Why are the elderly most susceptible to financial abuse?
What exactly is elderly financial abuse?
Sadly, not only can elderly financial abuse happen at any time, but it can also occur in myriad forms. This includes money, credit cards or bank accounts being used without consent, signatures forged, loans taken out in their name that are never paid back, as well as tricks or threats to change a will, power of attorney or other important legal documents.
Common signs of elderly financial abuse
- Loss of jewellery or personal property
- Missing belongings
- Inability to pay bills when money is entrusted to a third party
- Inability to find the money for basics such as food, clothing, transport costs and bills
- Large withdrawals or big changes in banking habits or activities
- Property transfers when the person is no longer able to manage their own financial affairs
- Fear, stress and anxiety