World Elder Abuse Awareness Month
Oops, we almost missed this but because it’s so important, we are going to extend June for another few days!
World Elder Abuse Awareness Month was started in 2006 to combat the six types of global elder abuse. Financial mistreatment of the elderly is actually the most common and fastest growing type of elder abuse around the world.
What exactly is elder financial abuse?
The Older Americans Act of 2006 defines “elder financial abuse” as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that uses the resources of an older individual for monetary or personal benefit, profit or gain, that results in depriving an older individual of rightful access to, or use of, benefits, resources, belongings or assets.”
I know many of us are saying “well yes, but that can’t/won’t happen to me or my parents.” We hope we are right about that, but AARP says that the victims of just investment fraud are most likely married men with higher incomes and greater financial literacy than average. That sounds like a lot of us, and our fathers! And even more scary, as much as 90% of overall elder financial mistreatment is done by relatives or other trusted caregivers. Retirees are often targeted just because of their wealth. And only 1 in 6 cases is reported. And in case you are wondering, we have absolutely had clients who have been the victims of elder financial abuse.
What are the signs of elder financial abuse?
The experts tell us to watch for in our loved ones:
Uncharacteristic purchases or money transfers. As you know, we look at every Ameritrade transaction every day and we call you if we see something that doesn’t look like you.
Failure to pay bills or keep appointments. This can sometimes be elder abuse and sometimes be forgetfulness or something else, of course
Secretive transactions or unwillingness to discuss financial behaviors
What should I do if I’m the victim of financial abuse?
Report to Adult Protective Services in your county
Notify local police department
Tell us, and your other loved ones