). The CDIC makes sure your savings are still available even if your bank failed. Use this resource to learn about two kinds of protection given by CDIC banks: RRIF and Trust funds.
Web Resource Rating

Are you financially prepared for what's ahead?
Investment Industry Regulatory Organization of Canada (IIROC)

It is important to make informed decisions about financial investments. Access this resource for information about working with a financial advisor and how to choose someone appropriate for you.
Evidence Summary

Tenants' protection, controlling ownership and development, and community empowerment can help to mitigate displacement due to the gentrification of neighbourhoods
Geography Compass (2018)
Blog Post

Fiscal measures to support older adults and reduce poverty

Fiscal measures are often proposed to reduce the tax burden of older adults and reduce poverty. Finding the fiscal measures to which you are entitled can make anybody feel dizzy, but some professionals and tools can help you.
Blog Post

A socially acceptable gentrification: is it possible?

Gentrification can exacerbate health problems among vulnerable groups, such as older adults, by limiting their access to needed services, affecting their social networks, and increasing their level of stress. Is it possible to control the negative impacts of gentrification and make it socially acceptable?
Blog Post

How do we measure poverty?

Measuring poverty is complex because indicators currently used have limitations. In addition to income and market-basket indicators, indicators based on the level of education, health status, geographic region, clothing, housing, food security and social inclusion provide a portrait of poverty closer to reality.
Blog Post

Gentrification: When neighbourhoods change, lives change

Sometimes central and disadvantaged neighbourhoods experience major changes, referred to as gentrification. Neighbourhood gentrification can have a significant impact on older adults who often have low and fixed incomes.
Blog Post

A nest egg for our old days: Helping older adults manage their finances

Older adults and their caregivers face a budgetary puzzle – making a realistic budget based on fixed and limited incomes - while juggling many priority expenses. Develop your knowledge, skills and self-confidence to make responsible financial decisions.

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