Sudbury seniors want golden years; many have the money to pay for it

BY BILL BRADLEY

Ever wonder who has the money in this city?

John Lindsay, chair of the non-profit seniors organization Friendly to Seniors, said he knows.

"Seniors, that is those 50 plus, they have all the money. A large amount of that money is not going to be transferred to the next generation because the seniors these days are going to spend it," he said.

"They want their golden years, the final years before they die to be the best years of their lives. They are going to travel, spend money on recreational activities, on better housing that fits their needs. This is a golden opportunity for businesses and the community to cash in. The fact is these people do have the money. They are careful shoppers, conscious shoppers, they do value their dollar but they are prepared to spend if the opportunity comes along," he said.

He held an open house recently at the Parkside Older Adult Centre to explain the results of a new needs assessment survey part of a federal government funded Challenges of Aging project to find out more information on seniors and what they needed most.

The survey conducted by Oracle Poll from July 3 to July 20, this summer interviewed 252 Greater Sudbury residents 55 and over. (The margin of error for each 252 survey is plus or minus 6.16 percent 19 times out of 20.) Some of the results were surprising, he said.

"When you look at total household income almost 13 percent have before tax income of $100,000 and over. That is a lot of people," he said.

Lindsay said when it comes to transportation, almost 80 percent of seniors drive.

"When you talk to car dealers, they say that the folks who come in to pay cash for their car are retired seniors. They have the cash to pay up front. They cash in RRSPs, registered retirement savings, some cash in their homes to move into other accommodation. Seniors have many sources of income."

Another potential business opportunity is certain kinds of housing.

"Our survey found seniors had real problems maintaining their properties both inside and out. Many would prefer to sell their house and move into condos for example or other independent living units but there just are not enough of them around."

Seniors are a vital part of our community, said Lindsay.

"One third of our population is 50 and over, and it is the fastest growing part of our population," said Lindsay.