Elder loved ones are already at risk for so many health issues. They are also at risk for abuse and neglect. One kind of elder abuse that is on the rise is financial elder abuse. Forbes reports on the four risk factors for elder abuse to help you keep an eye out on an elderly loved one.
A study conducted nationally in 2010 found that more 5% of Americans who were aged 60 or older were financially exploited by a family member. Further statistics showed that 7% of adults aged between 65 and 74 and 6.5% of adults over age 75 were defrauded by strangers.
Catching financial abuse and fraud may not be easy. Yet there are certain risk factors that a loved one can look for that may mean a loved one is vulnerable to experiencing financial abuse.
- Social isolation – If your loved one is all alone, they lack the socialization of peers, who might warn them of ongoing scams.
- Difficulty accomplishing daily activities – if your loved one has difficulty accomplishing basic tasks such as feeding or bathing themselves, they may lack the ability to manage money.
- Poor Health – People in poor physical health are unlikely to concentrate on money matters. This can make them vulnerable.
- Cognitive Decline – when the ability to read and understand a bank statement declines or goes away, be watchful. Elderly persons experiencing this may not ask important questions that could help them avoid a scam.
The best way to safeguard your elder loved ones from financial abuse? Talk to the regularly. Listen to what they say. If they have been approached by new “friends” or been told about a new “investment opportunity” you might be able to spot and stop a scam before it goes too far.
Have you or a loved one experienced elder abuse or neglect? If so, contact the law offices of Schenk Smith and let our experienced attorneys fight for you. Call today.