Senior Financial Tips: Financial Exploitation

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It’s important to remind everyone that senior financial exploitation isn’t carried out only by strangers. In fact, almost 60% of the time it’s perpetrated by family members.

The abuser, whether family, friend or hired caregiver, exploit seniors and older adults in much the same way.

Senior Financial Tips: Financial Exploitation

1. They write checks to themselves out of the older adult’s bank account.
2. They take money out of the senior’s ATM.
3. They open accounts using the older adult’s personal identification information.
4. They steal personal valuables.
5. They talk the older person into putting their name on the title of the older adult’s house.
6. They threaten the older adult with abandonment.
7. The older adult is threatened with personal harm.

What can you do to help ensure your aging loved one or an older adult in your family isn’t being taken advantage of? Make sure there is an open line of communication about money and bank accounts. Let your aging loved one know if they are uncomfortable about anyone, or anything, relating to their personal finances to speak up.

Keep an eye out for anyone who uses his or her position of trust or respect to force or coerce to gain compliance from the older adult.

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

You can listen to previous Senior Financial Tips here.