Education on Savings and Finances for ìagingî Californians
(a) The Legislature finds and declares all of the following:
(1) There are profound personal and financial implications for Californians associated with the average life expectancy steadily increasing toward 100 years of age.
(2) The savings rate among "boomers" continues to drop, while their cumulative debt continues to rise.
(3) A majority of workers choose to "cash out" of their employment savings plans when changing jobs, rather than transferring the accounts upon job changes and maintaining their savings in these accounts.
(4) It is estimated that 40 to 50 percent of "boomers" will likely find themselves living their later years in financial hardship.
(5) Californians should be financially prepared for, and aware of, the lifelong health issues associated with later life.
(b) It is the intent of the Legislature to enact legislation that will result in the education of all Californians regarding our prospect of becoming an "aging" state, including education as to all of the following:
(1) The changes we can expect in the later years of our lives.
(2) The changes we can expect of a society that is growing older.
(3) How we can be better prepared to sustain ourselves and our society in the coming years.
(4) The financial realities of living for a century.
(5) The importance of saving and financial planning.
(6) The financial benefits of healthful living and disease prevention.
(7) A new vision of aging, thereby dispelling ageist myths.
(8) An understanding of chronic disease and illness, with an emphasis on disease prevention and health in later life.
(Added by Stats. 2002, Ch. 541, Sec. 10.)