Seniors Financial Abuse Poll vember 2014
Introduction Research Objectives At the request of Vancity, market research was conducted amongst a random representative sample of B.C. seniors (those aged 65 or better) living in Metro Vancouver and the Capital Regional District. The survey questions were designed to gauge overall awareness of senior financial abuse, awareness of anyone that might have experienced it, including personal experience, and to test the incidence of various specific types of senior financial abuse that have been personally experienced. Methodology A total of 400 online surveys were completed with seniors aged 65 years or better from across Metro Vancouver and the Capital Regional District using Mustel Group s randomly recruited Giving Opinions panel. Surveys were completed October 29 to vember 2, 2014. Surveys are representative according to age, gender and region and yield a margin of error of +/- 4.9% at the 95% confidence level. Summary of Findings More than two-thirds of all seniors have heard of the term senior s financial abuse (70%). Initially, one-in-five seniors report knowing of a senior that has experienced this type of abuse. Just 6% of participants initially report having personal experience of such abuse, although a total of 46% state that it continues to be a matter of concern for them. Of all the types of senior financial abuse described in the survey the most commonly experienced include those that have had someone pressure them for money (1%), and those that have had money borrowed without their knowledge or not been paid back money they had loaned (19%). After reviewing the series of descriptions of the various types of senior financial abuse a total of 41% of seniors report having experienced at least one type of such abuse. Asked what they would do first, the most common initial response to discovering they have been the victim of such abuse would be to confront the abuser (44%), followed by notifying the appropriate financial institution (19%) or calling the police (13%) 2
Findings 3
Awareness of the term senior s financial abuse Total 70% 30% Gender Male 66% 34% Female 73% 27% Area of residence Total MV Vancouver 6% 69% 32% 31% Other MV 6% 32% CRD 77% 23% Respondents who have personally experienced financial abuse 5% 42% Respondents who have not personally experienced financial abuse 71% 29% Base: Total (n=400) Q.1) Have you ever heard of the term senior s financial abuse before today? 4
Awareness of Seniors Experiencing Financial Abuse Total 20% 72% Gender Male 1% 76% 6 Female 22% 69% 9 Area of residence Total MV Vancouver 19% 17% 73% 74% Other MV 19% 73% CRD 29% 66% 5 Respondents who have personally experienced financial abuse 44% 4% Respondents who have not personally experienced financial abuse 19% 74% 7 Don't know Base: Total (n=400) Senior's financial abuse can be defined as using a senior's money or property for someone else's gain, not theirs. Q.2) Do you know of a senior who has experienced this type of financial abuse? 5
Incidence of Personal Experienced of Financial Abuse 92% 6% Don't know 1% Prefer not to say 1% just once 3.% more than once 2.6% Base: Total (n=400) Q.3) Have you personally experienced financial abuse? 6
Concerned About Financial Abuse 4% 46% Don't know 6% Base: Total (n=400) Q.4) IF YES: Do you continue to be concerned about financial abuse? Q.5) IF NOT YES: Is financial abuse something you are concerned about? 7
Types of Senior Financial Abuse Personally Experienced Proportion of seniors experiencing at least one type of abuse 41% 59% Borrow money from you without your knowledge, or not pay back money you have loaned them Pressure you to give them money Offer to do a job for you for a set fee, only to not complete the job after they have been paid, or start the job and then say it will cost more than they said to complete Take a valuable possession from your home, either to keep it themselves or to sell it and keep the money Pressure you to buy them something, or make a payment on something for them Forge your signature Use your money to buy themselves something without your permission by misusing your credit card or bank card or withdrawing money from your account, even if it was a joint account. Sent money to someone in response to an email either requesting help or offering you a prize which turned out to be fake Pressured by someone to remortgage your home, to help them out financially* Pressure you to change beneficiaries on your life insurance or other investments Pressure you to change your will Pressure you to sell your home or move from your home to help them out financially Pressure you to change your power of attorney, or use that power to do something that is not in your benefit 19% 1% 12% 11 9 7 3 2 2 1 1% 2% % 9% 91% 92% 93% 97% 9% 9% 99% 99% 100% Base: Total (n=400) * Base: (n=35) Q.6) The financial abuse of seniors can take many different forms. Please answer yes or no to the following questions. Please note that these questions are asking about your experience after you have turned 65 years old.
Most Likely Response to Discovering Senior Financial Abuse Confront the abuser 44% tify the appropriate financial institution Call the police thing this time but not repeat the activity Confide in a close friend and ask for help Talk to someone you trust - a doctor or other professional Talk to someone in authority over the abuser I wouldn't know what to do 19% 13% 7% 5% 4% 4% 4% Base: Total (n=400) Q.7) If you realized that you were the victim of seniors financial abuse by a member of your own family, what would you MOST LIKELY do first? 9
Demographic Profile Gender Total (400) % Male 45 Female 55 Area of Residence Vancouver 22 Other Metro Vancouver 61 CRD 1 10
Questionnaire
Seniors Financial Abuse Poll: potential questions 1. Have you ever heard of the term senior s financial abuse before today? 2. Senior s financial abuse can be defined as using a senior s money or property for someone else s gain, not theirs. Do you know of a senior who has experienced this type of financial abuse? Don t know. 3. Have you personally experienced financial abuse?, just once, more than once Don t know. Prefer not to say 4. IF YES: Do you continue to be concerned about financial abuse? Don t Know 5. IF NOT YES: Is financial abuse something you are concerned about? Don t Know
6. The financial abuse of seniors can take many different forms. Please answer yes or no to the following questions. Please note that these questions are asking about your experience after you have turned 65 years old. a. Have you ever had someone pressure you to give them money? b. Have you ever had someone pressure you to buy them something, or make a payment on something for them? c. Have you ever had someone use your money to buy themselves something without your permission? Either by misusing your credit card or bank card or withdrawing money from your account, even if it was a joint account? d. Have you ever had someone forge your signature? e. Have you had someone pressure you to change your will? f. Have you had someone pressure you to change beneficiaries on your life insurance or other investments? g. Have you had someone pressure you to change your power of attorney, or use that power to do something that is not in your benefit? h. Have you had someone borrow money from you without your knowledge, or not pay back money you have loaned to them? i. Have you had someone offer to do a job for you for a set fee, only to not complete the job after they have been paid, or start the job and then say it will cost more than they said to complete? j. Have you ever sent money to someone in response to an email either requesting help or offering you a prize which turned out to be fake? k. Have you ever had someone take a valuable possession from your home, either to keep it themselves or to sell it and keep the money? l. Have you ever had someone pressure you to sell your home or move from your home to help them out financially? m. Have you ever been pressured by someone to remortgage your home, to help them out financially? 7. If you realized that you were the victim of seniors financial abuse by a member of your own family, what would you MOST LIKELY do? Call the police tify the appropriate financial institution Confront the abuser Talk to someone in authority over the abuser Confide in a close friend and ask for help Talk to someone you trust a doctor or other professional thing this time but not repeat the activity I wouldn t know what to do