June 23rd, 2024

Seniors most likely to be targeted with fraudulent investments

By Gillian Slade on June 15, 2018.

Medicine Hat News

Those who over 55 years of age are most likely to be approached with potentially fraudulent investment schemes, according to the Alberta Security Commission.

About 36 per cent of Alberta’s seniors have reported being approached with such a scheme, compared to the average Albertan at 26 per cent.

It highlights particular signs of vulnerability, says the ASC.

One in five Alberta seniors does not feel financially secure about having enough money for retirement, and anticipates needing additional financial support, the ASC says. Increased financial security typically correlates to increased financial literacy.

More than half of seniors say they do not talk to family or friends about finances. Those without savings and those with low financial literacy exhibit the most warning signs of vulnerability to financial fraud, says the ASC.

With June being elder abuse awareness month, the ASC is hoping to empower seniors with tools to help identify and avoid financial abuse and investment fraud.

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