More Seniors Finding Themselves In Debt

Posted on Tuesday, June 30, 2015 13:16 PM

Debt concerns for seniors are on the rise.

Between 2012 and 2015, the number of seniors aged 65 and over, who are in debt, jumped by 40 per cent, that's according to Statistics Canada.

Executive Director for the Coalition for Seniors Cecile Cassista says health care costs are often a major concern.

She says, "Some of the seniors just have a senior plan, that pays for drugs, but there are many drugs that are not paid for through the plan.  So, it can be a huge burden and very stressful."

She says many seniors don't have a good pension plan, and have to use RRSP's instead, and savings, but often it's still not have enough to support themselves.

Cassista says she has received many calls from seniors who tell her they are being forced to file for bankruptcy because they can't survive financially.