Finances in the golden years

amount of attention focused on the economic conditions of Canada’s seniors (those aged 65 and over). In the past, many seniors had to work their whole life, and retirement was virtually unheard of. Those who were unable to save any money or to work because of illness and who had no family or friends to rely on spent their remaining years in poverty. Economic conditions for today’s seniors are very dif-ferent. Since the early 1980s, incomes have risen faster for those 65 and over than for those under 65 (Lindsay and Almey 1999). In fact, between 1981 and 1997, income rose about 18 % for seniors while declining for those aged 15 to 64. Nevertheless, seniors still have lower average incomes—not surprising given that most are no longer in the labour force and have no employ-ment income. However, the financial well-being of seniors is not determined by income alone; wealth also plays a part. While non-seniors are trying to build up their stock of wealth (buying homes, building up RRSPs or other investments), many seniors have already accumulated substantial wealth to draw on in times of need. This subject is certain to remain under close scrutiny as the proportion of seniors increases. Policy and program development centering on this group will no doubt figure prominently in forthcoming years, so it will be crucial to have a complete financial picture that high-lights their needs. Using the 1999 Survey of Financial Security (SFS) (see Data source and definitions), this article examines sources of income and wealth among Canada’s seniors. It also looks at their debts and preparedness for unexpected expenses. Additionally, two groups of seniors that potentially face financial insecurity are examined: unat-tached women and those whose expenses exceed their income