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Everything You Need To Know About Elder Financial Abuse

Elder financial abuse is a growing problem in our society. About 5 million older people face abuse every year in America, and about $36 billion is lost through financial abuse.

This elder financial abuse is a widespread problem that can happen in any family. In fact, elder financial abuse is often committed by the victim’s children or caregivers who they have trusted their entire lives.

We’ve provided some important information below to help you learn more about elder financial abuse and how it affects seniors today.

What Is Financial Abuse?

Financial abuse, by definition, is when someone uses an elder’s finances or property without their knowledge.

This abuse happens typically because the perpetrator takes advantage of a senior who cannot make proper financial decisions due to age, illness, disability, or other factors.

The most vulnerable targets for elder financial abuse are those who have cognitive conditions. These conditions make them unable to think clearly about their finances.

It’s important to note that elder financial abuse does not only mean stealing money. It can also mean:

• Misuse of an elder’s property or assets, such as their home and car
• Forcing someone to take out a loan they don’t need
• Creating unnecessary debt on credit cards in the elder’s name
• Creating false financial records such as tax returns

 

These examples fall under elder financial abuse and can be considered crimes.

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How Does Elder Financial Abuse Affect Seniors?

Elder financial abuse has many adverse effects on seniors. For example, elder financial abuse can cause emotional distress for the victim and their families because they feel betrayed by someone trusted with care.

This type of elder abuse also often results in poor health conditions due to the stress caused by the perpetrator. Additionally, victims may become socially isolated or withdrawn if they are embarrassed about the elder financial abuse.

How Can You Prevent Elder Financial Abuse?

Fortunately, you can take steps to prevent elder financial abuse from happening in your family or community. You need to be aware of the signs of financial abuse and know how to spot them early on.

For example, be observant if someone takes an unusual interest in their finances. This may not seem suspicious at first, but if someone is accessing or interfering with bank accounts without permission, it could be elder financial abuse.

Also, pay attention to any changes in your elder’s spending habits. It may mean that they are being pressured into buying unnecessary items by a perpetrator who wants to take advantage of them.

Finally, note signs of elder neglect, such as bedsores or malnutrition. If your elder is not getting proper care, it could be elder financial abuse, and you should contact a nursing home abuse attorney for assistance.

On matters of elder financial abuse, learn more here.

Let’s Stop Elder Financial Abuse

Elder financial abuse is a growing problem in the United States. If you know an elder who may be at risk of elder financial abuse, it’s important to stay observant and look for signs that something isn’t right.

We hope that this information has helped you learn more about elder financial abuse and the effects of elder neglect on seniors today. Keep following our blog for more informative updates.

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