Aging Canadians seeing financial, technical barriers says national study

With a look at how older residents are doing, the newest Aging in Canada Survey is showing that many are in precarious financial positions.

According to the survey done by the National Institute of Aging (NIA), one in four Canadian adults has under $5,000 in retirement savings.

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Director Gabrielle Gallant says the finding shows many are in a much worse spot than previously.

“Having less than $5,000 in savings leaves many older adults with virtually no buffer for unexpected expenses, increased risk of material hardship, debt, reliance on credit, and that’s especially severe when paired with fixed incomes. “

Gallant says those with lower savings tend to be women, renters, and people in poor health.

The NIA also looked at technological adoption among older adults, finding that many are being left behind.

According to the survey, around two-thirds of older adults are using their smartphones to manage their money.

“Now here’s a question to consider. If 68 per cent of older Canadians are banking on their smartphones, what happens to the 32 per cent that aren’t? Think about the last time you booked a doctor’s appointment or paid a bill. For most of us, it would be weird to try to do that without our smartphones.”

Gallant says that highlights the importance of solving digital divides so that older Canadians can still interact with the world. Smartphone ownership in general is also falling dramatically with age.

“By the time Canadians reach 80 plus, only 65 per cent own a smartphone, and with a one-third drop in ownership compared to younger cohorts of older adults, the implication here is that as services, information, and even healthcare move online, the oldest Canadians are at risk of being left out.”

In total, however, smartphone ownership among older Canadians continues to climb year over year.