It is becoming clear that more and more Canadian seniors are succumbing to the combined challenges of a fixed income, higher living costs and, in many cases, increasing levels of assistance to dependent children. A past CTV news article about Seniors Struggling with Debt and Bankruptcy outlines some of the issues and causes of seniors getting into financial difficulty often leading to bankruptcy.
The article states that, “seniors are struggling with so-called financial literacy, experiencing difficulties staying on top of their financial affairs with advancing age. They are also far more vulnerable to financial scams.”
Family members of seniors should take it upon themselves to educate the seniors in their family on financial literacy. These seniors may have been in a fairly good financial position earlier in life, but as the times change, it’s important to stay educated. Seniors also need to be aware of “scams” that unfortunately, are becoming more and more uncommon. Seniors are “easy targets” when it comes to scams as they are often times overwhelmed with technology that they find themselves wanting help, and are therefore overly trusting, even with strangers.
When seniors find themselves in unexpected financial difficulties, it’s much harder for them to recover. Most seniors on fixed income can’t simply go out and earn more to recover from a financial loss or an increase in personal debt. Therefore, more and more seniors are filing bankruptcy.
If you are a senior and are struggling, or if you know a senior who is struggling, consider booking a free consultation with one of our trustees in bankruptcy. We can provide solutions to help you with your debt load and give you advice on where to go from here.
