Seniors Talk About Money

In May, I had a chance to visit the Asphodel Norwood public library and speak to a group of savvy seniors about financial trends. What really struck me is how much these seniors want to talk about money and keep up to date on evolving financial issues.  Interestingly, I feel like the old “don’t talk about money” mold is breaking down, finally!

Age old conversations about the price of bread and gas, are being replaced with current trending issues facing all ages these days. Sure, we might complain about how costly some items are, but seniors are willing and eager to talk about a lot more now. Our group at the library had an interesting and lively discussion on changes in technology, the importance of credit reports, power of attorneys, bank closings and savings. Like all demographics, we shared our concerns about the rising prices and the difficulties and challenges of living on incomes that don’t keep up to the increased costs of living. But from my view, seniors are opening a new door on conversations about money. Gone are the taboos around sharing your financial concerns or questions, and the idea that talking about money is rude or boastful is slowly fading away. And that’s a good thing.

When we talk about money with people we trust, we are more likely to make wise, mindful choices that are in our best interest. We are less likely to be victims of scams, identity fraud or financial abuse. And perhaps just as important, we are more likely to influence the next generation to talk about money with people they trust for the same positive outcomes. When money conversations happen inter-generationally, great tips and ideas are shared and we learn from each other, passing on our life’s financial lessons, good and bad to a younger generation. In turn, they may be able to help us gain comfort with technical changes in banking, shopping and overall financial safety issues that can impact any age.

Need some conversation starters? Try these:

  •           What was the biggest money mistake you ever made?
  •          What method do you use to remember pass words?
  •          Did you ever save for something you really wanted and ow did you do it?
  •          Do you know how to recognize signs of financial abuse?
  •          Do you know what’s happening on June 19th in Peterborough?

Need the answer? June is Seniors Month in Ontario, and on June 19th the Peterborough Chamber of Commerce is hosting the 7th Annual Seniors Showcase at the Wellness Centre on Braeley Drive. CCRC will be there! Please visit our display to learn more about how we can help seniors talk about money. This year, the Ministry of Seniors and Accessibility have chosen the theme “Seniors Making A Difference” When we talk about money, we have an amazing opportunity to let a younger generation learn and share with us, and that’s making a difference!