Perspectives What is elder financial abuse?
May 28, 2025
Raeann Rideout, Director of Strategic Partnerships for Elder Abuse Prevention Ontario, discusses the growing concern of elder financial abuse, dubbed 'the crime of the 21st century.' She shares sobering statistics, emphasizing that one in six seniors has been affected. The conversation highlights common perpetrators and crucial warning signs. Raeann also breaks down the role of Power of Attorney, guiding seniors on how to protect themselves while managing their finances. Practical advice for victims and proactive measures from financial institutions round out this vital discussion.
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What Is Elder Financial Abuse?
- Elder financial abuse involves theft or misuse of an older person's money or assets by someone exploiting their vulnerability.
- It includes misuse through withdrawals, transfers, purchases, or scams, often leveraging health or cognitive issues.
Prevalence and Underreporting of Elder Abuse
- One in six older adults globally and one in eight in Canada experience elder abuse, with many cases unreported.
- Financial abuse is closely linked to emotional abuse and is often underreported due to family ties.
How Abuse Starts Slowly
- Financial abuse often starts innocently, such as family members expecting to be reimbursed for small expenses.
- These small demands can quickly escalate into consistent financial exploitation of the senior.