How to protect yourself from financial abuse

How to protect yourself from financial abuse CARP’s new National Director of Law, Policy and Aging talks about advance care planning and elder abuse. Lyndsay Moggy reports.

How can seniors protect themselves from financial abuse when they fall victim to dementia?

The Canadian Association of Retired Person, or CARP, held a session in Sudbury on Thursday where advanced care planning and designating Power of Attorney were among the topics discussed.

When it comes to planning for the future, as a senior it used to be all about death and dying.

But now, CARP wants older people to focus on what happens if you become "incapable."

Donna Gordon attended Thursday’s seminar.

"It's interesting to take charge of all of the aspects of your life and be independent as long as you possibly can." said Gordon.

CARP's National Director of Law, Policy and Aging, Laura Tamblyn Watts, spoke at the Sudbury seminar about the importance of not only having a will, but also plans for giving a loved one Power of Attorney.

"We know the numbers of dementia are massively rising, but people could also just have an accident as well. So, what's really important is to spread the word to be able to do your planning in advance to avoid problems.  And we also know the prevalence of elder abuse, including elder financial abuse. So, we think about one in eight, one in ten, older adults are going to be subject to abuse. Huge numbers and on the rise." said Watts.

So how can seniors protect themselves financially?

"Make sure that you review as much as possible, where your bills are coming from, and who has access to your accounts, including debit cards. Lots of people with that new tap technology, a hundred dollars at a time, we see older people getting debit cards or online banking and people taking advantage. So, you have to be vigilant." said Watts.

Richard Denton also attended the CARP seminar.

"You may not understand financial transactions, and yet can still make decisions about your own health, or vice versa. Through the CARP, has the ability to teach us seniors about these things." said Denton.

When independence does come to an end, CARP says proper planning by seniors can help avoid a number of problems and a lot of agony for the families involved.