Raising financial literacy

Researcher develops tools for grandparents raising their grandchildren

At the University of Toronto, Lynn McDonald examines the financial realities of custodial grandparents; the social work professor wants to improve their financial literacy and equip them with tools to share that knowledge with their grandchildren.

Since 2001, Canada has seen a 15 per cent increase in the number of grandparents who have become the primary caregivers for their grandchildren, after the parents are no longer able to care for them. Grandparents raising their grandchildren often face financial hardships.

Working with the National Initiative for the Care of the Elderly, McDonald is developing and disseminating a set of financial literacy resources to arm custodial grandparents with the knowledge, skills and confidence they need to make the financial decisions that will assist them in their unique caregiving arrangement.