The Cost of Elder Financial Abuse: How to Protect Your Loved Ones

Elder financial abuse is the illegal or improper use of an older adult’s money, property, or assets. This can include stealing money or possessions, forging signatures, or coercing an older adult to give away their assets.

Any older adult, regardless of their socioeconomic background, can be at risk for financial abuse. However, those who are isolated, have cognitive impairments, or are dependent on others for care may be at higher risk.

The costs of elder financial abuse can be both financial and emotional. Older adults may lose their life savings, their home, or their ability to live independently. They may also experience shame, embarrassment, and a loss of trust in others.

There are several steps you can take to protect your loved ones from elder financial abuse:

• Stay involved in their lives and be aware of any changes in their behavior or financial situation.
• Make sure they have a trusted person to help them manage their finances.
• Encourage them to avoid sharing personal information, such as social security numbers or bank account numbers, with anyone who is not a trusted professional.
• Be wary of any unsolicited offers or requests for money or personal information.
• Consider setting up a power of attorney or a trust to manage their finances.

If you suspect elder financial abuse, it is important to report it to the authorities. You can contact your local Adult Protective Services agency or law enforcement to report the abuse. It is also important to seek support for the older adult and help them access any necessary resources.