The Financial and Consumer Services Commission (FCNB) is recognizing World Elder Abuse Awareness Day (WEAAD) on June 15 by launching a campaign to raise awareness about senior financial abuse.
FCNB’s campaign will use a social media, videos, posters, presentations and advertisements to encourage New Brunswickers to have conversations about money and estate planning with their friends and family as a way to protect themselves and older New Brunswickers against financial abuse and fraud.
“Financial abuse happens when someone tries to take or control another’s money or property for their own benefit,” said Rick Hancox, CEO of FCNB. “New Brunswickers can help prevent financial abuse by having a well thought-out and well drafted estate plan, watching for signs of financial decline and having money conversations with their family.”
Research tells us that New Brunswickers feel that financial abuse and exploitation is a serious problem in the province. Older victims of financial abuse are especially at risk. Seniors who lose all or part of their life savings have less time to recover their financial stability.
“The impact of financial abuse goes well beyond the pocketbook. Being a victim of financial abuse can lead to social isolation, depression, anxiety and other negative health effects,” said Hancox. “But for every reported case, many go undisclosed due to embarrassment, fear of losing independence, or fear of causing a family dispute.”
World Elder Abuse Awareness day is an international day designed to bring together senior citizens, their caregivers, and governments to combat the problem of abuse facing seniors. It takes place on June 15 of each year.
The following tools are also available for download online:
- Recognizing Financial Abuse: This brochure helps families and caregivers recognize red flags of financial abuse and take the next step to report and stop the abuse.
- The Record Keeper: Do your loved ones have contact numbers for your financial planner, accountant or lawyer in case something happens to you? The Record Keeper provides the perfect place for storing essential information in one handy location.
- Early Signs of Financial Decline: Spotting these signs of early financial decline can help protect your loved ones.
“FCNB’s tips and tools can help you start those difficult conversations about money,” said Hancox. “Spend time now having these money talks so you can focus on quality time with your parents.”
FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.