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Survey on seniors' financial savvy is troubling

The federal government has its work cut out for it in its efforts to improve the financial literacy of people approaching and in retirement.

The results of a survey commissioned by the Vancouver advice firm Rogers Group Financial make this point rather painfully. A total of 400 adults who are three to seven years from retirement participated in the online survey, which included a brief financial literacy quiz. Let’s just say the participants didn’t distinguish themselves with their display of financial acumen, even if a majority described themselves as being at least reasonably familiar with basic types of investments.