Financial exploitation can cause shame, fear, and depression. Victims can also have trouble paying for basic expenses and services. This can make them dependent on other people and take away their independence. Fortunately, there are ways to protect yourself from this type of exploitation. Learn about the warning signs of financial exploitation and take preventative measures to avoid falling victim to it.
Financial exploitation is any act of exploitation that affects an adult. It involves misappropriation of adult property or resources, as well as undue influence, coercion, threats, and deception. In some cases, financial exploitation may also be committed against a child or vulnerable adult. Regardless of how it occurs, it is illegal to take the property of a vulnerable adult.
Financial exploitation is not uncommon among older adults. Older adults have higher rates of vulnerability to this type of abuse because of their accumulated wealth and retirement savings. In addition, their increased dependency on others makes them ripe for this type of fraud. Caregivers and healthcare workers should be vigilant about identifying financial exploitation in older adults.
Financial exploitation can occur in a variety of ways, from family members to strangers. It can also take place in a skilled care facility or nursing home. It may even involve coercion, harassment, and threats. Often, the perpetrator has no regard for the elderly person. And even if the elderly person suffers no physical injuries, they can lose their life savings and be unable to pay their basic living expenses.