Older Adults and Financial Abuse: Combating Age-associated Financial Vulnerability
June 15 is World Elder Abuse Awareness Day.
I continue to be shocked by the number of older adults who experience financial elder abuse. About 1 in 9 Georgians over the age of 60 have experienced some form of financial elder abuse, and it can cost these older adults nationwide $36.5 billion each year…and counting. Unfortunately, there’s so much elder financial abuse that never gets reported, no one knows what the true dollar amount actually is!
Recently, NPR’s Marketplace asked:
Is there a correlation between age and falling victim to financial abuse?
They reported that even older adults with no diagnosable cognitive impairment are at risk for being taken advantage of by ill-intentioned strangers and family members. There is a real issue of age-associated financial vulnerability.
On average, individuals start declining in their ability to make good financial decisions at age 53!
The reasons behind this decline are being researched. There are lots of theories as to why older adults are both preyed upon and more likely to fall victim to abuse; but there is little debate about how to protect older adults from abuse.
“Abuse of the elderly is, at its core, lack of social support. The cure is social support. It’s possible that the best way to help vulnerable loved ones is just to be there, to be present in their lives.” *
The best way to prevent elder exploitation is to reduce isolation. Older adults aging alone or with limited support are more likely to be victims of abuse. Having trusted family members, friends, or professionals involved in their lives provide protective barriers to being victimized.
Daily money managers provide interventions to eliminate financial exploitation.
The services of a daily money manager can protect an older adult from financial abuse. By monitoring, initiating, and/or authorizing financial transactions, daily money managers are privy to all decision being made by their clients. They can stop, or at least question, any suspicious transactions.
The daily money managers at Senior Partners are committed to protecting their clients. To learn more about our services, please contact Senior Partners (678) 278-8410 or schedule your consultation here.
You can download Senior Partner’s special report: How To Avoid 7 Scams Targeting Seniors.
And you can read more about this issue:
Fight Elder Abuse!
The Age of Reason: Financial Decisions Over the Life Cycle and Implications for Regulation
Age-Associated Financial Vulnerability: An Emerging Public Health Issue
Suspicious Activity Reports on Elder Financial Exploitation: Issues and Trends