Financial Exploitation in Aging: What to Know & What to Do

Here’s an upsetting situation that comes up a lot, and may have come up for you: is someone financially taking advantage of Mom or Dad? It’s a pretty legitimate concern to have. To begin with, most people know that there are plenty of “scammers” out there, phoning or mailing older adults with deceptive information designed to trick them out of money. But it’s not always that simple. Sometimes, the people who end up exploiting an older adult are not strangers, but people close to them – even family members. This type of financial exploitation can be devastating, both financially and emotionally, and can have long-lasting effects on the victim. The sad truth is that financial exploitation of older adults is far more common than most people realize. According to the National Council on Aging, approximately 1 in 10 Americans aged 60+ have experienced some form of elder abuse. And financial exploitation is a significant part of that abuse. So, what can you do to protect your loved ones from falling victim to financial exploitation? First and foremost, it’s important to be aware of the warning signs. These can include sudden changes in financial situation, unexplained withdrawals or transfers, unpaid bills despite having enough money, and new “best friends” who show a keen interest in the person’s finances. If you suspect that your loved one is being financially exploited, it’s crucial to take action. This may involve talking to the person directly, involving other family members or trusted advisors, or even contacting adult protective services or law enforcement. Remember, financial exploitation is a serious crime, and it’s essential to take steps to stop it and prevent it from happening again. Ultimately, staying informed and vigilant is key to protecting older adults from financial exploitation. By being aware of the risks and knowing what to look out for, you can help ensure that your loved ones stay safe and secure in their golden years.