Protecting Seniors Against

Financial Abuse

Jane Rooney, Financial Literacy Leader

Edmonton Financial Elder Abuse RoundtableApril 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.Preparing financially for the future 2.Plan and manage financial affairs3.Improve understanding of and access to public benefits for seniors4.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 usItPaysToKnow.gc.ca

Consumer Services Centre: 1-866-461-FCAC (3222)

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