Financial abuse can occur in many ways. It can include scams, theft from friends and family members, fraud and the unauthorized transfer of assets. While anyone can be abused financially, this is something that impacts elderly individuals disproportionately.
Studies suggest that one in 10 people over 60 have suffered some form of financial abuse, and this fraction increases with age. Why are elderly people more likely to be victims of financial abuse?
Elderly people can be isolated
Millions of elderly people live in social isolation. In fact, over a quarter of the elderly population in the U.S. lives alone. Sadly, this makes them susceptible to scams and other forms of financial abuse. Scammers often target demographics that they perceive to be weak. This includes both online and offline scammers, who may even turn up at the homes of elderly people to try to take advantage of them.
Cognitive decline
Nobody can escape the aging process. As we get older, our cognitive abilities decline. Elderly people can often have a more trusting nature. Even when this isn’t the case, an elderly individual may not be able to tell the difference between a genuine email and a phishing scam.
What can you do to help?
If you are concerned about the well-being of an elderly relative, then there are several things you can do to help. One thing you may want to consider is looking into assisted living facilities. Facilities like this can help protect your loved ones from financial abuse. There are also legal options like setting up guardianships and conservatorships. These can help ensure that someone responsible oversees the financial management of your loved one. For more information on how to protect your elderly relatives from financial abuse, it will help to seek legal guidance.
