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Canadian Seniors Increasingly Struggling With Debt, Bankruptcy

The Canadian Press , 31 Oct, 2014 02:43 PM

OTTAWA — A report prepared for the federal government says the country's growing cohort of senior citizens is carrying more debt into retirement and increasingly declaring bankruptcy.

The need to support dependent adult children who are taking longer to find work contributes to the trend, says the report prepared for the Financial Consumer Agency of Canada.

The study by market research firm The Strategic Council says declining numbers of seniors are in registered pension plans.

There's also evidence of growing income inequality among those 65 and older, it says.

As well, seniors are struggling with so-called financial literacy, experiencing difficulties staying on top of their financial affairs with advancing age.

The report recommends that financial literacy strategies should take into account ageism, the stigmatization of older people, health status and elder abuse.

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