A new campaign has been launched by the Financial and Consumer Services Commission to help protect seniors from financial abuse.
Marissa Sollows, director of education and communication, said it is one of the issues they hear most often from seniors and people who work with them.
The campaign encourages people to have conversations about money and estate planning with their friends and family to protect themselves and older New Brunswickers against financial abuse and fraud.
Sollows said one-in-four New Brunswickers feel they know someone who has been or may have been a victim of financial abuse.
But she suspects the number is much higher as people do not always report it.
“It may be, in fact, a family member or a caregiver perpetrating the abuse so there’s a fear of losing that relationship, there’s a fear of losing control or independence over your money and your personal affairs.”
Financial abuse can happen to anyone. As we age and become more dependent on others, however, we can become more vulnerable to influence and pressure. This can lead to a situation of financial abuse or exploitation – and we want to help you prevent it: https://t.co/moPhIJOYuA pic.twitter.com/7j62HE7Mmo
— FCNB (@FCNB_) June 19, 2019
The commission says financial abuse may be more serious for seniors who have less time to recover financially after losing all or part of their life savings.
Sollows said financial abuse can impact more than just the pocketbook.
“We’ve seen that victims of abuse may suffer higher feelings of depression or anxiety. They may isolate themselves socially, which just perpetuates the abuse.”
The commission has posted several tools on its website.
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