National Survey – Financial Fears If Your Over 60

Fraser Valley/Vancouver – Running out of money before they die and not being able to pay for long term care top the list of financial fears of BC residents over 60, according to a national survey commissioned by Financial Planning Standards Council (FPSC) and Credit Canada in time for June, which is Seniors’ Month.

The two non-profit organizations continue their series on the financial health of Canadians by co-sponsoring the Seniors and Money Report. The report is a Leger poll of 1,000 Canadians 60 and older that probes the issues aging Canadians face when it comes to debt, income, financial planning and work.

Here are some of the standout BC findings from the Seniors and Money Report:

  • 30% of BC residents over 60 fear they will run out of money before they die while 35% fear they will not be able to pay for long-term care.
  • One-in-three (35%) of BC residents over 60 is stressed about their current and future finances.
  • 11% of BC residents over 60 are worried they are going to have to sell their house and 12% fear they will need to rely on their children for financial support.
  • Six-in-10 BC residents over 60 carries at least one form of debt with credit cards leading the way (34%) followed by lines of credit (22%) mortgages (19%) and auto loans (7%)

BC residents over 60 also listed their current sources of income:

  • 15% are working full or part time
  • 77% are receiving Government (e.g. CPP, OAS, GIS)
  • 43% have a company pension
  • 36% have investments

More information can be found here:

www.creditcanada.com

www.financialplanningforcanadians.ca

 

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