Vancity’s work in combating financial abuse of seniors

As a values-based financial co-operative, Vancity works to enhance the long-term well-being of its members and the communities where they work and live. Vancity is committed to increasing financial literacy because having the knowledge, skills and confidence to make financial decisions helps to reduce financial abuse and greatly impacts overall well-being.

Financial Wellness for Seniors

• In 2016, Vancity and its community partners delivered financial literacy workshops and seminars to more than 7,700 people. Vancity's employee-driven Each One, Teach One financial literacy program covers topics like identify theft and fraud prevention, credit cards, and RRSPs and TFSAs. The Each One, Teach One program also includes a module called Financial Wellness for Seniors that specifically addresses the issue of financial abuse.

Mobile Account Managers Program pilot

• In 2016, Vancity and its community partners delivered financial literacy workshops and seminars to more than 7,700 people. Vancity's employee-driven Each One, Teach One financial literacy program covers topics like identify theft and fraud prevention, credit cards, and RRSPs and TFSAs. The Each One, Teach One program also includes a module called Financial Wellness for Seniors that specifically addresses the issue of financial abuse.
  
  Six Mobile Account Managers have been trained as trusted advisors and will earn a designation as a Certified Professional Consultant on Aging.
  
  The Mobile Account Managers will offer non-cash related services such as updated account information, online bill payments, transfers, application and visa support and other customized advice. They’ll also work with members to help build their online banking skills, while providing them information on how to protect themselves from being a victim of fraud and financial abuse.

Preventing abuse

• Vancity’s loss prevention team leads training programs for both employees and members to educate them about scams that target seniors and the red flags that can indicate financial abuse.
• In 2017, Vancity branches are piloting “Tech & Tea” sessions to provide senior members with training on our digital platforms in an open and non-judgemental setting. These sessions are held either in groups or one-on-one.

Financial planning

• Vancity’s Good Money™ Plan helps reach members who may not otherwise take the step to engage a planner for advice and guidance.
• Wealth-management advisors at Vancity offer advice and tools to help members safely manage their investments, plan for retirement and assist with tax and estate planning.