News
11/16/2011
Financial tools and resources for the sandwich generation
Ottawa, November 16, 2011 – This year, the fifth Credit Education Week focuses on the "sandwich generation," and the Financial Consumer Agency of Canada (FCAC) has information and tools to help Canadians who care for both their children as well as their parents.
The "sandwich generation" refers to people in mid-life who have the responsibility of caring for their own children as well as their parents or other older relatives.
FCAC offers almost 60 resources, from tip sheets to tools such as credit card and bank account selectors. "Our information packages and Web tools are designed to enable consumers of all ages to compare options and make wise choices," says FCAC Commissioner, Ursula Menke. "Our materials are also written in clear language, so they are easy to understand."
How to reduce pressure
FCAC's tools and products provide information to help consumers make financial decisions that are best for them.
- Budgets
Making a budget puts you in control by allowing you to decide where to spend and where to trim your expenses, and allows you to save for different goals such as, your children's education and your retirement. FCAC's budget calculator helps you keep track of where your money goes. - Banking
Are you paying excess fees because you exceed your banking package's monthly transaction limit? Make sure you have the banking package that suits your needs. If not, shop around using FCAC's Banking Package Selector tool. - Credit cards
When you co-sign a credit card application with an adult child, you are accepting liability for any unpaid balances. Know your rights and responsibilities as a joint borrower. - Fraud
Criminals often target older consumers by calling them at home and posing as legitimate businesses or charities to get them to divulge personal financial information. We call that activity vishing—and its online equivalent, phishing. Our website and our publications have tips to help you protect yourself and others such as your parents against different types of fraud. - The City
Help your kids avoid falling into debt traps, or becoming the victims of scams with The City, an online, interactive educational program developed in partnership with the British Columbia Securities Commission. The City's lessons are designed to be fun and engaging while teaching important financial life skills.
About FCAC
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
You can reach us through the FCAC Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting our website: fcac.gc.ca.
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Media relations:
Julie Hauser
Media Relations Officer
613-941-4168
julie.hauser@fcac-acfc.gc.ca
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