Ontarians concerned about financial scams’ impact on their retirement
· Toronto Sun
For some people, retirement comes easily. For others, reaching that stage in life has become more complicated as financial scams continue to rise.
A new survey from Bloom Finance, conducted with Angus Reid, looks at how scammers are becoming more sophisticated — a worrying trend for people over the age of 55 in Ontario.
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It doesn’t help that Canadians now need about $1.7 million to retire comfortably , which can make older Ontarians more vulnerable than ever.
The majority (89%) of Ontarians aged 55 and older reported receiving suspicious calls, emails, texts or letters in the past five years.
One-third said they experienced impersonation scams involving someone posing as a trusted organization, such as a bank or service provider. More than one-quarter (27%) said they had been asked to send money or personal information to a stranger.
“Financial fraud is becoming increasingly common, and seniors are unfortunately among those most at risk,” Ben McCabe, founder and CEO of Bloom Finance, said in a statement.
“We’ve received many calls from seniors who are unsure if requests for money are legitimate, and in several cases, we’ve been able to intervene before funds are lost.”
Feeling the financial pain
The fraud goes even further. About 22% of older Ontarians said they have experienced unauthorized charges or withdrawals from a banking or financial account.
Another 17% said an online account had been hacked or taken over, while 12% reported their personal information had been stolen or misused. Nine per cent said someone impersonated a family member or friend, and 5% said they lost money in an investment or financial scam.
Due to these increasingly brazen scams, many seniors across the province believe the growing risk could affect their retirement.
Nearly three-quarters (74%) of respondents admitted they feel at least moderately at risk of experiencing financial fraud within the next year.
More than one-quarter (26%) said a financial loss of $50,000 or more would significantly affect their retirement plans.
Even smaller financial losses could have similar consequences, according to the study, while only 7% said a fraud-related loss would not impact their retirement plans.
Among those surveyed, 12% revealed they do not have retirement plans.
Talk it out
In the past, conversations about money may have been difficult; but most respondents say they are no longer avoiding those discussions — which could help.
A whopping 82% of older Ontarians said they feel comfortable discussing financial stress with close family members, including 39% who said they are very comfortable and 42% who said they are moderately comfortable.
Still, some stigma remains for those who believe talking openly about finances is frowned upon.
About 18% said they are not comfortable discussing money, including 14% who feel not very comfortable and 4% who feel not comfortable at all.
McCabe said his goal is to “empower seniors with the tools and support they need to protect their retirement savings and maintain financial security.”
The poll was conducted between Feb. 25 and 27, 2026, among 621 Canadian adults aged 55 and older who are members of the Angus Reid Forum via Leger’s online panel.
Since it was conducted online, traditional margins of error cannot be applied. However, a comparable probability sample would have a margin of error of no more than ±3.9 percentage points, 19 times out of 20.