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Older Canadians have a lot to keep an eye on as they age, from health concerns to financial planning to long-term care. But one risk that’s often overlooked is the threat to their personal information.
Sharing too much about your finances, legal matters or health, even with close friends or family, can leave you vulnerable to fraud, manipulation or unintended consequences.
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Here are five things you should never reveal unless you’re speaking with a trusted professional, and the reasons why keeping them private matters.
Your net worth or salary
Older Canadians are considerably wealthier than the average citizen, with a median household net worth of $1.1 million in 2023 according to Statistics Canada (1).
Criminals zero in on retirees and older Canadians because of their financial standing. According to the Ontario Provincial Police, seniors lost over $180 million to fraud in 2024 (2), which is nearly one third of the total losses ($648M) experienced by all age cohorts nationwide (3).
When others know the details of your financial situation, like your salary, savings or net worth, it can increase your exposure to theft, manipulation or financial abuse.
To protect yourself, keep that information private unless you’re working with a trusted professional and use a money management app — like Monarch Money — to help keep an eye on your finances.
As you get older you might have different investment accounts, chequing, savings and more. Monarch Money helps you manage them all in one place.
The easy-to-use platform tracks your investments, savings, overall net worth and your spending/transactions. This helps safeguard you from fraud because you can catch any strange activity on your accounts right away.
Passwords and other sensitive personal information
Relying on family for tech support is common, but handing over your passwords, PINs or login details can put you at serious risk.
Whether it’s your banking credentials, Canada Revenue Agency account or even just your email password, sharing that access opens the door to mistakes, misuse or, in worst cases, exploitation.
To stay safe, never share passwords unless it’s absolutely necessary. The more tightly you guard your digital life, the less vulnerable you are to scams and identity theft.
Read more: What is the best credit card in Canada? It might be the RBC® British Airways Visa Infinite, with a $1,176 first-year value. Compare it with over 140 more in 5 seconds
Power of attorney
A power of attorney (POA) is a smart and necessary tool as you age. It allows someone you trust to manage your affairs if you’re ever unable to do so yourself. But it’s also one of the most commonly misused legal documents.
Granting someone POA gives them broad authority to act on your behalf, which can include accessing your bank accounts, selling property or making medical decisions. And when that authority falls into the wrong hands, it can lead to serious financial harm or even elder abuse.
According to Carefull, misuse of power of attorney is a leading method of financial exploitation among older adults (4). Even well-meaning family members can overstep, especially if they feel entitled to manage your affairs their way.
To protect yourself, don’t rush the process. Work with a qualified attorney to create a POA that clearly outlines limits and responsibilities. Only assign this role to someone you trust implicitly, and review the document regularly to ensure it still reflects your wishes.
Details of your will
Your will and estate plan contain some of your most sensitive information, from a full list of your assets to exactly who will receive what. In the wrong hands, those details can be used against you.
Scammers may see your estate plan as a blueprint for potential fraud, while even close relatives might try to influence your decisions once they know what’s at stake. In some cases, that pressure can turn into manipulation or financial abuse.
In fact, Statistics Canada warns elders that abusers usually have some closeknit bond with their victims (5).
To avoid putting yourself in a vulnerable position, don’t share the details of your will with anyone who doesn’t need to know. Keep those conversations between you, your lawyer and your executor — and make sure everything is stored securely and updated regularly.
If you want to take a more independent approach to developing your will, consider using Willful.
Willful is a digital platform where Canadians can create a legal will online without a lawyer. By answering an online questionnaire, the whole process can take just 20 minutes and cost as little as $99.
Willful’s platform was developed in collaboration with leading estate lawyers, so even though you’re creating it on your own, you know it’s backed by trusted industry professionals.
Mental health or other health-related issues
As we age, health issues involving memory or cognitive function can become more common. Unfortunately, this can also make older adults more vulnerable to exploitation.
A study published in the National Institute of Justice Journal found that cognitive decline is closely linked to an increased risk of fraud (6). When others are aware of your mental health challenges, it can open the door to manipulation.
This doesn’t mean you should hide your health concerns. But it does mean you should be thoughtful about who you share them with. Stick to medical professionals and a small circle of trusted loved ones. Put protections in place, like legal safeguards and a medical power of attorney, to ensure your wishes are honored no matter what.
Making sure you have adequate health insurance coverage in retirement is also important to manage expenses and be able to take care of yourself as promptly as possible when you’re in a vulnerable state.
PolicyMe’s health and dental insurance helps you cut down on out-of-pocket costs for both routine and emergency care. On the dental side, coverage includes exams, X-rays, cleanings, fillings, extractions, root canals, gum treatments, major dental surgeries, and even braces.
For health-related expenses, PolicyMe plans can cover prescription drugs, vision care like glasses and laser eye surgery, therapy and mental health services, registered massage therapists, chiropractors, orthotics, hearing aids and more.
They can also provide you with critical illness insurance which is a type of coverage that provides a one-time, tax-free lump sum payment if you’re diagnosed with a serious illness.
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Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
Statistics Canada: The assets, debts and net worth of Canadian families, 2023 (1); X: Fraud targeting seniors accounted for more than $180M in financial losses across Canada in 2024, with the most common scams being service fraud, by Ontario Provincial Police (2); Canadian Anti Fraud Centre: Recent scams and fraud (3); Carefull: How to Prevent Power of Attorney Abuse, by Cameron Huddleston (4); Statistics Canada: What every older Canadian should know about: Financial abuse (5); National Institute of Justice: Examining Financial Fraud Against Older Adults (6)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.