This article explores the issue of older adults sharing their banking passwords with caregivers, highlighting the risks of financial abuse. It discusses the need for better banking solutions that allow for secure and convenient support for seniors while safeguarding their financial well-being.
Are you helping an elderly parent with some holiday shopping and need to get reimbursed? Have they asked you to pay some bills or e-transfer funds to the grandkids from their accounts? You aren’t alone. While 70 per cent of Canadians age 65+ use online banking, older adults sometimes rely on people close to them to help with banking tasks.
Our research, based on a survey of 42 participants, shows that older adults often share their banking passwords with trusted caregivers because banks have not provided a better way to allow caregivers to help. Most caregivers are well meaning, honest and provide a valuable service to society by helping older adults with their banking. This practice, while convenient, puts older adults at risk for financial abuse. It has been estimated that at least 6.8 per cent of older adults have experienced financial abuse globally. The need for better banking It is important to help older adults age in place, meaning providing them with the ability to live independently and comfortably in their own homes as they grow older. Support with banking tasks is a critical component of this. A 2019 survey found that 20 per cent of Canadians bank on behalf of someone else. Banks offer two mechanisms to enable caregivers to bank for older adults: trustee accounts and joint accounts. Trustee accounts are appropriate when older adults lack decision-making capacity. A financial power of attorney gains complete control over the older adult’s accounts. However, this is not suitable for independent older adults who only need occasional support with banking. Joint accounts require adding a caregiver as a legal account holder. This is commonly set up for adult children of older adults. With joint accounts, each person has their own login credentials so the older adult doesn’t have to share their password with the caregiver and the bank can see who makes each transactio
Seniors Banking Financial Abuse Caregivers Technology
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