loseup portrait senior man protecting a piggy bank

Securities regulators across the country urged Canadians to be aware of and report financial abuse of seniors as part of World Elder Abuse Awareness Day on June 15.

The Canadian Securities Administrators (CSA) recognizes and supports the international effort against abuse of older adults in all of its forms.

“With a growing senior population in Canada, we need to work together as a community and be even more vigilant about protecting ourselves and the older adults in our lives,” said Louis Morisset, CSA chairman and president and CEO of the Autorité des marchés financiers, in a news release.  “That’s why the CSA provides resources to help adults in our communities to make informed investment decisions and know how to recognize and avoid investment fraud.”

Canadians can take action and prevent financial abuse of seniors by:

  • Talking about financial matters with their aging parents.
  • Visiting the CSA website to learn recognize and avoid investment scams, and find information and resources about fraud prevention.
  • Taking time to investigate every investment opportunity or sales pitch as well as the person promoting the investment before handing over money.
  • Reporting investment fraud to their provincial or territorial securities regulator.

“As we age, we may become more dependent on others, which can make us more vulnerable to financial abuse,” added Morisset. “However, if older Canadians lose all or part of their life savings, they have less time to recover financially. The effects of financial abuse frequently go well beyond the pocketbook too. Being a victim of financial abuse can lead to social isolation, depression, anxiety, and other negative health effects.”