TORONTO, ONTARIO / AGILITYPR.NEWS / February 04, 2025 / Facing headwinds to retirement security, seniors urgently need more choice to protect and grow their savings
FOR IMMEDIATE RELEASE
Whether it is the cost of living crisis, the continued threat of tariffs or macroeconomic headwinds, Canadian seniors who rely on fixed income and their savings face many serious risks to their retirement security and need the best investment solutions to protect and grow their savings. Regrettably, Canadians banks reduced choice of third-party investment solutions in 2021 and have not restored access for their customers, despite multiple investigations and calls to do so by consumer groups, experts, media and regulatory authorities from both provincial and federal levels[1].
“According to regulatory research[2], seniors trust their banks and do business with the banks more than any age cohort and removing choice of third-party investment products have impacted seniors the most,” said Bill VanGorder, Policy & Education Officer, Canadian Association of Retired persons (CARP). “More choice is generally good for consumers, and the same is especially true for something as important as retirement wellness for seniors. To protect seniors from various risks and threats and for long-term financial security, we call on all political parties at federal and provincial levels to work together and bring back choice at Canadian bank branches.”
One of CARP’s core priorities is financial security and advocating for public policies that improve the quality of living for our members and seniors across our nation. A national survey of our 250,000 members shows over a majority of respondents (62%) believe banks should be better regulated to offer choice, with almost a third more (28%) being open to the idea.
“CARP is proud to continue listen to our members and speak up on issues that are important to them,” said Bill VanGorder. “We hope that candidates from all parties in the on-going Ontario election and the upcoming federal election in 2025 will take our members’ views seriously. We are committed to working constructively to find solutions for seniors across the country.”
About the Canadian Association of Retired Persons
The Canadian Association of Retired Persons (CARP) is a national, non-partisan, non-profit organization that advocates for financial security, improved health care and freedom from Ageism for Canadians as we age. With over 250,000 members and 23 chapters across Canada, CARP advocates on behalf of older Canadians with all levels of government and collaborates with other organizations on health, ageism, housing, ageism and financial issues.
Media Contact
Bill VanGorder
Education and Advocacy Officer
902 999 3572
[1] https://www.ontario.ca/document/capital-markets-modernization-taskforce-final-report-january-2021, https://www.cbc.ca/news/business/marketplace-hidden-camera-banks-1.7142427, https://www.osc.ca/en/news-events/news/regulators-announce-coordinated-review-bank-branch-sales-practices, https://www.theglobeandmail.com/business/article-ottawa-banks-third-party-investment-funds/
[2] https://www.securities-administrators.ca/wp-content/uploads/2024/07/CSA-2024-Investor-Index-Full-Report.pdf, https://www.ciro.ca/media/8526/download?inline
Contacts
Bill VanGorder
Education and Advocacy Officer
vangorder@carp.ca70 Jefferson Ave. Toronto, ON
Phone: 902 999 3572 Mobile: 902 999 3572
www.carp.ca