Facts on Financial Abuse of Seniors*

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Financial abuse includes all forms of manipulation or exploitation of someone else's money. It includes using older adults' money or property dishonestly, or failing to use older adults' assets for their own welfare.

Whenever someone acts without consent or lawful authority to gain financial benefit at the expense of someone else, it is abuse. Financial abuse may include:

• misusing or stealing an older adult's assets, property or money, such as cashing their cheques without authorization
• forging an older adult's signature or misusing a power of attorney
• unduly pressuring seniors to make or change a will or sign legal documents that they do not fully understand
• sharing an older adult's home without paying a fair share of the expenses when requested

Signs of possible financial abuse may include:

• sudden unexplained changes in bank account or banking practices, including unauthorized ATM withdrawals
• unauthorized attempts to include additional names on a senior's bank signature card
• sudden interest in the senior's financial affairs without their knowledge
• sudden unexplained changes to a will or other financial documents
• sudden drop in cash flow or financial holdings; including sudden transfer of assets without the direct involvement of the senior
• suspicious-looking signatures on cheques and documents

Abuse happens when one person hurts or mistreats another. Remember:

• Seniors are entitled to respect.
• Seniors have a right to be free from economic and financial abuse – their money and property belong to them, not to the family or administrator.
• Seniors have every right to live in safety and security.
• There is no excuse for abuse.

Additional Fact Sheets

• Facts on the Abuse of Seniors
• Facts on Physical and Sexual Abuse of Seniors*
• Facts on Psychological and Emotional Abuse of Seniors*
• Facts on Neglect of Seniors*

For more information, call 1 800 O-Canada
(1-800-622-6232) or visit www.seniors.gc.ca.

*Information contained in this fact sheet is sourced from the Public Health Agency of Canada, National Clearing House on Family Violence's Web site: www.phac-aspc.gc.ca/nc-cn. Note that these are not legal definitions but are intended to help people working with older adults to recognize abuse of seniors.