Older adults often share their banking passwords with trusted caregivers because banks have not provided a better way to allow caregivers to help. (Shutterstock)
The Conversation: Password sharing is common for older adults — but it can open the door to financial abuse
As written in The Conversation by Celine Latulipe and Zach Havens, Dept. of Computer Science, Faculty of Science, University of Manitoba.
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.
Read the article at The Conversation.
Research at the University of Manitoba is partially supported by funding from the Government of Canada Research Support Fund.