Elder financial abuse
Financial abuse is the most common form of elder abuse in Canada. It often involves pressuring an older adult with requests for money, using an older adult’s property or money without their permission, or improperly using one’s authority as a power of attorney. Financial abuse can happen at any time, but it often starts after a health crisis or after the death of a spouse, partner or close friend. Older adults who are alone or in poor health are more vulnerable to abuse.
Possible signs of financial abuse:
- Money taken or cheques cashed without your permission
- Undocumented loans that the borrower later claims was a ‘gift’
- Someone frequently borrowing money without repaying it
- Being pressured into giving money or making purchases you don’t want or need
- Unexplained withdrawals from your account or charges to your credit card
- Receiving overdue bills that you thought were paid
- Someone preventing you from making financial decisions or accessing your money
- Being forced into changing or signing legal documents that you don't fully understand
- Being pressured to help avoid bankruptcy at the point of losing home/business
How to protect yourself:
- Keep your financial and personal information in a secure place
- Track all of your investment accounts and legal documents
- Keep a record of financial transactions and changes to legal documents
- Be careful with joint bank accounts. The other person can take away all the money without asking
- Carefully read and review contracts and other documents
- For major decisions involving your home or other property, get your own professional legal advice before signing any documents
- Stay in touch with a variety of friends and family so you don't become isolated
- Tell someone if you think you are experiencing financial abuse: a friend, family member, health care or social services professional, legal or financial advisor, or local authorities
