Older Women and Financial Literacy

Older Women and Financial Literacy: Bridging the Income Gap is a two-year participatory project run through the National Initiative for the Care of the Elderly (NICE) at the University of Toronto, and funded by Status of Women Canada.
 
This national project aims to address the high level of poverty and the low level of financial literacy among older women in Canada. Studies have shown that women, and older women especially, display much lower levels of financial literacy than their male counterparts (e.g., Lusardi & Mitchell, 2008; NPWE, 1998; WIRE, 2007). To tackle this issue of the high level of poverty and the low level of financial literacy among older women in Canada, our national project will engage older women in Vancouver, Montréal and Toronto by having them participate in the development and delivery of financial literacy resources using a peer education model.

We believe financial literacy is a fundamental human need, which every Canadian should be versed in. This unique project specifically targets older women who are the most economically vulnerable – unattached and immigrant older women. At NICE, we want to make a difference through financial empowerment.

This two-year project engages low-income older unattached and immigrant women working in partnership with agencies in three cities, to develop, evaluate, teach and share five financial literacy tools. The project’s five tools will provide a comprehensive, accessible information kit for financial literacy that will help older women:

• to create a personalized financial plan;
  
• to optimize pensions and public benefits;
  
• to adapt effective banking practices;
  
• to understand the legal dimensions of financial literacy, such as the power of attorney, trusteeships and public guardianships; and
  
• to prevent or intervene in situations of financial abuse

The project will also partner with various organizations, service agencies, and prominent financial institutions across Canada to run workshops that will be delivered by the project’s participants to raise awareness of the issues surrounding older women poverty and low financial literacy.

If you are interested in participating in this groundbreaking project, and would like to learn more about how your organization can help to improve the financial literacy of Canadian older women, please contact the National Project Coordinator at NICE directly at alexandra.wilson@nicenet.ca.