Financial elder abuse is a distressing issue that affects many older adults in society, especially those in nursing homes. As your loved ones age, they can become more vulnerable to people who aim to take advantage of their financial resources.
It is crucial to be aware of the signs of financial elder abuse to protect your loved ones and ensure their financial well-being.
Odd changes in financial stability
This is a more pressing issue than ever since the financial losses from elderly scam victims went up by a shocking 391.9% from 2017 to 2021. One telltale sign of financial elder abuse is a sudden and unexplained change in an older adult’s financial situation.
If you notice that your elderly relative’s bank accounts, investments or assets suddenly change, it could be an indication of a staff member mismanaging their finances without their consent.
Isolation from family and friends
Another concerning sign is when an older adult becomes increasingly isolated from their family and friends. People who try to scam and abuse elders often try to cut off communication between the victim and their loved ones to maintain control over the situation. If your loved one suddenly stops interacting with people they used to be close to, it is worth investigating further.
Be cautious if your loved one is suddenly giving significant gifts or assets to a staff member, especially if they cannot provide a clear explanation for these actions. Financial abusers often pressure older adults into giving away their assets or changing their wills to benefit them.
Sudden changes in documents
If an older adult’s will or power of attorney changes without a reasonable explanation, it could be a bad sign. Financial abusers may use their influence to change legal documents in their favor.
Being aware of these signs of financial abuse is important for protecting your aging relatives. By starting conversations about financial matters, you can work towards preventing elder abuse and ensuring the financial security of your loved ones.