Scotiabank wants to get seniors talking money with their kids

New initiative in partnership with the Canadian Foundation for Economic Education aims to close the communication gap

Scotiabank wants to get seniors talking money with their kids
Steve Randall

Getting families talking about their finances is the aim of a new initiative launched this week.

The Canadian Foundation for Economic Education (CFEE) and Scotiabank have launched Let's Talk Money: Seniors, a new resource – including webinars and podcasts to help families have constructive conversations about money.

Of particular importance are discussions around inter-generational financial matters, including retirement, living situation, managing assets, life insurance, wills and inheritance, power of attorney, and more.

CFEE’s research shows that 1 in 5 Canadian seniors has never spoken to their adult children about their own financial plans, despite almost three quarters of respondents agreeing that such conversations are important.

"CFEE has been working closely with seniors for many years, helping them with managing their money and financial affairs," said Gary Rabbior, President of CFEE. "The topic of how to have meaningful money talks with adult children comes up frequently and we know many seniors struggle with how to have those conversations.”

Growing importance

The online resource is available in English and French and includes live and recorded insights together with tools and was launched Wednesday with a virtual event including a panel discussion.

Seniors’ minister Kamal Khera was among the panellists and said that educating and supporting seniors and their families with financial planning leads to better outcomes, especially in uncertain times.

"In times of economic uncertainty, intergenerational financial planning is growing in importance, and we're proud to work with CFEE to launch this new program that endeavours to strengthen the financial well-being and peace of mind of seniors and their families," said Ahmad Dajani, Vice President and Seniors Champion at Scotiabank.