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.
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. In comparison, couples with children under 18 had a median household net worth of $645K. This makes seniors a prime target for scammers, fraudsters and even opportunistic acquaintances.
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, which is nearly one third of the total losses ($648M) experienced by all age cohorts nationwide.
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 licensed financial advisor or another trusted professional.
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.
Cyber criminals often target seniors who may be less familiar with online security practices or new and creative scams. And once your personal information is out there, it’s incredibly difficult to rein it back in.
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.
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. 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. "They can include your spouse, son or daughter, other relative, friend, neighbour, or caregiver. They use their connection to take advantage of you and force you do what they want."
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.
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. 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.
Protecting your personal information is just as important as protecting your physical health or financial assets, especially as you get older. By keeping sensitive details private and working only with qualified professionals, you can safeguard your independence and avoid unnecessary risks down the line.
Sources
1. Statistics Canada: The assets, debts and net worth of Canadian families, 2023 (Oct 29, 2024)
2. 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 (Jun 24, 2025)
3. Canadian Anti Fraud Centre: Recent scams and fraud
4. Carefull: How to Prevent Power of Attorney Abuse, by Cameron Huddleston (Jan 25, 2023)
5. Statistics Canada: What every older Canadian should know about: Financial abuse (May 7, 2025)
6. National Institute of Justice: Examining Financial Fraud Against Older Adults, by Rachel E. Morgan and Susannah N. Tapp (Mar 20, 2024)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
