BC FORUM News - from The Advocate, December 2014

More seniors struggle with debt and bankruptcy

Canadians are retiring with a greater burden of debt, and the number who are declaring bankruptcy is growing alarmingly.

Contributing to the trend is the growing number of seniors who are supporting their children financially because it is taking them longer to find employment and get on their feet.

Those are among the conclusions of a study conducted for the Financial Consumer Agency of Canada. The study by The Strategic Counsel, a market research firm, also pointed to growing income inequality among those who are 65 and older.

“Demographic, economic and even behavioural trends suggest that the current landscape for Canadians as they head into their retirement years is challenging,” said the report.

Indeed, the number of seniors who continue to work past the age of 65 in order to make ends meet has doubled since 2007. There are now close to 600,000 seniors still in the workforce – a fact that doesn’t make it any easier for young people to find good jobs.

“In many ways, this report underscores what many seniors are saying and feeling in their daily lives,” said Diane Wood, President of BC FORUM.

“A lack of action by the federal government has made it more difficult for seniors to have financial security in retirement, and that affects everyone, both young workers and seniors who are struggling. We must continue to press for long overdue improvements in the Canada Pension Plan,” she said.