Elder Financial Abuse Prevalent and Family is Partly to Blame

The Met Life Mature Market Institute study Broken Trust: Elders, Family and Finances takes a close look at elder financial abuse. Elder financial abuse is more prevalent than you think and the perpetrators are often family members.

Today we will look at the warning signs Met Life offers to indicate if older adults are experiencing financial abuse.

Unusual degree of fear or submissiveness to caregiver

Example: An elder cowers in front of a caregiver or begins trembling or crying

when the caregiver discusses finances.

Isolation from family, friends, community, and other stable relationships

Example: The older person is never alone or permitted to discuss finances without the

caregiver also present.

Signs of intimidation and threat by another

Example: The older person never looks at people directly or averts their gaze.

Withdrawn behavior or disheveled appearance

Example: The older person tries to avoid talking with others, especially when asked

to respond to something specific.

Missed appointments, uncharacteristic nonpayment for services

Example: The older person, previously prompt and reliable, does not show up for medical

appointments or ‰ÛÏforgets‰Û to pay bills.

Anxiety about personal finances Example: The older person worries a lot

about how she will ever pay a bill or have enough to eat.

Lack of knowledge about financial status

Example: The older person seems unaware of his money.

New ‰ÛÏbest friends‰Û

Example: The older person seems surprisingly or unseemly close and attentive to someone he has just met.

Missing belongings or property

Example: Glasses, clothes, dentures, money, or all of these are gone. The elder is dismissed as ‰ÛÏforgetful.‰Û

Check out the full report.