At RBC, we are committed to helping further the financial literacy and empowerment of all Canadians – especially those experiencing financial vulnerability. Many older Canadians have experienced a significant erosion of personal financial stability and loss of well-being as a result of the COVID-19 pandemic. We are proud to announce our partnership with the National Institute of Ageing (NIA) and Ryerson University to help older Canadians effectively navigate their finances in a COVID-19 world.
"Shocks to personal finances and health are by their nature unpredictable,” Michael Nicin, executive director of the NIA, said in a statement. “With RBC as our lead partner, we can provide effective public outreach, accessible resources, and expert guidance to help Canadians better future-proof their lives with sound financial and planning strategies."
NIA research highlights that older Canadians were already vulnerable to unexpected shocks to their health and finances, even prior to the COVID-19 pandemic. The NIA’s National Seniors Strategy found that 86 per cent of Canadians had never heard of advanced care planning, more than 80 per cent had no written plan and less than 50 per cent had even had a conversation with a trusted family or friend about their preferred health care treatments, if they were to unexpectedly become incapacitated.
At RBC, we have previously discussed that 71 per cent of Canadian adults do not have a signed power of attorney to enable responsive, planned action in case of an emergency. In light of COVID-19’s effect on our collective health and finances, these concerns are more important and urgent than ever.
Through our partnership with the NIA and Ryerson University, we hope to help remove the threat of being unprepared or unable to manage health and financial instability in the wake of an unexpected personal emergency, particularly for older Canadians in vulnerable positions. Everyone deserves to have their final wishes respected and their wealth well-cared-for. This partnership is one way we are proud to demonstrate our commitment to financial stability and literacy for all Canadians.