Retirement is a time to focus on your well-being, your goals, and the people who matter most. As you shift into this new chapter, it’s important to think about how to keep your finances safe.
Financial abuse can happen to anyone. As we age and become more dependent on others, we may become more vulnerable to influence and pressure. Whether you’re managing your own money or helping someone else, understanding the risks of financial exploitation and knowing how to respond can make a real difference.
Financial abuse is any act involving the misuse or abuse of funds or assets. It can include outright theft, abuse of power of attorney privileges, misuse of an older or vulnerable adult’s finances, and targeting older adults to invest in unsuitable or fraudulent investment products.
Financial abuse is the most common form of abuse in older adults in Canada. It can look like:
Pressuring you to sign financial documents you don’t understand
Using your bank accounts or credit cards without permission
Convincing you to invest in high-risk or fake opportunities
Withholding access to your money or financial records
Stealing cash, valuables, or benefits
Isolating you from people who might help
Financial abuse can happen in families, friendships, caregiving relationships, or through scams. It’s often hidden and hard to talk about—but it’s never okay.
A serious financial loss can be devastating in later years as older adults struggle to regain their financial stability. Financial fraud and abuse can cause more than just money problems. It can cause a person to lose trust in others, become socially isolated, and show signs of health problems such as depression and anxiety.
Financial abuse doesn’t always start with theft. It can begin with small requests, subtle manipulation, or changes in behaviour. Watch for signs like:
Sudden changes in your financial situation
Unexplained withdrawals or missing funds
Feeling pressured to make decisions quickly
Someone insisting on handling your money or bills
Being discouraged from speaking to others about your finances
Feeling confused or unsure about transactions or paperwork
If you notice these signs in your own life, or in someone you care about, it’s important to take them seriously.
Protecting your retirement means staying informed, staying connected, and knowing where to turn for help. Here’s what you can do:
Isolation can make it easier for abuse to happen. Keep in touch with friends, family, and professionals who can help you spot problems early.
Check your bank statements, credit card activity, and investment accounts. If something doesn’t look right, ask questions.
An enduring power of attorney (POA) allows someone you trust to manage your finances if you’re unable to. It can be a key part of protecting your financial future.
Learn more about the Power of Attorney
You can also name a Trusted Contact Person—someone your financial institution can reach out to if they’re concerned about your account activity.
Learn more about the Trusted Contact Person
If you’re worried about financial abuse—your own or someone else’s—don’t wait. You’re not alone, and there are people who can help.
Unfortunately, perpetrators of financial abuse are often trusted family and friends. This may make it difficult for someone to report instances of abuse because they:
Don’t realize they are being financially exploited
Have been convinced into believing they should give money because “families help each other”
Fear retaliation or loss of support (for example, being denied access to their grandkids)
Feel embarrassed
If you think you are being financially exploited, consider asking someone you trust for help. Someone you trust might be a friend, family member, police officer, lawyer, or staff member at your financial institution. If someone you are close to is showing signs that they are being taken advantage of financially, ask them if they need help.
Many organizations in New Brunswick play a role in assisting older adults and those who may be vulnerable to financial exploitation. Knowing who to contact in advance of seeing signs of financial exploitation can save you time and may help protect your loved ones from experiencing serious financial loss.
Download Seeking Help for Financial Abuse for a contact list of government and advocacy organizations where you can report or seek assistance for those experiencing financial abuse, or seek help for vulnerable individuals who lack capacity to handle their financial affairs.
Toll-free: 1-888-336-8383
public.trustee@gnb.ca
Contact the Public Trustee to seek protection and assistance for individuals who lack the mental or legal capacity to manage their own financial or personal affairs.
Toll-free: 1-888-465-1100
Advocate-defenseur@gnb.ca
The Seniors' Advocate strives to ensure the rights of older New Brunswickers are respected regarding services offered by departments and agencies of GNB. The Seniors' Advocate's mandate includes seniors have access to approved services and that complaints about these services receive appropriate attention.
Toll-free: 1-888-495-8501
Contact CAFC to report instances of fraud and cybercrime. Reporting these suspected frauds to CAFC will ensure the CAFC can warn others about these instances.
Toll-free: 1-833-733-7835
If you have concerns that an older or vulnerable adult is being physically abused, subject to mental cruelty, or lacks the means to care for themselves and is experiencing self-neglect, contact New Brunswick’s Department of Social Development, Adult Protection. Also report instances of financial exploitation when you believe the financial exploitation has led to or is coupled with other instances of abuse mentioned above. Financial exploitation is not recognized in the Family Services Act. However, a person being financial exploited very often is experiencing another type of abuse or neglect. For example, when a person has been financially exploited, they may suffer depression, anxiety and loss of independence, and may no longer have the financial means to care for themselves, leading to self-neglect. While Social Development cannot investigate financial exploitation, they may intervene when it’s occurring with another abuse.
If you believe an adult is in imminent danger, call 911.
Toll-free: 1-888-506-7267
Toll-free: 1-800-222-8477
Acts of financial exploitation may constitute a Criminal Code offence. While the police may not be able to recoup the direct loss to the victim, in certain circumstances, they may be able to investigate the alleged Criminal Code violation, perhaps preventing the perpetrator from victimizing others. Report instances of financial exploitation that are offences against rights of property under varying sections of the Criminal Code, including theft (section 322), theft by a person holding a power of attorney (section 331), misappropriation of money held under direction (section 332(1)), theft or forgery of credit card (section 342), and theft from mail (section 356). Concerns of financial exploitation, fraud and forgery should be reported to the RCMP or local police agency, citing the above Criminal Code provisions as applicable.
To report suspected consumer or investment fraud, submit a complaint to the Financial and Consumer Services Commission of New Brunswick.