Unlike some forms of elder abuse, financial exploitation leaves no visible scars. It is under-reported and hard to prosecute. Adding to the tangled dynamics, the abuser is frequently a family member, increasing the victim’s humiliation and denial.
Better by far to try to prevent financial abuse before it wipes out an older person’s assets and hopes for a secure retirement. Though this has proved easier in theory than in practice — most authorities believe financial exploitation and abuse is actually increasing — vigilance represents a crucial first step.
The National Center on Elder Abuse and the Eldercare Locator (the federal service that helps older adults and caregivers find local programs and agencies) have just published “Protect Your Pocketbook,” a brief consumer guide for families and their older relatives. It maps out risk factors, warning signals and prevention strategies and tells where to turn for help.
You can download it from the Web or order it online through the Eldercare Locator Web site. Or you can call the Locator at 1-800-677-1116 and ask to have a copy mailed to you.
Holidays, when so many adult children head “home,” tend to spur campaigns of this sort: attempts to integrate potentially painful conversations and questions with feasts and gifts.
I have always wondered about the timing of these discussions — first the pies, then the questions about unexplained bank withdrawals and credit card bills? But it is true that our elders can sound dandy during weekly phone calls, then surprise us with their frailty and their struggles when we are there in person to witness them.
Financial abuse, which I have written about before (see scam prevention advice here, along with a sad story), is only part of the picture, but it is a vital issue.
Paula Span is the author of “When the Time Comes: Families With Aging Parents Share Their Struggles and Solutions.”
The New Old Age Blog: On the Alert for Fraud
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