Financial abuse of elders is shockingly common. Research shows that annually, about one in ten older adults in the United States reports abuse, and the true number is likely much higher. Financial abuse makes up the majority. It occurs when someone takes, uses, or controls an older adult’s money or property without clear or legal permission. Statistics show that the perpetrator is typically a family member. Not an unknown fraud or scam artist, but someone known and trusted.
Who is at risk? Your loved one is at higher risk if they live alone, are socially isolated, have cognitive decline, need help with activities of daily living, have recently lost a spouse, or rely on others to manage money. There’s added risk if they have substantial savings or property, including valuable possessions, especially if they have a soft heart for relatives “in need.”
Watch for warning signs. Look for sudden drops in account balances, unpaid bills despite steady income, relatives getting newly involved in finances, unexpected changes to legal documents, or missing possessions. If your loved one seems confused about money or seems reluctant to talk about it, ask gentle, open-ended questions. Pay attention to their emotions and body language.
What you can do. Stay involved. Make sure there is a designated financial power of attorney. Review statements together as much as you can. Encourage openness with finances. Simple tools such as direct deposit and automatic bill pay can reduce risk. You might consider hiring a licensed daily money manager or a professional financial care manager. Building in two points of oversight (you and a trusted partner) adds further protection.
If you suspect abuse, document what you notice and contact local police and Adult Protective Services. If your loved one lives in a facility, a long-term care ombudsman can help. Acting early protects your relative’s dignity, safety, and savings
Concerned about an aging loved one’s vulnerability?
Are you starting to worry about an older relative’s safety—financial, physical, or otherwise? You may feel especially concerned if they are starting to show signs of cognitive decline. As the Delaware, and Delaware and Chester Counties in PA experts in family caregiving, we at Delaware Palliative bring our years of expertise to assessing needs and putting safety nets in place. Our job is to act in the best interest of your relative, providing you both with peace of mind. Call us at 302-478-5707 to learn more.
