Cyberattacks and fraud are escalating. In 2023, Canadians lost $554M due to fraud, with financial loss expected to cost almost $10.8 trillion globally this year. However, there has been a long-standing belief Boomers are more likely to fall prey than any other generation. But when it comes to falling for scams, every age group is equal. Baby boomers are no more likely than any other generation to fall for a scam. Here are a few basics to ensure you stay cyber-safe and avoid potential scams and scammers. These scammers have upped their game. And finally, if you feel you have released too much personal information, don’t be embarrassed or ashamed because it happens to smart and tech-savvy people all the time.
For the fourth consecutive rate announcement, the Bank of Canada did exactly what we expected it to do and left the bank rate unchanged at 5%. Inflation is tamer and has decelerated but has not yet hit the desired 2% target. The job market has proven more resilient than anyone initially thought. Yet, the private sector has been scaling back on hiring for the past three months. We don’t know with certainty if our economy is headed toward a soft landing or a mild recession. A far more sensible approach is to set yourself up for success and control what you can in an environment where you feel you have no control. Explore all of your funding options to free up some cash.
Conventional wisdom tells us that older Canadian women are reluctant to talk about their finances because it’s “not polite.” However, HomeEquity Bank is working to smash this stigma and empower Canadian women 55+ to take charge of their financial future by encouraging them to ask the right questions and considering all the financial solutions available to them. While older Canadian women are often stereotyped as financially “vulnerable,” HomeEquity Bank’s research found that women reported improved financial wellness scores as they aged: 63% of older Canadian women reported a financial wellness score of 60+, compared to only 46% of younger women. If you fall into that camp, HomeEquity Bank’s new Financial Wellbeing tool is designed to help you get a measure of your financial wellbeing and provide you access to customized resources.