Individuals are increasingly susceptible to financial abuse as they get older. Scammers and other predatory people, unfortunately, frequently target the elderly. This blog post will give you useful advice and information to assist in shielding senior citizens from financial abuse.
What is financial abuse in this context?
Financial abuse happens when someone takes advantage of an older person’s finances for personal gain.
The Prevalence of Financial Abuse
According to estimates, older persons lose billions of dollars annually due to exploitation, according to the National Council on Aging.
Examples of Financial Abuse
Some common examples include:
1. Scammers posing as utility companies or government agencies to demand payment
2. Family members or caregivers misusing an older person’s funds for personal gain
3. Strangers target older people with investment scams or fake lotteries
How to Protect Older People
1. Monitor their finances: Frequently check their credit card and bank statements.
2. Set up safeguards: Put trusts or powers of attorney in place to guarantee prudent financial decision-making.
3. Be cautious of scams: Inform senior citizens about frequent phishing and fraud tactics.
4. Stay connected: Visit and converse with elderly individuals regularly to look for signs of financial abuse.
What is power of attorney in this context?
A power of attorney is a legal document that gives someone the right to manage an elderly person’s finances. This can be a helpful instrument for safeguarding the financial assets of senior citizens, but it’s crucial to select a reliable person for this position.
What to Watch Out For
1. Unusual transactions: unexpected charges, significant withdrawals, or abrupt shifts in spending patterns.
2. Changes in behavior: Unexpected changes in behavior or financial decisions.
3. New relationships: New acquaintances or friends exploiting senior citizens should be avoided.
Resources
If you suspect financial abuse or need guidance:
1. National Adult Protective Services (APS) Association: A resource for reporting and preventing financial abuse.
2. Local support groups: Many communities offer support groups for families and caregivers dealing with financial abuse.
3. National Council on Aging: A resource for information on financial abuse and exploitation.
4. National Senior Citizen Centre (NSCC) in Nigeria.
Conclusion
It takes focus and action to protect senior citizens from financial abuse. You can contribute to protecting their financial stability by keeping yourself informed and heeding this advice. Together, we can safeguard the financial security of senior citizens and shield them from financial abuse. See our other articles on older person safety.
