Financial Abuse Among Seniors – How to Protect Yourself
By Robert Hunt
Financial abuse is one of the most common forms of abuse among seniors.
A survey by CARP, a national organization for seniors, revealed that 34 per cent of its 350,000 members either knew of a senior who has been a victim of abuse, or were a victim of abuse themselves. The respondents indicated that approximately 35 to 50 per cent of the reported abuse among seniors was financial. Despite the fact that senior financial abuse is a prevalent issue, many victims remain silent and do not report their cases to the proper authorities.
There are several reasons why elderly financial abuse victims may choose to remain silent. One reason is an overall a lack of knowledge among seniors as to what constitutes financial abuse. This may be the case because many victims are taken advantage of by a close relative or loved one. When this happens, the abuser is in a position of trust, and the victim may not notice the exploitation taking place or may chose to ignore it due to family commitments.
Another situation when financial abuse among seniors may remain unreported is when the abuser is in a position of power over the elderly person. An example of this is when the abuser is also the senior’s primary caretaker. These situations may instill fear in the victim, making them afraid of retaliation.
As a Licensed Insolvency Trustee, I have met with many seniors who have fallen into financial turmoil and are looking for a financial fresh start. While the reasons for their debt vary, many seniors with financial troubles are in such a position due to monetary exploitation from a relative or loved one.
If you are a senior and looking for ways to protect yourself from financial abuse, I have several recommendations. For starters, I recommend setting up automatic deposits for your pension cheques, as well as automatic bill payments to streamline your banking process and eliminate a third party.
Another way to protect yourself is to keep records of any money you chose to lend to another person. If you chose to lend money to someone, make sure you have written documents that outline the terms of the transaction.
Lastly, make sure you are monitoring your credit reports and flagging any suspicious activity. If you notice something strange and suspect you are being exploited, don’t hesitate to call 211 to report such activity.