Financial mistreatment is one of the most common, yet least visible forms of abuse experienced by older adults.
Among other things, it can undermine a person’s independence, dignity, and financial security, often through the misuse of legal tools such as powers of attorney.
A new report examining policy and program approaches across Canada highlights significant differences in how provinces and territories define, prevent, and respond to financial mistreatment.
While all jurisdictions have legislation governing powers of attorney and oversight bodies such as public guardians and trustees, the level of investigation, oversight, and available resources varies considerably.
These inconsistencies can create gaps in protection, particularly when early intervention is needed.
The report also notes a lack of evaluation in this field, making it difficult to determine which prevention and response strategies are most effective.
One promising approach identified by both researchers and stakeholders is the use of multidisciplinary collaboration.
Bringing together financial institutions, law enforcement, public guardians and trustees, health and social service providers, and community organizations can help identify concerns earlier and improve responses to financial abuse.
Among the report’s recommendations are:
- Stronger partnerships with financial institutions, including the development of tools to track and report outcomes related to the protection of seniors
- Increased education and training for professionals working in legal, financial, and community sectors
- Expansion of multidisciplinary teams, including specialized financial mistreatment response teams
- Greater consistency in powers of attorney legislation and oversight mechanisms across jurisdictions
The report concludes that preventing financial mistreatment requires coordinated action across sectors. By strengthening collaboration, improving oversight, and investing in evidence-based approaches, governments and community partners can help ensure older adults age with safety, dignity, and financial security.
A copy of the full report is available here: Policy and program options to prevent and address financial mistreatment of older persons
