Financial security is one of the cornerstones of independence. It allows you as an older adult to make choices, enjoy retirement, and feel confident about the future. Sadly, more and more older adults are being targeted by scams and financial abuse. The good news? With the right knowledge and a little extra vigilance, older adults can protect their hard-earned savings and stay financially strong.
Safeguarding Your Finances
Start with the basics. Keep the important documents, like passport, SIN card, or banking information, in a safe place that only trusted people can access. If possible, use direct deposit for your pension or benefits to reduce the risk of stolen cheques. As an older adults, make a habit of reviewing your bank and credit card statements regularly.
If someone pressures you to sign a contract, agree to a loan, or make a big purchase quickly, tell them to pause, take time to think it through, and talk to someone you trust before signing. Never give out their banking details, PIN, or passwords to strangers, especially over the phone or email.
Recognizing Scams
Scammers often play on urgency and fear. Older adults might receive a call or message saying they owe money to the government, won a prize, or that a relative needs urgent help. These are classic tricks.
One common scheme is the “grandparent scam,” where someone pretends to be a grandchild in trouble, asking for money. Others might promise “guaranteed” investments or claim their computer is infected and needs repair. Older adults may also receive fake phone calls about their pension.
The rule of thumb? If something feels suspicious, it probably is. Don’t rush. Hang up, verify the information with a trusted source, and trust your instincts.
Where to Get Help
If fraud is suspected, call the Canadian Anti-Fraud Centre at 1-888-495-8501 or use NEVR’s curation of resources on preventing financial abuse and staying safe linked on the website.
Aa an older adult, your money represents years of hard work. Protecting it means protecting your freedom, independence, and dignity.