Seniors Declaring Bankruptcy Skyrocketing

1

Credit Counselling Service of Sault Ste. Marie and District to Host Seniors Financial Literacy Seminar Seniors in Ontario are facing increasingly difficult financial times.

Recent studies report the insolvency rate among seniors has increased 1,000% in the last 20 years, making seniors the fastest growing segment of new bankruptcies in Canada. A number of factors have led to this increase in senior insolvency, the largest being outliving set aside savings. To help address these issues the Credit Counselling Service of Sault Ste. Marie and District is gearing up for the first of a number of information sessions directed to seniors and their unique money needs. It has been reported often in the national media that seniors are facing increasingly difficult financial times and it is projected to only get worse.

ccs-logo-no-sloganWith a generous grant from the TD Financial Literacy Fund, Credit Counselling Service of Sault Ste. Marie and District has been able to develop a number of different presentations and informative workbook to meet the various needs of seniors and address issues that are being seen in the community.

The first of these presentations will explore ideas of how money changes in retirement, the added cost of debt, the importance of budgeting and information on dealing with credit as a senior, and is open to questions and answers surrounding personal finance. This first presentation will be held on July 21st from 12:00-1:30 at the Sault Ste. Marie Public Library Centennial (Downtown) branch.

The second presentation is scheduled for Aug 11th from 12:00 to 1:30 at the Sault Ste. Marie Public Library Centennial (Downtown) branch. This second presentation will be partnered with the Sault Ste. Marie Police to discuss the financial scams and traps that many of our local seniors face each year. Come out to learn how to identify scams and traps, as well as how to protect yourself, and the financial cost these scams and traps may have.

Sandwiches and refreshments will be provided at both presentations. These presentations are designed to meet the varied needs of seniors in our city and the surrounding area. All participants will receive an informative booklet discussing senior financial issues.

If you are interested in hosting a presentation dealing with seniors’ financial issues please feel free to contact Matthew Keenan at 705-254-1424 to set up a date and time. Matthew can also be reached via email at matthew@creditcounsellingssm.ca

1 COMMENT

Comments are closed.