Aon Hewitt agrees with many elements of the proposed blueprint issued by the Financial Consumer Agency of Canada for advancement of financial literacy among Canada’s seniors.
“In particular, as noted in our response to the blueprint, we are fully in support of the goals identified in the blueprint,” says a company statement.
The company believe the following four principles are keys to the success of any education strategy:
- simplicity and understandability of the information provided;
- access to information;
- independence and objectivity of information; and
- ongoing monitoring.
Aon Hewitt suggests that the following goal be added to those set in the blueprint: “Assist more Canadians in setting personal financial objectives.”
“Our experience shows that many people do not know how much income they will need in retirement because they have not defined their retirement goals,” says the statement. “Helping Canadians set goals and quantify their income needs before and after retirement is the very first step.”
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