We spend much of our younger years saving for retirement to enjoy our later years. On average, Canadians are living longer, which means more financial resources, and more careful management of financial resources is required to ensure they last for as long as you need them to. Once retired, older adults (and their caregivers) face the challenge of making a realistic budget based on fixed and often limited incomes while juggling many priority expenses.
As the economy experiences shifts, we’re often reminded of the importance of sound personal finance management. Navigating the murky waters of the financial world can be complex, especially with the rise of financial products and services available, some of which are partially (or not) covered by insurance and governments or the complicated tax systems at different levels of government.
Recent studies found no clear evidence regarding the effectiveness of financial capability interventions (including financial education linked to a financial product or service) in improving financial behaviours or outcomes. Despite this, it’s never too late to build on and improve your financial capabilities. Doing these four things can help:
Test your knowledge: Take this quiz to test your financial knowledge!
Learn how to manage multiple financial priorities: It can be difficult to manage a budget while juggling multiple priorities. Get information about your current expenses and potential future expenses.
Learn how to make a budget: Get tips on how to create your budget.
Find help if you are experiencing financial difficulties: The Government of Canada offers a variety of solutions to help people who are experiencing financial difficulties (from mortgage debt relief options to debt management tips).
