Protecting Seniors Against
Financial Abuse
Jane Rooney,
Financial Literacy Leader
Edmonton Financial Elder Abuse Roundtable
April 23, 2015
Overview
• Prevalence and impact of financial elder
abuse
• Responding to the needs of seniors
• Financial Literacy Leader’s role and
mandate
• Combatting elder financial abuse
Many forms of financial abuse
• Bold scams or subtle pressure tactics,
including:
•
Identity theft, forged or altered wills, misuse or
abuse of Power of Attorney and joint bank accounts
• Seniors must learn how to identify and report
fraud and financial abuse
Fraud: A common problem
• In 2014, the Canadian Anti-Fraud Centre
reported:
•
•
40,986 complaints from 13,690 victims
Approximately $69 million in financial loss
• Risk factors: Substantial savings or assets,
limited contact with friends or family and a
greater sense of trust
Perception-Reality Gap
• Seniors may be at greater risk due to
perception-reality gap:
•
•
Seniors rate themselves highest on their financial
knowledge
Score lower on assessments of their financial
knowledge
Changing demographics
• Canadians aged 65 and over:
•
•
In 2013: 15 percent of population
By 2036: 25 percent of population
• Canadians with dementia
•
•
In 2011, 747,000 Canadians were living with
dementia.
By 2031, this is expected to reach 1.4 million
Financial Literacy Leader
Mandate:
• Collaborate and co-ordinate initiatives that
strengthen the financial literacy of Canadians
• Develop and implement the national strategy
for financial literacy
National strategy for
financial literacy
•
To be released in 2015
•
Steering Committee on Financial Literacy will
champion the strategy and engage with
stakeholders
•
Strategy development involved three phases
of public consultations
What we heard
•
•
•
•
Recognize seniors as a diverse group
Tailor our messages and programs
Use Clear communications
Collaborate for success
Strengthening Seniors’ Financial
Literacy
Goals for seniors:
1.
2.
3.
4.
Preparing financially for the future
Plan and manage financial affairs
Improve understanding of and access to public
benefits for seniors
Create tools to combat financial abuse of seniors
Current initiatives
• Research on elder abuse - NICE
• “Your Money Seniors” - CBA
• Public Commitment on Powers of Attorney
and joint deposit accounts - CBA
• “Fraud:Recognize it. Report it. Stop it.” Credit Union Central Canada
Our challenges
• Maintain balance between privacy and
protection
• Incident may involve family member or friend
• Victims may be reluctant to contact authorities
and may resent the advice of a professional
Opportunities
•
•
•
•
Educate and empower seniors
Take advantage of “teachable moments”
World Elder Abuse Awareness Day June 15
Engage partners and connect to community
resources
• Develop appropriate intervention measures
• Incorporate workplace financial literacy
training and prevention programs.
Contact us
ItPaysToKnow.gc.ca
Consumer Services Centre: 1-866-461-FCAC
(3222)
Follow @FCACan on Twitter
Subscribe to FCACan on YouTube
Like Financial Consumer Agency of Canada (FCAC) on
Facebook
Like Financial Literacy Month in Canada on Facebook
Follow Financial Consumer Agency of Canada on LinkedIn
Join the Financial Literacy in Canada group on LinkedIn