Credit Union National Association

Recognize, Stop Elder Financial Abuse

June 17th, 2015

WILLOUGHBY, Ohio (6/16/15)--World Elder Abuse Awareness Day on Monday brought together senior citizens, caregivers, the private sector and governments to focus on and exchange ideas about how best to combat exploitation of the elderly (The News Herald June 10). It's important to be aware that some forms of exploitation are financial: stolen money, loss of property through sale or theft, forged signatures on financial statements, false promises of lifelong care, and so forth. Adults age 50 and older control more than 70% of the nation's wealth and are attractive targets for many reasons. For example, they might be dependent on others, have predictable patterns, not realize the value of their assets or be unsophisticated about financial matters and technology. Perpetrators can be family members, predatory individuals and unscrupulous professionals (or persons posing as such). Help stop elder financial exploitation by looking for warning signs: Prevention is key in eliminating financial abuse of elders. Here are tips from consumer finance website NerdWallet: Awareness of elder abuse is the first step to protecting your loved ones from being exploited by predators. Elderly women are targeted more often than men. Those with disabilities also are at a greater risk, and sadly, those whom the elderly trust most are usually the culprits.

NCUA Equal Housing Lender
Printed Friday, October 23, 2020

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