Many Canadians are ill-equipped to stop abuse of financial elders

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    Everyone knows to beware of strangers. However, 81% of Canadians surveyed recognize that older adults are typically bullied by someone close to them in cases of financial abuse.

    Ideally, seniors should have someone to open up to in case they are financially exploited. But first, those revelations need to start with financial talks, and the survey found that 91% of Canadians with an older adult perceive at least one obstacle in their life to these types of discussions.

    For almost four-tenths of respondents, these barriers are due to the perception that their elderly relatives have their finances under control (38%) or that it is not their job to talk about money (37%). Apart from that, almost a third (30%) said that the topic of finance was not brought up in the conversation.

    Almost three-quarters (73%) said they know who handles the older adult’s financial affairs in their life, and three-fifths of those surveyed (61%) believe that older adults would open up if they were financially abused. However, seniors may actually feel ashamed to admit it if they are bullied.

    “Older Canadians are particularly vulnerable to financial exploitation and fraud,” said Morisset. “It is important to check regularly with the older adults in our lives about their finances – regardless of their financial situation – to raise awareness of and ultimately help prevent financial abuse.”

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