As the population ages, many Canadians will find themselves managing wealth for their parents.
Seniors own an estimated one-quarter of all financial wealth and over the coming years, their children, some of whom may qualify as seniors themselves, will be not only helping them manage it, but will likely also be the ultimate recipients of whatever is left over after their parents have passed on..
By 2036, Statistics Canada estimates that the over-65 cohort will represent more than 25 per cent of the population — more than triple the number of Canadians over the age of 65 in 1960.
Difficulty managing finances will likely creep up gradually, so aging parents may not ask for help, or even realize they need it. Signs such as unopened mail, large cash…