Who would take advantage of a senior citizen or older adult? Sometimes, sadly, it’s the people who are closest to them – friends, family or caregivers.

Senior Financial Tips: Minimize Risk Of Financial Abuse

There are ways to minimize the risk of financial abuse for older adults and they include:

  1. Keep things of value like jewelry, documents or financial papers in a locked safe
  2. Require receipts for all purchases
  3. Set up automatic payments for bills
  4. Carefully monitor credit card statements
  5. Check telephone bills
  6. Set up credit card and credit monitoring alerts
  7. Don’t let hired caregivers open your bills or take care of your finances
  8. Don’t lend money or personal property to hired caregivers

Keep an eye on anyone who uses his or her position of authority to force compliance into potential financial scams or risks. Urge your aging loved one to be aware of the potential of abuse of their trust or their finances and to alert you to anything they feel uncomfortable about.

Senior Financial Tips brought by Marty Feldman Center for Financial Planning Wayne State Institute of Gerontology and Baldwin Society.

Beware of financial scams. Listen to the first in the Marty Feldman Center for Financial Planning series here.