Protecting Seniors Against Financial Abuse Jane Rooney, Financial Literacy Leader Edmonton Financial...
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Transcript of Protecting Seniors Against Financial Abuse Jane Rooney, Financial Literacy Leader Edmonton Financial...
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)
Follow @FCACan on Twitter
Subscribe to FCACan on YouTube
Like Financial Consumer Agency of Canada (FCAC) on FacebookLike Financial Literacy Month in Canada on Facebook
Follow Financial Consumer Agency of Canada on LinkedInJoin the Financial Literacy in Canada group on LinkedIn