Code of Conduct for the Prevention of Economic Abuse – Request for Feedback
The National Institute on Ageing (NIA) provided a submission to the Department of Finance as it develops a Code of Conduct for the Prevention of Economic Abuse (the Code).
With respect to older adults, financial abuse is one of the most common forms of elder abuse, marking 62% of cases. Financial abuse is a facet of coercive control among older adults. In the context of older adults, financial abuse is defined as the mishandling of an older person’s money or property, including fraud. It can range from financial “scams” such as telemarketing fraud to more subtle exploitation of older adults by taking, or ‘borrowing’ money, debit or credit cards, possessions or property without their knowledge or consent. A common form of financial abuse is the misuse of a power of attorney. The abuser could be a partner, a family member, carer, guardian, or friend.
The submission provides recommendations for how a Code of Conduct for the Prevention of Economic Abuse can address the specific needs of older adults in Canada.
