Articles - Archived Money Matters
(Copy and paste the text into your document)Understanding Elder Financial Abuse
The National Center on Elder Abuse classifies financial exploitation (the improper use of an elder's funds, property or assets) as the fastest growing elder abuse. Sadly, more than half of reported occurrences involve a family member or trusted professional as the culprit. Often, these "trusted" advisers take advantage of an elder's lack of knowledge regarding complex financial matters, tailoring sales pitches to entice them with products and services that don't fit their retirement needs or life expectancy. But why is this happening—and what can you do?
Why are the elderly a tempting target?
Statistics suggest that seniors account for the majority of the country's wealthy population, and many are lonely, widowed and desperate for financial advice. They are also considered a prime target due to keeping acts of financial exploitation to themselves. It's common for victims to deny such an act occurred against them. Shame in naming a potential family member as a criminal is sometimes embarrassing and difficult to elders.
What can you do to protect an elderly family member?
Pay attention to any personality changes. If you notice it's harder to reach mom or dad, look into the matter a little further. Isolation is a significant warning sign. Routine changes, such as unpaid bills although money is available, refusing to let you view financial statements, and last-minute changes to a will, could possibly be signs of financial exploitation. Also, if forgetfulness has become a pattern and your loved one can't seem to remember what's happening with their finances, consider a medical checkup. Although forgetfulness is a warning sign, it doesn't necessarily mean financial abuse is taking place.Of course, if you—or a loved one—already feel you are the target of a scam, report it immediately! Call the N.C. Attorney General's Consumer Protection Division at 877.5.NO.SCAM.
