Understanding your financial situation and recognizing how best to utilize personal resources are important when a person wants to create a balance between earning and spending. Having this knowledge and skill set becomes even more important when individual enters retirement. After being accustomed to earning money for the majority of their lives, many older adults struggle with losing their source of income. Various money management programs are available, but limited resources are designed specifically for adults 65 years and older. In October 2015, the Community Economic Development program at Carya conducted a survey among older adults in order to understand:

• How they make their financial decisions
• If they see a need for money management program for themselves and their peers and their interest in participating in such a program
• What they would like to learn about in a money management program

Sixty-five participants all 65 years or older responded to the survey. The results indicated that:

• The majority of older adults make financial decisions with professional help. This includes advice from bankers, credit unions, and social serving agencies.
• Seventy-six percent see a shortage of money management resources for older. Eighty-two percent expressed interest in attending a program designed for older adults.
• There is a high level of interest in learning about seniors’ benefits, wills and directives, fraud prevention and claw back charts. Credit was the least requested topic.

The results clearly signal a need for a money management program for older adults, and that most of the older adults polled were interested in taking part in such a program. To fill this pressing need, Carya launched a program in May 2016 called “Our Relationship with Money: A Community Initiative for Older Adults”. Based on the survey results, we were able to build a curriculum for the program that provides maximum benefit to the seniors we are serving.

For more information on enrolling in one of Carya’s money management programs for older adults, please call Sajjad Ahmad at 403-205-5260 or email SajjadA@caryacalgary.ca.

Many of Carya’s programs are provided free of charge or on a sliding fee scale.  Our goal is to provide access to service for anyone who needs it, and with your support we will be able to continue helping Calgarians in need.