Seniors in our northern neighbor, Canada, are having a hard time financially. They are dealing with increased levels of debt and bankruptcy filings according to a November 1, 2014 article in the Regina Leader-Post. More and more Canadians are retiring in debt without well-funded pension plans. In the United States, many people try to stave off bankruptcy by paying debts with pension funds, but in the long term, that option is not sustainable. A study, commissioned by the Financial Consumer Agency of Canada, has identified a few factors that are leading to this increase in debt and bankruptcy. Some include new financial obligations and a lack of digital literacy.

The study found that more seniors are taking care of their adult children financially. If this care was not anticipated when those seniors planned for retirement, then this expense can lead to financial difficulties for the senior parent. More Canadians aged 65 or older are in the workforce. In fact, the study noted that this number is nearly double that of seven years ago.

In today’s digital age, many people rely on the internet to learn about investments. Others rely on online banking and reporting to make financial decisions. Seniors are less likely to use these tools and to use them if it all, to their advantage. An organization is trying to increase the level of digital financial literacy among the elderly. This may even help seniors avoid scams. This group is one of the most common victims of financial scams that can lead to high levels of debt.

If you are considering filing for bankruptcy in New York, then contact the law office of Jayson Lutzky. Mr. Lutzky has been representing highly satisfied clients for over 31 years. His experience and expertise can help you minimize any stress that may be associated with filing a bankruptcy. He offers free, in person, initial consultations in his Bronx office. Call 718-514-6619 to set up an appointment. Saturday appointments are available. Visit www.MyNewYorkCityLawyer.com.