In 2014, over 6 million Canadians were aged 65 or older, representing 15.6 percent of Canada's population
Vancity Credit Union found that B.C. seniors lose $1.3 billion or more to scammers, mostly relatives or friends and 41 per cent of seniors ...have experienced at least one situation that can be classified as financial abuse.
The MetLife Study of Elder Financial Abuse found that:
Elder abuse is a single or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust, which causes harm or distress to an older person. Mistreatment of older adults refers to actions and/or behaviours, or lack of actions and/or behaviours that cause harm or risk of harm within a trusting relationship. Mistreatment includes abuse and neglect of older adults.
Abuse of older adults is also "harm caused to older adults by someone who limits or controls their rights and freedoms". This occurs when older adults are unable to freely make choices because they are afraid of being hurt, humiliated, left alone or of the relationship ending. It is abuse when one person uses their power or influence to take advantage of, or to control, an older adult.
Financial abuse is an action or lack of action with respect to material possessions, funds, assets, property, or legal documents, that is unauthorized, or coerced, or a misuse of legal authority. Financial abuse occurs where someone tricks, threatens or persuades older adults out of their money, property or possessions.
Senior Financial Abuse is a chargeable criminal offence under Canadian law