What will you do with your money when you retire? What if someone reached out to you for help; would you give them some of your savings to save them during a difficult time? Are they a loved one, someone you recently met and built an online relationship with or someone with a credible story that pulls on your heart strings? Unfortunately, more and more people are being manipulated to give away their savings in what’s being dubbed the Romance Scam. Seniors are most susceptible to these kinds of scams and are targeted for various reasons: sometimes because of their unfamiliarity with technology and sometimes because they are more isolated, to name only two.
Fraud and financial abuse are a hard reality faced by many older adults today. That is one of the reasons why the Canadian Bankers Association (CBA) created Your Money Seniors in 2014, in collaboration with the financial Consumer Agency of Canada (CAC). The program started on the heels of a successful sister program called Your Money Students (created in 1999) and has since continued to advance financial literacy and promote financial health.