The Ontario Securities Commission has released new research exposing just how tenuous the financial situation of many elderly Canadians is.
“Seniors represent a growing segment of Ontario’s investors, and they are enjoying longer lives, need more money to finance a longer retirement and are faced with increasingly complex investment choices," said Howard Wetston, Q.C., Chair and CEO of the OSC. "As a result, we need to do proactive research to understand their investing needs and identify opportunities for regulatory action.”
The research released Monday found that almost six out of 10 older Canadians experienced a major life event that challenged their prior financial plans (such as a loss of investments or income) and that fraud impacts approximately 60 out of every 1,000 older Canadians.
The study was based on online survey interviews with 1532 Canadians aged 50 and over, this report delivers on a commitment in the OSC’s Statement of Priorities to be more responsive to senior investors. The report also builds on previous OSC initiatives to better understand the unique issues and challenges facing senior investors.
In September 2014, the OSC and the Investor Advisory Panel hosted an inaugural Seniors Roundtable to establish an ongoing dialogue and partnership with key groups that work directly with seniors. Additionally, since 2013, the OSC has been hearing one-on-one from senior investors through its OSC in the Community Program.
The OSC’s Office of Investor Policy, Education and Outreach leads the OSC’s efforts to identify and understand investor issues and concerns through investor outreach and research initiatives.